Pharmaceuticals - United Kingdom

  • United Kingdom
  • In 2024, the projected revenue in the Pharmaceuticals market in the United Kingdom is expected to reach US$31.26bn.
  • Among the various markets, Oncology Drugs is forecasted to be the largest market with a projected volume of US$5.55bn in 2024.
  • The Pharmaceuticals market in the United Kingdom is anticipated to show an annual growth rate of 5.75% from 2024 to 2029 (CAGR 2024-2029), resulting in a market volume of US$41.34bn by 2029.
  • When compared globally, United States is projected to generate the highest revenue in the Pharmaceuticals market in 2024, with an estimated amount of US$630.30bn.
  • The United Kingdom is witnessing a surge in pharmaceutical research and development, positioning itself as a global hub for innovation in the industry.

Key regions: United States, China, Germany, Japan, Europe

 
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Analyst Opinion

The Pharmaceuticals market in United Kingdom has been experiencing steady growth in recent years.

Customer preferences:
Customers in the United Kingdom have shown a growing interest in personalized medicine and treatments that are tailored to their specific needs. This has led to an increase in demand for precision medicine and targeted therapies. Additionally, there is a growing trend towards natural and plant-based remedies, as consumers become more health-conscious and seek out alternative therapies.

Trends in the market:
The United Kingdom is a major player in the global pharmaceutical industry, with a strong research and development sector and a highly skilled workforce. The market is dominated by large multinational companies, but there is also a growing number of small and medium-sized enterprises (SMEs) that are driving innovation in the industry. The country is also home to a number of world-renowned research institutions and universities, which are playing a key role in the development of new drugs and therapies.

Local special circumstances:
Brexit has had a significant impact on the pharmaceutical industry in the United Kingdom, with many companies relocating their operations to other countries in order to maintain access to the European market. However, the country's strong research and development sector and skilled workforce continue to make it an attractive destination for pharmaceutical companies. Additionally, the National Health Service (NHS) provides a large and stable market for pharmaceutical products, which has helped to support the growth of the industry.

Underlying macroeconomic factors:
The United Kingdom has a strong and stable economy, with a highly educated workforce and a favorable business environment. The government has made significant investments in the life sciences sector, which has helped to drive innovation and growth in the pharmaceutical industry. Additionally, the country's aging population and high incidence of chronic diseases are driving demand for new drugs and therapies, which is expected to continue to fuel growth in the industry in the coming years.

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.

Overview

  • Revenue
  • Analyst Opinion
  • Key Players
  • Global Comparison
  • Methodology
  • Key Market Indicators
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