The pharmaceutical drugs market comprises medicines used to diagnose, treat, or prevent disease and other medical conditions. Drugs are sold through various distribution channels such as hospital pharmacies, retail pharmacies, and online pharmacies. The need for drugs is growing due to the rising prevalence of chronic and lifestyle diseases.
The global Europe Pharmaceutical Drugs Market is estimated to be valued at US$207.6 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends propelling the Europe pharmaceutical drugs market is the rising geriatric population. As per estimates, over 20% of the European population will be aged 65 years and above by 2030. Since elderly people are more prone to chronic diseases, the demand for pharmaceutical drugs is expected to rise in Europe. Additionally, pharmaceutical companies have increased their R&D investments to develop novel drugs for age-related conditions like dementia and arthritis. The discovery of new drugs will further support the growth of the Europe pharmaceutical drugs market over the forecast period.
Strength: The Europe pharmaceutical drugs market has strong research and development capabilities. Various countries in Europe spend a significant amount on healthcare research.
Weakness: Stringent regulations can delay the approval and launch of new drugs. High compliance costs also impact profitability of companies.
Opportunity: Growth in the elderly population and rising prevalence of chronic diseases will drive demand. Collaborations can help companies expand their product portfolios.
Threats: Price controls and drug pricing policies adopted by various countries pose challenges. Rising popularity of generic drugs can reduce sales of branded drugs.
Global Europe Pharmaceutical Drugs Market Size is expected to witness high growth.
European pharmaceutical drugs market is projected to register a CAGR of 10% during the forecast period of 2024 to 2031. Countries like Germany, UK, France are major contributors to market growth owing to large healthcare spending and presence of leading pharmaceutical companies.
Key players operating in the Europe pharmaceutical drugs market are Bank of China, China Development Bank, European Investment Bank, Natixis, Societe Generale, Iberdrola, Banco Santander, Abu Dhabi Islamic Bank, KfW, BNP Paribas, UniCredit, Credit Agricole, DBS Bank, Standard Chartered, NatWest Group. These key players are focusing on new product launches, collaborations and acquisitions to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it