The Germany pharmaceuticals market size is projected to touch USD 65.9 billion by 2027. The market is anticipated to register 6.0% CAGR over the forecast duration. Growing prevalence of chronic diseases and rise on the expenditure on research and development are attributing to the growth of the market.
In addition, an increasing number of clinical trials for novel immune-suppressive therapies is projected to bode well for the growth of the market. For example, Sandoz International GmbH introduced Dailiport capsules in June 2020 in European countries including Germany.
Major market participants are increasingly focusing on strategic initiatives such as merger & acquisition, partnerships and collaboration to consolidate their market presence. For example, Bristol-Myers Squibb made an acquisition of Celgene Corporation in 2019 to expand its product portfolio in oncology.
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COVID-19 Impact Analysis
Germany pharmaceutical market has been positively affected owing to the outbreak of COVID-19. The pandemic has led to rise in the number of patient counts in Germany, which, in turn, resulted in the rise in the demand for development of new drugs. Various Germany players are developing the vaccines for coronavirus, which is further projected to drive market growth. For example, German company BioNTech, in collaboration with US-based Pfizer has started the human trial for COVID-19 vaccine. In addition, the government of Germany has granted permission to other two German biotech firms namely – Biologika and CureVac to develop the COVID-19 vaccine.
The rising availability of cost-effective generic drugs is projected to fuel market growth over the next few years. German companies are focusing on introducing the generic drug to consolidate their market presence. For example, Sandoz of Novartis AG, in mid-2019, introduced gefitinib’s generic version.
Further key findings from the report suggest:
• Anti-cancer segment held the largest share in the market in 2019. Approval of the number of drugs and increasing research in the treatment of cancer are attributing to the growth of the Germany pharmaceutical market.
• By drug class, Immunosuppressant is projected to exhibit the highest growth over the forecast duration.
• In 2019, the oncology segment occupied the highest share in the market owing to the growing prevalence of prostate cancer, lung cancer and breast cancer.
• Based on type, generic drug division is projected to exhibit the highest growth over the forecast duration.
Germany Pharmaceuticals Market: Key Players
Bayer AG, Pfizer Inc.¸ Abbvie Inc., Novartis AG, STADA Arzneimittel AG and Abbott
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