Pharmaceuticals - Northern Europe

Northern Europe

The Pharmaceuticals market in Northern Europe is poised for significant growth, with projected revenue reaching a staggering US$14.40bn by 2024.
among the various markets within the market, Oncology Drugs stands out as the largest, with a projected market volume of US$2.51bn in 2024.
Looking ahead, the industry is expected to maintain a steady growth trajectory, with an annual growth rate of 4.21% (CAGR 2024-2029).
This growth will result in a substantial market volume of US$17.70bn by 2029.
In a global context, it is worth noting that United States will continue to dominate the Pharmaceuticals market, generating the highest revenue of US$630.30bn in 2024.
This further emphasizes United States' position as a key player in the global pharmaceutical industry.
In Northern Europe, Sweden leads the way in pharmaceutical innovation with its strong focus on research and development.

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 Pharmaceuticals market in Northern Europe has seen significant growth in recent years due to a variety of factors.

Customer preferences: Consumers in Northern Europe have a high demand for quality healthcare products, including pharmaceuticals. They prioritize products that are safe, effective, and have minimal side effects. Additionally, there is a growing trend towards natural and organic products, which has led to an increase in demand for herbal and homeopathic remedies.

Trends in the market: The pharmaceuticals market in Northern Europe has seen a trend towards personalized medicine, where treatments are tailored to individual patients based on their genetic makeup and other factors. This has led to an increase in research and development spending, as well as a focus on precision medicine. There is also a growing trend towards digital health technologies, such as telemedicine and mobile health apps, which are being used to improve patient outcomes and increase access to healthcare.In terms of specific countries, Sweden and Norway have seen a trend towards increased government regulation of the pharmaceuticals industry, including price controls and restrictions on marketing practices. Denmark, on the other hand, has a more liberal approach to pharmaceuticals regulation and has seen significant growth in the biotech sector.

Local special circumstances: One unique aspect of the pharmaceuticals market in Northern Europe is the strong emphasis on sustainability and environmental responsibility. Many companies in the region are focused on reducing their carbon footprint and developing eco-friendly products. Additionally, there is a strong tradition of social responsibility, with many companies donating a portion of their profits to charitable causes.

Underlying macroeconomic factors: The pharmaceuticals market in Northern Europe is influenced by a variety of macroeconomic factors, including government policies, healthcare spending, and demographics. The region has an aging population, which has led to an increase in demand for healthcare products and services. Additionally, many countries in the region have universal healthcare systems, which has created a stable market for pharmaceuticals companies. Finally, the region has a highly educated workforce and a strong research and development infrastructure, which has made it an attractive location for pharmaceuticals companies to set up operations.

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.