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| Global Europe Pharmaceutical Drugs Market Size |
The Europe Pharmaceutical Drugs Market consists of a wide range of medicines
used to cure diseases, treat medical conditions, and improve health. Some key
pharmaceutical drugs in the market include generic drugs, over-the-counter
medications, biologics and biosimilars. The increasing prevalence of chronic
diseases and rising geriatric population has boosted the need for
pharmaceutical drugs in the region.
The global
Europe Pharmaceutical Drugs Market is estimated to be valued at US$ 207.6 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period
2024-2031, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The increased adoption of generic drugs has been a key trend in the Europe
Pharmaceutical Drugs Market. Generic drugs provide similar therapeutic benefits
at a lower cost as compared to branded drugs, as they do not require extensive
research and development. As healthcare costs continue to rise and governments
look at cutting pharmaceutical costs, the generic drugs industry has
experienced accelerated growth over the past few years. According to recent
estimates, generic drugs account for over 80% of total prescriptions dispensed
in Europe. The growing availability and acceptance of generic versions has
enabled significant cost savings for healthcare systems and individuals alike.
This increased preference for low-cost generic alternatives over expensive
branded drugs is expected to remain a major driver in the market over the
forecast period.
Segment
Analysis
The Europe pharmaceutical drugs market is dominated by the symptomatic relief
drugs segment. This segment accounts for over 30% of the market revenue owing
to the high demand for drugs offering relief from fever, cold, cough and other
common ailments. The cardio-metabolic drugs segment catering to conditions like
hypertension, high cholesterol, diabetes, etc is another major segment
accounting for over 25% share due to the growing prevalence of lifestyle
diseases in the region.
Key Takeaways
Global
Europe Pharmaceutical Drugs Market Size is expected to witness high
growth.
Regional
analysis: Western Europe dominates the pharmaceutical drugs market in the
region accounting for over 40% share due to the high healthcare expenditure and
presence of major pharmaceutical companies in countries like Germany, UK,
France, Italy etc. Eastern Europe is expected to be the fastest growing
regional market during the forecast period benefiting from improving access to
healthcare in countries like Russia, Poland etc.
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. Major
players are focusing on new drug development and acquisitions to strengthen
their product portfolio and market share.
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