The European pharmaceutical drugs market comprises of medicines that treat chronic and lifestyle associated diseases. Pharmaceutical drugs are used to cure, prevent and manage various medical conditions. They ensure improved quality of life. The increasing prevalence of chronic diseases like diabetes, cardiovascular diseases and cancer has fueled the demand for pharmaceutical drugs in Europe. Moreover, rising health awareness among consumers and growing focus on preventive healthcare also boost the sales of pharmaceutical drugs.
The global Europe Pharmaceutical Drugs Market is estimated to be valued at US$ 207.6 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing demand for medicines to treat chronic and lifestyle diseases presents a major market opportunity. Europe has seen rising cases of chronic conditions like diabetes, obesity, cardiovascular diseases, arthritis and cancer due to sedentary lifestyle and aging population. It is estimated that over 50% of Europeans suffer from at least one chronic disease. Moreover, lifestyle diseases account for 86% of deaths in Europe. The increasing health burden of chronic illnesses will propel the demand for drugs for therapeutic treatment and management of such diseases. Effective pharmaceutical drugs to curb chronic diseases can be highly beneficial for public health. This presents drug manufacturers an opportunity to develop advanced medications targeting chronic and lifestyle ailments prevalent in Europe.
Porter’s Analysis
Threat of new entrants: The pharmaceutical drugs market in Europe requires high R&D investment and regulatory compliance which poses significant barriers for new companies.
Bargaining power of buyers: The bargaining power of buyers is moderate as major pharmaceutical companies have a strong brand identity and buyers have limited options for alternative treatment.
Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to the availability of substitute materials and suppliers.
Threat of new substitutes: The threat of new substitutes is moderate as development and approval of new drugs requires massive investment and time.
Competitive rivalry: The competitive rivalry is high among incumbent players to gain market share.
SWOT Analysis
Strength: Europe has strong intellectual property rights and a favorable regulatory framework. The presence of major pharmaceutical companies and skilled labor force.
Weakness: High manufacturing and R&D costs. Strict regulations increase compliance burden. Dependency on imports for active pharmaceutical ingredients.
Opportunity: Growing geriatric population drives demand for medicines. Increased healthcare expenditure per capita in emerging economies.
Threats: Price controls and regulations affect profitability. Globalization allows cheaper alternatives from new regions.
Key Takeaways
Global Europe Pharmaceutical Drugs Market Size is expected to witness high growth during the forecast period of 2024 to 2031. The market size for 2024 is US$ 207.6 Bn .
Regional analysis shows that Germany dominates the market currently due to presence of major pharmaceutical companies and a large pool of skilled workforce while countries such as France and United Kingdom are also growing at a faster pace.
Key players operating in the Europe Pharmaceutical Drugs market are Bank of China, China Development Bank, European Investment Bank, Natixis, Societe Generale, Iberdrola, Banco Santander, Abu Dhabi Islamic Bank, KfW, BNP Paribas, UniCredit, Credit Agricole, DBS Bank, Standard Chartered, NatWest Group.
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