The size of the cardiovascular drugs market in the European region is forecasted to grow USD 38.06 billion by 2028 from USD 29.16 billion in 2022, growing at a CAGR of 5.15% from 2023 to 2028.
Y-O-Y growth in the prevalence of cardiovascular diseases and the growing geriatric population are primarily expected to boost the European cardiovascular drugs market. Other factors influencing the market growth include constant changes in lifestyle, unhealthy eating habits, inactivity of the body, obesity, and smoking; these factors increase the risk of cardiovascular disease, so the prevalence of chronic disease is rising. In addition, increasing competition between the market players for introducing effective products in the market is enabling the market players to implement market strategies to gain a competitive advantage over the marketplace. The market strategies include mergers, acquisitions, and partnerships. The increasing demand for effective drugs and therapy is also expected to favor the market growth in this region.
On the other hand, the rising research and development activities, growing healthcare spending, and favorable reimbursement policies boost the market growth. Moreover, key market players in the region are focussing on the adoption and launch of a new products, and therapies which are expected to provide lucrative growth opportunities to the market growth. Furthermore, increase in the investments and fundings from government and non-government organizations in research and development activities for manufacturing new and effective drugs for heart disease. Also, the initiatives for developing proper medical and healthcare infrastructure propel the growth of the cardiovascular drugs market in this region.
However, stringent government rules and regulations are majorly restraining the market growth. Additionally, the high cost of treatment and drug production, the patent expiration of many pharmaceuticals, which causes numerous generic copies of drugs to reach the market, hinder the growth of cardiovascular drugs. In addition, the strict approval process for approving new products or drugs into the market and side effects and allergies related to the drugs such as diarrhea, low blood pressure, and other effects. Furthermore, the lack of proper medical and health care services also is expected to limit the market growth of the European cardiovascular drugs market.
This research report on the European cardiovascular drugs market has been segmented and sub-segmented into the following categories.
By Drug Type:
By Disease Indication:
Geographically, the European market is the second-largest market in the global cardiovascular drugs market and is predicted to be growing at a healthy growth rate during the forecast period. The market in this region is attributed to the availability of advanced healthcare infrastructure, high healthcare spending, and favorable reimbursement policies. In addition, an increase in the growing population with the rising old age population is majorly driving the market growth. Also, there is an increase in the prevalence of rising chronic diseases such as cardiovascular diseases, including heart attacks, vascular dementia, strokes, coronary artery disease, blood clots, and many more. As a result, in this region, there are more than 6 million new rising cases of cardiovascular disease in the EU. As a result, there are more than 11 million cases in Europe, increasing the demand for cardiovascular drugs in the market.
Cardiovascular disease is common among the countries in this region, such as the UK, Germany, Italy, France, and Spain, and is the leading cause of death among all ages. The major contributors in the region are Germany, France, the UK, Spain, and Italy.
Germany led the European cardiovascular drugs market in 2022, and it is anticipated to register significant growth during the forecast period. Rising prevalence of chronic diseases, a substantial increase in investments and fundings from government and non-government organizations in research and development activities and
Similarly, the UK is most likely to witness a considerable share in the European cardiovascular drugs market during the forecast period. Growing awareness among the people, rising senior population, and sedentary lifestyles are propelling the market growth. Also, the initiatives for developing proper medical and healthcare infrastructure drive the market growth.
KEY MARKET PLAYERS:
Companies playing a prominent role in the EU cardiovascular drugs market profiled in this report are Merck & Co, Sanofi S.A., Pfizer Inc., Bristol-Myers Squibb Company, and Novartis AG.
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