July 15, 2024
Europe Pharmaceutical Drugs Market

Shift Towards Precision Medicine Is Driving The Growth Of Europe Pharmaceutical Drugs Market

The global Europe Pharmaceutical Drugs Market is estimated to be valued at US$ 180.2 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Pharmaceutical drugs are used to cure, treat and prevent diseases. They include painkillers, antibiotics, anti-depressants, vaccines, blood pressure medicines and cholesterol lowering medicines. Pharmaceutical drugs play a vital role in improving health, treating illness and enhancing people’s quality of life.

Market key trends:

One of the key trends in the Europe pharmaceutical drugs market is shift towards precision medicine. Precision medicine is an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person. It allows doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease will work in which groups of people. Major players in the Europe region are increasingly focussed on precision medicine to develop drugs targeted towards specific genes, environments or biological targets. This is expected to drive more effective and customized treatment over the forecast period.
SWOT Analysis
Strength: The Europe pharmaceutical drugs market has a strong presence of key players with extensive R&D capabilities. Additionally, rising healthcare expenditure in the European countries is driving the market growth.
Weakness: Patent cliffs of major drugs and high cost of drug development are the major weaknesses hampering the growth of Europe pharmaceutical drugs market.
Opportunity: Increasing generic drugs market and favorable government regulations to promote innovation offers lucrative growth opportunities. Further, growing geriatric population susceptible to chronic diseases will drive the demand.
Threats: Price control regulations imposed by various European countries and economic slowdown are the major threats to Europe pharmaceutical drugs market. Additionally, the presence of alternative treatment modalities also poses challenge.

Key Takeaways

The global Europe Pharmaceutical Drugs Market Share is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing prevalence of chronic diseases and rising healthcare spending.
Regional analysis
Among regions, Western Europe dominated the Europe pharmaceutical drugs market and is expected to maintain its leading position over the forecast period, owing to rising aging population and higher healthcare expenditure. Meanwhile, Central and Eastern Europe are anticipated to exhibit strong growth prospects through 2030 due to Universal healthcare expansion initiatives across nations.
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.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it