Europe Pharmaceutical Drugs Market, Drug Type (Generic Drugs and Branded Drugs), by Product Type (Prescription Drugs and Over the Counter Drugs), by Application (Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder, Central Nervous System, Genito-urinary, Gastrointestinal, Respiratory, Hematology, Dermatology, Ophthalmology, and Others), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy) and by Country (Germany, France, U.K., Italy, Spain, Russia, The Netherlands, Poland, Switzerland, Sweden, and Rest of Europe) is estimated to be valued at US$ 180.2 billion in 2023 and is expected to exhibit a CAGR of 4.5% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The advent of expansions to international markets can provide lucrative growth opportunities for players. Thus, key market players are focused on adopting growth strategies such as partnerships, which will drive the Europe pharmaceutical drugs market. For example, according to an article published in The Economic Times in February 2023, NKORR Technologies, a healthcare solutions company based in Kerala, opened two new offices in Germany and Slovakia to meet the needs of a lot of customers in Europe.
Europe Pharmaceutical Drugs Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
The COVID-19 pandemic caused an extraordinary burden on the healthcare system and patient care and dramatically impacted the delivery of medical services
In order to limit the spread of the infection many governments imposed measures, mostly based on personal distancing or declared states of emergency.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a moderate impact on the Europe pharmaceutical drugs market. For instance, according to an article published in PubMed, a free search engine accessing the database of references and abstracts on life sciences and biomedical topics, a decrease in cancer diagnosis occurred during the COVID-19 pandemic. It has had a negative impact on drug prescription and utilization rates. The fall in medicine sales was made worse by a drug shortage caused by disturbances in the supply chain.
On the other hand, product launches of novel drug vaccines caused increased R&D and treatments against the virus. For instance, on November 10, 2022, Sanofi, a multinational pharmaceutical and healthcare company based in France, and the U.K. based biopharmaceutical company, GSK’s next-generation COVID-19 booster vaccine VidPrevtyn Beta was approved by the European Commission.
Europe Pharmaceutical Drugs Market: Key Developments
Business agreements and partnerships can help the growth of the Europe pharmaceutical drugs market. For instance, in October 2022, Oculis, a U.S based pharmaceutical company signed a definitive business combination agreement with a special purpose acquisition company (SPAC) European Biotech Acquisition (EBAC). The company thus acquired the portfolio of Oculis comprises three clinical-stage product candidates, namely OCS-01, OCS-02, and OCS-05. It will work on expediting the development of a differentiated ophthalmology pipeline of Oculis.
Browse 63 Market Data Tables and 68 Figures spread through 199 Pages and in-depth TOC on “Europe Pharmaceutical Drugs Market”- Forecast to 2030, Europe Pharmaceutical Drugs Market, Drug Type (Generic Drugs and Branded Drugs), by Product Type (Prescription Drugs and Over the Counter Drugs), by Application (Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder, Central Nervous System, Genito-urinary, Gastrointestinal, Respiratory, Hematology, Dermatology, Ophthalmology, and Others), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy) and by Country (Germany, France, U.K., Italy, Spain, Russia, The Netherlands, Poland, Switzerland, Sweden, and Rest of Europe)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/europe-pharmaceutical-drugs-market-3541
Key Takeaways of the Europe Pharmaceutical Drugs Market:
- The Europe pharmaceutical drugs market is expected to exhibit a CAGR of 5% during the forecast period. Investments in different biopharmaceutical companies offer lucrative growth opportunities for players in the Europe pharmaceutical drugs market. For instance, on June 6, 2023, nvoX Pharma, a part of Sino Biopharmaceutical Group Company, made a second tranche of investment in pHion Therapeutics, a U.K.-based vaccine development company, to support further development of next-generation mRNA vaccines.
- Among application, the cardiovascular segment is expected to grow in the Europe pharmaceutical drugs market over the forecast period due to the greatest number of high blood pressure cases in the region. For instance, according to data provided by the World Health Organization in December 2022, cardiovascular diseases (CVDs) are the leading cause of death in the WHO European Region, and high blood pressure is a leading risk factor for both strokes and cardiovascular diseases.
- Among country, Germany is expected to be the dominant region in the Europe pharmaceutical drugs market, owing to the increasing launch of products. For instance, on May 03, 2023, Tetra Pharm Technologies, a Denmark-based biotechnology company, introduced its first product, XATEPA, to the German market. XATEPA is a pain-relieving pharmaceutical drug based on cannabinoids.
Major players operating in the Europe pharmaceutical drugs market include Allergan plc. (A subsidiary of AbbVie Inc.),Novo Nordisk A/S, Boehringer Ingelheim International GmbH, Merck KGaA, GSK plc., AstraZeneca., Baxter, Novartis AG, F. Hoffmann-La Roche Limited, Shire (A subsidiary of Takeda Pharmaceutical Company Limited) and Sanofi.
