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.
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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