Sweden Pharmaceutical Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Sweden Pharmaceutical Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Sweden Pharmaceutical market studied was anticipated to show growth with a CAGR of 3.9%. The Swedish pharmaceutical industry is estimated to see an attractive rise over the projected period, attributable to the rising incidence of chronic conditions and the rising demand for drugs. Increased health quality, quick and effective patient relief standards are primary factors for the growth of the market. The discovery of various new diseases and the production of drugs to prevent or treat disease for the same has lead to industry growth in the country. The provision of medical insurance to individuals to cover healthcare bills is another strong influence on this sector. Spending on pharmaceuticals and healthcare in Sweden has seen stable growth in 2018, reflecting the growing demand for new drug manufacturing, infrastructure development, and emerging opportunities for growth and advancement. Both pharmaceutical use and revenues are on the rise and the outlook for the forecast period is significant, guided by the positive trends of the pharmaceutical industry in the country.

Key Market TrendsHealthcare Expenditure in Sweden

According to the new OECD report of 2019, Sweden has the third-largest healthcare expenditure in the European region, as a percentage of Gross Domestic Product Sweden has the 11.0% in 2017 which is higher relative to the European average of 9.8% and the per capita expenditure in Sweden is EUR 3,872 which is also the third-highest relative to the European average of EUR 2,884. The maximum of public healthcare expenditure is 84 percent which is still greater than the European average which is 79 percent. Healthcare spending is projected to increase in the coming years, and challenges are already being placed on rising demands for long-term treatment. Progress has been made over the last decade in moving initiatives from hospitals to primary and public care, but difficulties persist in improving access to primary care and continuity of treatment, particularly for people with chronic conditions.

Prescription Drugs segment Holds the Largest Share and Expected to do Same in the Forecast Period

The Swedish Prescription Drugs category is expected to reflect the largest proportion in the predicted period. Some of the key market drivers for this sector are advancement in technology, growing geriatric population, rising incidence of chronic diseases such as cardiovascular, cancer, and new product launches. It would also be related to an increasing per-capita healthcare spending in the country and a rise in people's discretionary income, which will drive the market growth of the Prescription drugs segment in the country during the forecast period from 2020-2025. As per the GLOBOCAN 2018, the estimated number of incident cases in 2020 will be 62,603, which will increase up to 77,866 cases by 2040. Further, growing cases of chronic diseases will lead to an increase in the use of prescription drugs that will fuel market growth in the country during the forecast period.

Competitive Landscape

The Sweden pharmaceutical market is highly competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and joint ventures with the other companies to consolidate their market positions in the country. Some of the Key companies which are currently dominating the market are Abbvie Inc., Merck & Co., Inc., Amgen Inc., Pfizer Inc., and GlaxoSmithKline plc

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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