Europe Pharmerging Market

Europe Pharmerging Market Size (2023 to 2028)

The Europe pharmerging market size is expected to grow at a CAGR of 20% from 2023 to 2028 and value USD 681.08 billion by 2028 from USD 264.76 billion in 2023.

The Europe pharmerging market is expected to be driven by rising healthcare expenditure and increasing private hospitals. Furthermore, the high prevalence of chronic diseases and increasing consumer knowledge of early disease detection and treatment processes boost the market growth.

Most importantly, the growing number of insurance companies in pharmerging countries offering a variety of insurance coverage to reduce out-of-pocket expenses is driving up pharmaceutical demand in these countries. In addition, increased investments in comprehensive R&D activities in biotechnology, immunology, cancer, and other sectors to develop improved medicines fuel market expansion.

In addition, the growing senior population, which is more susceptible to catastrophic medical disorders, including dementia, hypertension, and cardiac failure, is boosting pharmaceutical demand. Furthermore, implementing government regulations and reimbursement systems in many countries to reduce the cost of chronic disease treatment is fueling market expansion.

However, increased research and development costs and a lengthy government clearance process are significant roadblocks for the pharmerging sector. The pharmerging marketplaces are highly fragmented due to various minor and significant sellers. Most multinational pharmaceutical firms confront price pressure, regulatory limits, and competition from local and international pharmaceutical corporations.

This research report on the European pharmerging market has been segmented and sub-segmented into the following categories.

By Product:

• Pharmaceuticals

  • Patented Prescription Drugs 

  • Generic Prescription Drugs

  • OTC Drugs

• Healthcare

  • Medical Devices

  • Clinical Diagnosis

  • Others

By Distribution Channel:

• Hospitals

• Retail Pharmacies

• Online Stores

• Others

By Country:

• UK

• France

• Spain

• Germany

• Italy

• Russia

• Sweden

• Denmark

• Switzerland

• Netherlands

• Turkey

• Czech Republic

• Rest of Europe

Geographically, Europe represented the second-highest share in the global market in 2022, owing to the rapid pace of urbanization and the growing number of patient pools. This, together with the rising number of patients diagnosed with autoimmune and lifestyle illnesses and cancer, fuels the regional market's overall expansion in the future.

Among the many countries that contributed to the regional market's growth, the United Kingdom emerged as the market's revenue leader in Europe. Aside from that, the extensive research and development facilities in Europe have generated significant income, as has increased awareness of healthcare services in the respective countries. Furthermore, developing government regulations and reimbursement programs in countries such as Germany and the United Kingdom to reduce the cost of chronic disease treatment is fuelling market expansion. The United Kingdom is predicted to grow considerably due to its rapidly growing older population, increased consumer awareness, and modernization of healthcare infrastructure.

KEY MARKET PLAYERS:

Companies playing a promising role in the European pharmerging market profiled in this report are Sanofi S.A., Pfizer Inc., AstraZeneca Plc., GlaxoSmithKline Plc., F. Hoffmann-La Roche AG (Roche AG), Eli Lilly and Company, Johnson & Johnson, Abbott Laboratories, Novartis AG, and Teva Pharmaceutical Limited.