Europe Pharmaceutical Market Latest Insights On Growing Trends 2028

Europe Pharmaceutical Industry Overview

The Europe pharmaceutical market size was valued at USD 282.75 billion in 2020 and is expected to expand at a compound annual growth rate(CAGR)of 5.4% from 2021 to 2028.

The growth can be attributed to the increasing healthcare expenditure, a surge in R&D investments, and the emergence of biologics and biosimilars. Furthermore, supportive regulatory framework and reimbursement policies improve the adoption of pharmaceuticals in this region, thus facilitating market growth. The impact of COVID-19 has been variable on the industry. It has adversely affected drug prescription and uptake rate owing to the decreased rate of diagnosis of diseases, such as cancer. For instance, the uptake of biologics and novel medicines witnessed a decline in 2020, which can be attributed to a decline in primary care drug prescriptions. The decline in drug sales is worsened by the shortage of drugs owing to disruptions in the supply chain.

Gather more insights about the market drivers, restrains and growth of the Europe Pharmaceutical Market

Europe pharmaceutical market size, by therapeutic category, 2018 - 2028 (USD Billion)

Europe has key pharmaceutical companies, world-class research institutes, and hospitals that provide a better environment for developing clinical and therapeutic innovations for rare and life-threatening diseases. Cell and gene therapies and immunotherapies are the fastest-growing areas in terms of research & development activities, and these segments also received the highest investments to continue research activities. As per therapeutic areas, oncology and central nervous system disorders received the highest funding for developing novel therapies.

Technological advancements not only influence the development and discovery of drugs but various aspects of the supply chain as well. This includes features such as reducing manpower, increasing safety, and reducing the time that a product spends in the supply chain. The use of technologies, such as AI and robotics, can facilitate a reduction in resources spent on production as well as supply chain. Moreover, heightened focus on the supply chain during the pandemic has improved its overall strength.

The reimbursement scenario is highly variable and complicated in Europe, specifically for generic medications. Every country has published its own set of rules regarding reimbursement, which makes the penetration of generics uneven across the region. Countries with advanced healthcare systems offer the essential medication at low or no costs to the population, ensuring UHC, i.e., Universal Health Coverage. However, the financial burden on healthcare systems providing coverage is high.

The role of hospitals is evolving gradually in Europe as they form the largest part of its healthcare system. They have specialized healthcare systems, which are usually used by patients with chronic conditions of cancer. The healthcare system is looking at standardization. However, this move is opposed by German hospitals. The primary care system has improved in France, Germany, Finland, Portugal, Switzerland, and Belgium over the years, while in the U.K., Italy, Spain, Denmark, Sweden, Greece, Netherlands, and Norway, it has remained constant.

Browse through Grand View Research’s Pharmaceuticals Industry Research Reports.

  • Europe Complementary And Alternative Medicine Market: The Europe complementary and alternative medicine market size was valued at USD 27.44 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.89% from 2021 to 2028.
  • U.S. Minor Cannabinoids Market: The U.S. minor cannabinoids market size was valued at USD 4.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.1% from 2021 to 2028.

Key Companies profiled:

Some of the prominent players in the Europe pharmaceutical market include:

  • Hoffmann-La Roche Ltd.
  • Bristol-Myers Squibb Company
  • AstraZeneca plc
  • Novartis AG
  • Johnson & Johnson Services, Inc.
  • Gilead Sciences, Inc.
  • GlaxoSmithKline plc.
  • Merck & Co., Inc.
  • Pfizer Inc.
  • Sanofi
  • Boehringer Ingelheim GmbH

Order a free sample PDF of the Europe Pharmaceutical Market Intelligence Study, published by Grand View Research.

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