Pharmaceuticals - Greece

Greece

The Pharmaceuticals market in Greece is expected to achieve a revenue of US$1,616.00m by 2024.
Among the various markets, Oncology Drugs is projected to be the largest, with a market volume of US$245.80m in the same year.
The market is anticipated to grow at an annual rate of 3.54% (CAGR 2024-2029), resulting in a market volume of US$1,923.00m by 2029.
In terms of global comparison, United States is expected to generate the highest revenue, reaching US$630.30bn in 2024.
"Greece's pharmaceutical market is experiencing a surge in demand for generic drugs due to the country's economic challenges."

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

The Greek Pharmaceuticals market has been experiencing significant growth in recent years.

Customer preferences: Greek customers are increasingly demanding high-quality pharmaceutical products that are both effective and affordable. They are also looking for products that are easy to access, with a preference for online purchasing. Greek customers are also becoming more health-conscious, leading to an increase in demand for preventive healthcare products.

Trends in the market: One of the major trends in the Greek Pharmaceuticals market is the increasing use of generic drugs. This trend can be attributed to the Greek government's efforts to reduce healthcare costs by promoting the use of generic drugs. Another trend is the growing demand for over-the-counter (OTC) drugs, which can be purchased without a prescription. This trend is driven by the convenience of purchasing OTC drugs and the increasing availability of these products in pharmacies and online.

Local special circumstances: The Greek Pharmaceuticals market has been affected by the economic crisis that has been ongoing since 2008. The crisis has led to a reduction in government spending on healthcare, resulting in a decrease in the number of hospitals and healthcare facilities. This has also led to a decrease in the number of healthcare professionals, which has had an impact on the availability of healthcare services in Greece. Additionally, the Greek Pharmaceuticals market has been affected by the country's high level of bureaucracy and regulatory hurdles.

Underlying macroeconomic factors: One of the key macroeconomic factors driving the growth of the Greek Pharmaceuticals market is the aging population. Greece has one of the highest percentages of elderly people in Europe, which has led to an increase in demand for healthcare products and services. Another factor is the increasing prevalence of chronic diseases, such as diabetes and cardiovascular disease, which has led to a growing demand for pharmaceutical products. Finally, the Greek government's efforts to attract foreign investment and promote economic growth have also had a positive impact on the Pharmaceuticals market.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.