Europe Pharmaceutical Market expanding at a CAGR of 11.3% from 2021 to 2028.
Europe Pharmaceutical Industry Overview The Europe pharmaceutical market size was valued at USD 282.75 billion in 2020 and is expected to expand at a compound annual growth rate(CAGR)of 5.4% from 2021 to 2028. The growth can be attributed to the increasing healthcare expenditure, a surge in R&D investments, and the emergence of biologics and biosimilars. Furthermore, supportive regulatory framework and reimbursement policies improve the adoption of pharmaceuticals in this region, thus facilitating market growth. The impact of COVID-19 has been variable on the industry. It has adversely affected drug prescription and uptake rate owing to the decreased rate of diagnosis of diseases, such as cancer. For instance, the uptake of biologics and novel medicines witnessed a decline in 2020, which can be attributed to a decline in primary care drug prescriptions. The decline in drug sales is worsened by the shortage of drugs owing to disruptions in the supply chain. ...