EUROPE PHARMACEUTICAL DRUGS MARKET ANALYSIS

Europe Pharmaceutical Drugs MarketSize and Trends

The Europe pharmaceutical drugs market is estimated to be valued at US$ 180.2 Bn in 2023 and is expected to exhibit a CAGR of 4.5% during the forecast period (2023-2030).

 Figure 1. Europe Pharmaceutical Drugs Market Share (%), by Product Type, 2023

Europe Pharmaceutical Drugs Market – Driver

Collaborations and launch of new products to expand product reach and portfolio

To expand markets internationally, Europe drug companies are focused on launching new products and collaborating with pharmaceutical companies across the globe to expand their product portfolio. For instance, on May 30, 2023, Sun Pharmaceutical Industries Ltd, an Indian multinational pharmaceutical company headquartered in Mumbai, announced that it has entered into a licensing pact with Philogen S.p.A, a Switzerland-based technology company, to commercialize an under-development skin cancer drug in Europe, Australia, and New Zealand. The companies have come together to commercialize Philogen's specialty product Nidlegy, an anti-cancer biopharmaceutical currently in Phase III clinical trials.

Figure 2. Europe Pharmaceutical Drugs Market Share (%), by Country, 2023

Europe Pharmaceutical Drugs Market- Regional Analysis

Among country, Germany is the fastest-growing segment in the Europe pharmaceutical drugs market over the forecast period. According to an article published in Healthcare- an open access journal on health care systems, industry, technology, policy, and regulation in April 2021, by constantly inventing and adjusting its laws in line with these innovations, Germany has consistently maintained its position at the forefront of the digital health transformation. Beginning in 2020, physicians in Germany prescribed approved digital health applications (DHAs), which helped to further expand the pharmaceutical market by making medications easier to access

The Europe pharmaceutical drugs market is segmented into Drug Type, Product Type, Application, Distribution Channel, and Country.

Based on Drug Type, The Europe pharmaceutical drugs market is divided between generic and branded medications. The branded category is likely to dominate the market throughout the forecast period, owing to the safety, quality, and efficacy of branded pharmaceuticals.

Based on Product Type, The Europe pharmaceuticals drug market is divided into two categories: prescription drug and over-the-counter (OTC). The prescription drug sector is likely to dominate the market throughout the forecast period, owing to its more hospitalizations , convenience of availability in hospitals, and increased approval for.

Based on Application, The Europe pharmaceuticals drug market is divided into Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder, Central Nervous System, Genito-urinary, Gastrointestinal, Respiratory, Haematology, Dermatology, Ophthalmology Diagnostic Services, and Surgical Services. The cardiovascular category is likely to lead the market throughout the forecast period, owing to the greatest prevalence of circulatory illnesses in Europe.

Based on Distribution channel, Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy are the three segments that make up the Europe pharmaceutical drugs market. Due to the growing number of hospitalizations and the rising aging population in European countries, the hospital pharmacy segment is anticipated to dominate the market during the forecast period.