The Europe Pharmaceutical Drugs Market is one of the largest pharmaceutical markets globally due to high adoption rate of pharmaceutical products in the region. Pharmaceutical drugs play an important role in treatment, diagnosis and prevention of various diseases. The drugs include therapeutics for cardiovascular diseases, diabetes, cancer, infectious diseases and neurological disorders among others. The demand for pharmaceutical drugs is driven by surge in prevalence of chronic diseases and growing geriatric population in the region. Moreover, presence of leading pharmaceutical players and advancements in drug delivery system have also fueled the market growth over the years.

Market Overview:
The Europe pharmaceutical drugs market comprises of wide range of prescription and over-the-counter drugs used in the treatment, prevention and diagnosis of various medical conditions. Some of the common drug types include analgesics, anti-infective, anti-diabetic, anti-asthmatic & COPD, cardiometabolic drugs and anticancer drugs. The drugs are administered through various routes such as oral, parenteral, topical and others. Advancements in biotechnology has led to emergence of novel biologic drugs for conditions with high unmet needs. Continuous pipeline of innovative drugs and growing healthcare expenditure is expected to drive the Europe pharmaceutical drugs market during the forecast period.

Market key trends:
One of the key trends witnessed in the Europe pharmaceutical drugs market is rising adoption of biosimilar drugs. Biosimilars are approved versions of original biologic drugs that are manufactured after expiry of patents of reference biologics. Biosimilars offer significant cost saving opportunities for patients as well as healthcare systems compared to their reference biologics. Increasing patent expiration of major biologic drugs and introduction of biosimilarity guidelines by regulatory authorities such as EMA is expected to boost uptake of biosimilar drugs in Europe. For instance, in 2018, total biosimilar market size was US$ 1.4 billion which is projected to reach US$ 11 billion by 2025 in Europe. This rising adoption of biosimilar will considerably reduce the healthcare expenditures in the region.

Porter's Analysis

Threat of new entrants: The Europe Pharmaceutical Drugs Market Share is highly regulated by European Medicines Agency, imposing high barriers to entry for new players. Bargaining power of buyers: The bargaining power of buyers is moderate owing to presence of large buyers such as government organizations and hospital chains. Bargaining power of suppliers: Pharmaceutical manufacturers depend on key active pharmaceutical ingredients suppliers, giving them moderate bargaining power. Threat of new substitutes: Threat from substitute drugs is high as pharmaceutical drugs are often replaced by newly approved drugs for treatment of same diseases. Competitive rivalry: The market is dominated by global players and witnessing increasing competition.

SWOT Analysis

Strengths: Well-established R&D infrastructure and strong brand portfolio of leading players. Weaknesses: High capital requirements and stringent regulatory approvals process. Opportunities: Growing geriatric population, increasing healthcare expenditure and demand for specialty drugs. Threats: Patent cliffs, pricing pressure and stringent regulatory environment.

Key Takeaways

Market size: The Europe Pharmaceutical Drugs Market is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period, due to increasing demand for specialty drugs. Regional analysis: Germany dominates the Europe pharmaceutical drugs market, accounting for over 25% of the Europe pharmaceutical drugs market share in 2023. The market in the UK and France are expected towitness significant growth.

Key players: Key players operating in the Europe Pharmaceutical Drugs market are 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.
For more insights, Read- https://www.insightprobing.com/europe-pharmaceutical-drugs-market-growth-demand-and-overview/