July 25, 2024
Europe Pharmaceutical Drugs Market

Automation for Patient Safety projected to boost the growth of Europe Pharmaceutical Drugs Market

The global Europe Pharmaceutical Drugs Market is estimated to be valued at US$ 180.2 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Pharmaceutical drugs are the formulations used for diagnosis, treatment and prevention of diseases in humans and animals. These drugs are prepared using various chemical compounds or biological substances formulated with excipients and binders. Pharmaceutical drugs are used for the management and treatment of various health conditions such as diabetes, cancer, cardiovascular diseases among others. The rising chronic disease burden and growing geriatric population are major factors that have led to increased demand for pharmaceutical drugs in Europe.

Market key trends:

One of the major trends in the Europe pharmaceutical drugs market is growing trend of automation for improved patient safety. Pharmaceutical companies are investing in digitization and automation of various manufacturing processes and supply chain management to reduce errors and improve overall quality. Automation helps in minimizing human errors during manufacturing, packaging and labeling processes. It also improves tracking of drugs throughout the supply chain. Companies are using technologies like AI, machine learning and robotics for driving automation. This is helping companies gain efficiency, consistency and improve compliance with regulations, thereby ensuring enhanced patient safety. The growing focus on automation is expected to remain a key trend in the Europe pharmaceutical drugs market during the forecast period.

Porter’s Analysis

Threat of new entrants: The pharmaceutical industry in Europe requires huge R&D investment and strict regulations which makes the entry difficult for new players.

Bargaining power of buyers: The presence of public and private health insurers increases the bargaining power of buyers in Europe’s pharmaceutical market.

Bargaining power of suppliers: Suppliers of active pharmaceutical ingredients and contract manufacturing organizations have moderate bargaining power due to the availability of substitute suppliers.

Threat of new substitutes: Biologics and biosimilars pose a threat of substitution to traditional pharmaceutical drugs in the Europe market.

Competitive rivalry: The Europe pharmaceutical market witnesses high competition due to the presence of global pharmaceutical giants.

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 accounted for the largest share of the Europe pharmaceutical drugs market and is expected to grow at a CAGR of 3% during the forecast period. This can be attributed to the presence of leading pharmaceutical companies, favourable regulations and an aging population with high healthcare spending.

Key players analysis

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. These major players are focusing on developing innovative therapies to expand their product portfolio.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it