Europe Pharmaceutical Drugs Market to Reach US$ 219.9 Billion by the End of 2027

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According to Coherent Market Insights, the Europe Pharmaceutical Drugs market was valued at US$ 152.1 billion in 2018, and is projected to exhibit a CAGR of 4.5% over the forecast period (2019–2027).

Key trends in market are the rising prevalence of chronic and acute diseases, patient expiry of drugs, drug approvals & launch by key players in the market.

Increasing incidence and prevalence of chronic and acute wounds in individuals suffering from diseases such as diabetes is a leading factor for growth of the Europe Pharmaceutical Drugs market. For instance, according to Cancer Research UK, around 363,484 new cases of cancer were reported in the U.K during 2014 to 2016.

The growing healthcare expenditure is also expected to contribute to growth of the Europe Pharmaceutical Drugs market over the forecast period. For instance, according to the Office of National Statistics, the total healthcare expenditure in the U.K during 2017 was around 9.6% of the GDP (Gross Domestic Product)

Furthermore, key players operating in the market are focused on product launches to strengthen their market position and expand their product offerings in potential markets. For instance, in September 2019, Sanofi launched diabetes therapy Suliqua in the U.K. Suliqua is approved for treatment of type 2 diabetes mellitus.

Key Market Takeaways:

The Europe Pharmaceutical Drugs market is expected to exhibit a CAGR of 4.5% during the forecast period (2019–2027), owing to increasing incidence of diseases, new product launches and increasing healthcare expenditure. For instance, in March 2019, European Commission approved MabThera for the treatment of adults with moderate to severe pemphigus vulgaris (PV).

Key players in the market are focused on development of new products to expand their product portfolio, which is expected to propel the market growth over the forecast period. For instance, in January 2019, GlaxoSmithKline plc., a U.K. based company, announced acquisition of TESARO, Inc. for development of cancer therapy.

SOURCE: prnewswire.com
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