Europe Pharmaceutical Drugs Market, by Drug Type (Generic Drugs and Branded Drugs), by Product Type (Prescription Drugs and Over the Counter Drugs), by Application (Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder, Central Nervous System, Genito-urinary, Gastrointestinal, Respiratory, Hematology, Dermatology, Ophthalmology, and Others), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy) and by Country/Region (Germany, France, U.K., Italy, Spain, Russia, The Netherlands, Poland, Switzerland, Sweden, and Rest of Europe) was estimated to be valued at US$ 219.9 billion in 2019, and is projected to exhibit a CAGR of 4.5% over the forecast period (2019 – 2027), as highlighted in a new report published by Coherent Market Insights.

Patent Expiry of Leading Branded Products is Paving the Entry for Generics, which, in turn, is expected to propel growth of the Europe Pharmaceutical Drugs devices market

The pharmaceutical drugs market is expected to witness significant growth in the near future, owing to patent expiry of major pharmaceutical products. Generic products are economically priced and provide better affordability. Large number of companies are introducing these products in the global market, thus contributing to the high volume of the sales. Therefore, this has created lucrative opportunities for market players in supplying low cost of the generic formulation of the drug. For instance, Cetuximab (Erbitux) is an epidermal growth factor receptor inhibitor indicated for treatment of metastatic colorectal cancer, and head and neck cancer. It is manufactured under the patent by Bristol-Myers Squibb and Eli Lily Company in Europe. The drug’s patent expired in 2018, and thus, is expected to provide an opportunity for a large number of market players to manufacture the generic version.

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Furthermore, increasing mergers and acquisitions are expected to drive growth of the Europe Pharmaceutical Drugs devices market during the forecast period. For instance, in August 2018, Novo Nordisk completed acquisition of U.K. based diabetes drug manufacturers Ziylo. The acquisition is expected to increase Novo Nordisk's product portfolio for diabetes therapeutics.

Browse 30 Market Data Tables and 38 Figures spread through 199 Pages and in-depth TOC on ‘Europe Pharmaceutical Drugs Market’- Europe Forecast to 2027, by Drug Type (Generic Drugs, and Branded Drugs), by Product Type (Prescription Drugs, and Over the Counter Drugs), by Application (Cardiovascular, Musculoskeletal, Oncology , Anti-infective, Metabolic Disorder, Central Nervous System, Genito-urinary, Gastrointestinal, Respiratory, Hematology, Dermatology, Ophthalmology, and Others), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy) and by Country/Region (Germany, France, U.K., Italy, Spain, Russia, Netherlands, Poland, Switzerland, Sweden, and Rest of Europe)

Increasing incidence of chronic diseases is expected to drive the market growth. For example, over the past few years there has been an increase in the number of individuals diagnosed with diabetes in Europe, which is expected to drive demand for branded and generic drugs. For instance, in 2019, according to the International Diabetes Federation reports, prevalence of diabetes in European is estimated to increase from 6.3% in 2019 to around 7.8% by 2045.

Key players in the market are focused on adopting expansion strategies such as partnerships and acquisitions to expand their product portfolio and geographical position in the Europe Pharmaceutical Drugs market. For instance, in January 2020, Boehringer Ingelheim entered a strategic partnership with PhoreMost Limited, a U.K-based bio-pharmaceutical company, for development of new therapies.

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Key Takeaways of the Negative Pressure Wound Therapy Market:

The Europe Pharmaceutical Drugs market is expected to exhibit a CAGR of 4.5% over the forecast period, owing to increasing incidence of diseases, mergers & acquisitions expenditure, and product For instance, on January 2019, Takeda Pharmaceutical Company Limited acquired Shire plc. The acquisition is expected to increase Takeda market presence in Europe.

Among drug type, the branded segment is expected to dominate the Europe Pharmaceutical Drugs market in 2018 owing to increasing prevalence of chronic diseases and increasing strategic collaboration. For instance, according to reports published by the World Health Organization in 2017, around 10% of men and nearly 9% of women in the age group of 25 years and above have diabetes.

Among product type, prescription drugs segment is expected to exhibit higher CAGR during the forecast period owing to increasing strategic partnerships between manufactures to enhance their presence in the market. For instance, in December 2019, Pfizer Inc. and GlaxoSmithKline entered a strategic agreement to combine their consumer health care units to create a joint venture to increase focus towards prescription medications.

Among application type, the oncology segment is expected to hold a dominant position in the Europe Pharmaceutical Drugs market in 2019, owing to increasing patient population. For instance, in 2018, according to the World Health Organization Cervical cancer is among the most common types of cancers affecting women in Europe, with around 69,000 new cases every year. Therefore, increasing patient population is expected to drive demand for pharmaceutical drugs in Europe during the forecast period.

Key players operating in the Europe Pharmaceutical Drugs market include Allergan plc. , Novo Nordisk, Boehringer Ingelheim, Merck KGaA, GlaxoSmithKline Plc. , AstraZeneca Plc, Baxter AG, Novartis AG, F. Hoffmann-La Roche Ltd, Shire, and Sanofi.

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