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

The Belgium pharmaceutical market is anticipated to register growth with a CAGR of 4.35% over the forecast period.

Covid-19 has significantly impacted the growth of Belgium pharmaceutical market due to the intermittent lockdowns initially. Later, the Belgium government is trying to compensate and pace up its pharmaceutical industry by importing medications for COVID-19. For instance, in January 2022, Belgium has agreed to purchase 10,000 courses of Paxlovid and molnupiravir, two Covid-19 oral antiviral medications manufactured by Pfizer and Merck (MSD), respectively.

Belgium has a leading role in the European pharmaceutical market. It also has one of the highest amount of pharmaceutical spending per inhabitant in research and development among all the members of the European Union. For instance, according to the news published in November 2020, the largest investor in research and development (R&D) in the European Union is the Belgian chemicals and pharmaceuticals industry. Belgian chemicals and pharma lead the rankings, with an R&D intensity of 17.7% (the ratio between R&D spending and added value), ahead of Germany, Sweden, and France. Therefore, the rising research and develpoment spending in Belgium will lead to the development of innovative pharmaceuticals, thereby expected to drive the growth of this market.

Moreover, the rising burden of chronic diseases is Belgium is further expected to drive the growth of Belgium pharmaceutical market. For instance, according to Globocan 2020, the number of new cancer cases in Belgium are 83,267 and the deaths occured due to cancer are 30,079. In addition, in February 2022, according to the International Diabetes Federation, the prevalence of Diabetes in Belgium is 404,900. The high prevalence of chronic diseases in Belgium will lead to increased adoption of pharmaceuticals, thereby expected to drive the growth of this market.

Therefore, the rising research and development expenditure, rising prevalence of chronic diseases such as cancers and diabetes, among others are expected to drive the growth of Belgium pharmaceutical market over the forecast period. However, socioeconomic inequality is expected to restraint the market growth in Belgium.

Key Market Trends

The Cardiovascular Segment is Expected to Register Significant Growth Over the Forecast Period

The cardiovascular segment is expected to register significant growth over the forecast period. Factors such as the increasing burden of cardiovascular diseases due to lifestyle changes, the regulatory approval for drugs, advancement in the field, and increasing awareness among people about heart health are likely to propel the segment growth during the forecast period. The common category of cardiovascular drugs includes ACE inhibitors, aldosterone inhibitors, angiotensin II receptor blockers (ARBs), beta-blockers, calcium channel blockers, cholesterol-lowering drugs, vasodilators, etc.​ The large burden of cardiovascular diseases in Belgium generates the need for drugs for treatment and drives the market growth.

For instance, the Secondary Prevention of Heart Attack and Stroke, Country Profile of Belgium, report published in October 2020 reported that heart attack accounts for nearly 12% of all deaths in Belgium. It also reported that heart attack is the most serious consequence of coronary heart disease (CHD), and around 407,500 people are estimated to be living with CHD, with around 43,000 new cases each year in the country. This growing burden of diseases is expected to propel the growth of the market over time.​

Furthermore, the increasing number of research studies in the segment for the development of new drugs is also driving the market. For instance, according to ClinicalTrials.gov., accessed on January 11, 2022, there are 1548 research studies on the development of a treatment for cardiovascular diseases going on in Belgium. ​

Thus, owing to the abovementioned factors, the market segment is expected to witness growth over the forecast period.​

Competitive Landscape

The Belgium pharmaceutical market is highly competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some prominent players are vigorously making acquisitions and joint ventures with other companies to consolidate their market positions in the country. Some of the key companies currently dominating the market are AbbVie Inc., AstraZeneca PLC, Bayer AG, C.H. Boehringer Sohn AG & Ko. KG, and GlaxoSmithKline PLC, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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