United Kingdom Pharmaceutical Market to be dominated by OTC drugs till 2027
Extensive investment on R
& D activities along with the novel product development is projected to bolster
the growth of United Kingdom pharmaceutical market in the forecast period,
2023-2027.
According to TechSci Research
report, “United Kingdom Pharmaceutical Market- By Region, Competition Forecast &
Opportunities, 2027”, the United Kingdom pharmaceutical
market is expected to witness growth at a significant rate in 2023-2027. Continuous
medical innovations including precision medicine, cell and gene therapy and
immuno-oncology are catering the new ways of prevention and detection with the
potential to revolutionize the treatment of several diseases. Oncology, for
instance, is still the largest pharmaceutical therapeutic area across globe
with broad unmet needs and will most likely benefit from these novel therapies
and innovation. These opportunities extend way beyond oncology to other therapeutic
areas including cardiovascular, central nervous system, immunology, and rare
diseases. Several drugs are becoming re-classified, shifting from a
prescription-only medication to an over-the-counter medication, increases the
market size of generic medication that correlates. Novel medications coming
onto the market make up the difference in prescription medication market
size. Technology is increasingly
becoming a prominent part of healthcare segment. Numerous apps assist users
take their health in their own hands, by consulting medical experts through
digital innovations in health, that are increasing consumer awareness and
growing the pharmaceutical market.
However, United Kingdom
pharmaceutical sector turnover slowed down, particularly due to the falling
demand from the US when some significant drugs lost their patent protection,
e.g., Novartis for Gleevec is restraining the market growth.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on "United Kingdom Pharmaceuticals Market"
The United Kingdom
Pharmaceutical market is segmented into drug type, product
type, application, distribution channel, regional distribution, and competitive
landscape.
Based on drug type, the
market is bifurcated into generic drugs and branded drugs. Based on product
type, the market is divided into prescription drugs and over-the-counter drugs.
Over the counter medications segment account for the largest share in the
market, 2023-2027. This has been linked to the aging population requiring more
OTC medications and consumer behaviors that encourage self-medication instead
of visiting a doctor.
Based on application, the
market is segmented into cardiovascular, musculoskeletal, oncology,
anti-infective, metabolic disorder, others. Metabolic disorder segment holds
a significant share in the market in the forecast period, 2-23-2027.
Based on distribution
channel, the market is divided into retail pharmacy, hospital pharmacy, e-pharmacy. Retail pharmacy segment holds the greatest share in the market in the
forecast period, 2023-2027. The United Kingdom pharmaceutical market is studied
in major regions namely London, Southeast, East Anglia, Scotland, Southwest,
East Midlands, Yorkshire & Humberside, Rest of United Kingdom.
Various key market players
operating in the United Kingdom pharmaceutical market are:
·
Takeda
Pharmaceutical Company Limited
·
GlaxoSmithKline
Plc.
·
Vertex
Pharmaceuticals (U.K.) Limited
·
Pfizer
Limited
·
Novartis
UK Limited
·
AstraZeneca
UK Limited
·
Bristol-Myers
Squibb Pharmaceuticals Limited
·
Roche
Products Limited
·
Sanofi
UK
·
Sun
Pharmaceuticals UK Limited
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“The growing healthcare
expenditures and the expanding number of private hospitals are driving the
market growth. awareness towards early disease detection and treatment
procedures are further supporting the market growth. In addition to this, the
expanding geriatric population, who are more susceptible to various medical
conditions, such as dementia, hypertension, cardiac failure, etc., is further
escalating the demand for pharmaceuticals. Additionally, the introduction of
government policies and reimbursement schemes across numerous countries for minimizing
the cost of treatment for chronic diseases is also supporting the market
growth. Moreover, the growing number of insurance companies in the pharma
countries offering numerous insurance policies to decrease the
out-of-the-pocket expenditures is further augmenting the demand of
pharmaceuticals in these countries. The extensive investments in extensive
R&D activities in the fields of biotechnology, immunology, oncology, etc.,
for the introduction of advanced treatments will continue to catalyze the market
growth of pharmaceuticals across United Kingdom till 2027.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm”.
“United Kingdom Pharmaceutical Market By Drug Type (Generic
Drugs v/s Branded Drugs), By Product Type (Prescription Drugs v/s
Over-The-Counter Drugs), By Application (Cardiovascular, Musculoskeletal,
Oncology, Anti-infective, Metabolic Disorder, Others), By Distribution Channel
(Retail Pharmacy, Hospital Pharmacy, E-Pharmacy), By Region, Competition
Forecast & Opportunities, 2027" has analyzed the future
growth potential of United Kingdom Prenatal & Neonatal Care Devices market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and assist decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with significant
drivers, challenges, and opportunities in United Kingdom pharmaceutical market.
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