Europe Pharmaceutical Industry Overview
The Europe pharmaceutical market size is expected to reach USD 432.12 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.4% from 2021 to 2028. The market is driven by an increasing prevalence of diseases, a growing elderly population, and the approval and launch of novel products in the European region.
Europe Pharmaceutical Market Segmentation
Grand View Research has segmented the Europe pharmaceutical market based on product, type, therapeutic category, and region:
Based on the Product Insights, the market is segmented into Branded, Generic.
- The branded segment accounted for the largest revenue share of over 65.0% in 2020 owing to the presence of key drug manufacturers and clinical-based pharmaceutical companies in the region. Increasing R&D efforts, the growing adoption of novel therapies, and strategic collaborations are likely to boost the penetration of these drugs.
- Key pharmaceutical companies are significantly investing in small clinical-based biopharmaceutical companies developing novel treatment options for prevalent chronic conditions. However, the emergence of generics and biosimilars has heralded a significant shift in the overall pharmaceutical market in Europe.
- The generic segment is projected to witness the fastest growth over the forecast period. The presence of a large number of local and international generic drug manufacturers in the region makes the European market highly fragmented and competitive.
Based on the Therapeutic Category Insights, the market is segmented into Oncology, Cardiovascular Diseases, Anti-infectives, Central Nervous System Disorders, Metabolic Disorders, Gastrointestinal Disorders, Respiratory Diseases, Other Disorders.
- Oncology held the largest share of over 14.0% in 2020 and is expected to grow at the fastest rate over the forecast period. The increasing incidence of cancer, coupled with the growing geriatric population, is expected to positively impact the market growth.
- The high growth of central nervous system therapeutics is mainly attributed to the rising prevalence of neurological conditions, favorable government initiatives, and increasing focus of key players to introduce novel and effective treatment options to address unmet needs in this space.
- In CNS therapeutics, multiple sclerosis, Alzheimer’s disease, Parkinson’s disease, epilepsy, and psychotic disorders are major conditions that held a significant market share in 2020.
Based on the Type Insights, the market is segmented into OTC, Prescription.
- The prescription segment accounted for the largest revenue share of over 85.0% in 2020. This is attributed to prescription medicines being covered under healthcare insurance in the European region for the majority of health conditions.
- For instance, the reimbursement rate of biologics and biosimilars is 100% in most European nations. The healthcare authorities of major countries are shifting focus from biologics to biosimilars owing to their cost-effectiveness.
- The OTC segment is projected to expand at the fastest rate over the forecast period owing to the improved consumer knowledge regarding OTC products for minor ailments, such as vomiting and GERD.
- Moreover, the accessibility to OTC products is convenient owing to the presence of retail pharmacies that provide these pharmaceuticals without prescription. Digestive health is one of the top categories for uptake of OTC pharmaceuticals. Consumers are becoming increasingly aware of their external and internal health factors.
Europe Pharmaceutical Regional Outlook
- Western Europe
- Central & Eastern Europe
- Nordic Regions
- Rest of Europe
Key Companies Profile & Market Share Insights
Key pharmaceutical companies offer strong branded drugs in multiple therapeutic segments. Pricing of generic products is affected by significant consolidation and various commercial alliances between large buying groups.
Some prominent players in the Europe pharmaceutical market include
- F. 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.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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