Digital Health is fastest growing segment fueling the growth of Europe Pharmaceutical Drugs Market
Market Overview:
Pharmaceutical drugs are used to treat diseases, manage chronic conditions and promote better health. Drugs are vital medicines used across various therapeutic areas such as diabetes, cancer, cardiovascular diseases, neurology and more. With rising prevalence of chronic and lifestyle diseases, the demand for effective pharmaceutical drugs is growing in Europe.
Market key trends:
One of the key trends witnessed in the Europe pharmaceutical drugs market is the shift towards digital health solutions. The COVID-19 pandemic accelerated digitization in the healthcare sector pushing pharmaceutical companies to develop digital companion apps, remote patient monitoring platforms and AI-powered diagnostics. Digital technologies enable improved access, management and adherence to drug therapies driving better health outcomes. Telemedicine and digital pharmacies are also gaining popularity reducing the need for frequent hospital and clinic visits amid social distancing norms. This digital transformation of healthcare is revolutionizing drug development and delivery models in Europe.
Segment Analysis
The Europe pharmaceutical drugs market can be segmented into prescription drugs and over-the-counter (OTC) drugs. The prescription drugs segment currently dominates the market, as prescription drugs require a physician's recommendation for the treatment of various chronic and complex diseases like cancer and autoimmune disorders. This segment records higher market share owing to the rising prevalence of various chronic diseases and growing government focus on healthcare reforms.
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.
Regional analysis
Germany currently dominates the European pharmaceutical drugs market due to availability of advanced healthcare facilities and rising healthcare expenditure. The UK pharmaceutical drugs market is expected to grow at a high rate due to growing geriatric population and increasing research activities for drug development.
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.
The global Europe pharmaceutical drugs market size is expected to reach US$ 180.2 Bn in 2023. The market is further expected to surpass US$ 260 Bn by 2030, expanding at a CAGR of 4.5% over the forecast period. This growth is attributed to increasing prevalence of chronic and lifestyle diseases such as cancer, cardiovascular diseases, and diabetes. Moreover, rising healthcare expenditure and growing geriatric population are also supporting market growth.
For more insights, Read- https://perfectinsights.blogspot.com/2023/12/europe-pharmaceutical-drugs-market-is.html
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