The Sweden Pharmaceutical market is anticipated to register a CAGR of 3.9% over the forecast period.
With the emergence of the COVID-19 pandemic, a country-wide lockdown was announced in Sweden that adversely impacted the pharmaceutical industry. Also, an increase in supply chain disruptions slowed the market's growth. However, the onset of the COVID-19 pandemic has also led to an increase in product launches for pharmaceutical drugs, thereby contributing to the market's growth. For instance, in February 2021, the Swedish Medical Products Agency authorized the emergency use of the Bamlanivimab drug in COVID-19 patients with underlying conditions that make them more vulnerable to the virus.
Further, the factors contributing to the market's growth are the rising geriatric population and the rising incidence of chronic disease.
The rising incidence of chronic diseases is a major factor driving the market growth in Sweden. For instance, according to the data published by "socialstyrelsen", the National Board of Health and Welfare in Sweden, over 22,200 people experienced an acute heart attack in 2020, with over 4,800 casualties. A total of 25,400 people experienced strokes, with 6,100 deaths either due to cerebral infarction or brain hemorrhage. Furthermore, the same source stated that approximately 2% to 3% of all babies are born with a birth defect or chromosomal abnormality. Moreover, as per the IDF Diabetes Atlas 10th Edition 2021, the estimated number of people with diabetes in 2021 was 496.2 per thousand, and the number is estimated to reach 541.1 per thousand by 2045 in Sweden. Thus, such statistics indicate that the high burden of chronic and lifestyle disorders within the country, which will ultimately drive the demand for pharmaceutical drugs in Sweden.
Moreover, according to the latest data published in February 2022, by Lif, a trade organization for Swedish research pharmaceutical companies, approximately SEK 171 billion was invested in pharmaceutical R&D in Sweden in 2019. The corporate sector accounted for almost 72 percent (SEK 122 billion). Pharmaceutical research by companies accounted for 6.5 percent of the total (SEK 11 billion). Furthermore, the same source stated that Sweden exported over SEK 100 billion worth of medications in 2021. Such developments are expected to have a positive impact on the growth of the market over the analysis period.
However, the stringent regulatory scenario is a major factor restraining the growth of the Sweden pharmaceutical market.
By prescription type, the prescription drugs segment is expected to garner a larger market share over the forecast period. Some of the key factors driving the growth of the segment include advanced research and development activities, a growing geriatric population, the rising incidence of chronic diseases such as cardiovascular disease and cancer, coupled with new product launches. For instance, as per the GLOBOCAN, in 2020, the estimated number of new cancer cases in Sweden was 62,494 and the number is projected to reach 77,900 by the year 2045. Such an increase in the disease burden, in turn, drives the research and development efforts within the pharmaceutical sector, which results in the increasing commercial availability of drugs.
Additionally, according to "socialstyrelsen", in 2020, 65% of Sweden's population was prescribed at least one drug. Amongst which, women accounted for 73 percent of the total, including contraception. The most prescribed medications were for high blood pressure, followed by painkillers, antibiotics, allergies, and antidepressants.
Furthermore, several companies are also engaged in product launches, thereby contributing to the segment's growth. For instance, in February 2022, Almirall S.A., a global biopharmaceutical company focused on skin health, announced the European launch of Wynzora cream (50 µg/g calcipotriol and 0.5 mg/g betamethasone as dipropionate), developed a topical treatment for mild to moderate plaque psoriasis in adults, including the scalp. The product is expected to roll out in other European countries during the coming months once national marketing authorizations are granted. The product has received regulatory approval in Sweden. Such developments are likely to have a positive impact on the segment growth.
Moreover, a news article published in January 2022, stated that after a robust 35 percent increase in revenue, Johnson & Johnson topped the Swedish sales list for 2021 with its subsidiary Janssen. Berkeley Vincent, the CEO of Janssen Sweden, detailed that in 2021, Janssen sold pharmaceuticals worth SEK 2.5 billion in Sweden. Thus, the above-mentioned factors are expected to boost the segment's growth over the forecast period.
The Sweden 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. And 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 that are currently dominating the market are AbbVie Inc., Merck & Co., Inc., Amgen Inc., Pfizer Inc., and GlaxoSmithKline plc.
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With the emergence of the COVID-19 pandemic, a country-wide lockdown was announced in Sweden that adversely impacted the pharmaceutical industry. Also, an increase in supply chain disruptions slowed the market's growth. However, the onset of the COVID-19 pandemic has also led to an increase in product launches for pharmaceutical drugs, thereby contributing to the market's growth. For instance, in February 2021, the Swedish Medical Products Agency authorized the emergency use of the Bamlanivimab drug in COVID-19 patients with underlying conditions that make them more vulnerable to the virus.
Further, the factors contributing to the market's growth are the rising geriatric population and the rising incidence of chronic disease.
The rising incidence of chronic diseases is a major factor driving the market growth in Sweden. For instance, according to the data published by "socialstyrelsen", the National Board of Health and Welfare in Sweden, over 22,200 people experienced an acute heart attack in 2020, with over 4,800 casualties. A total of 25,400 people experienced strokes, with 6,100 deaths either due to cerebral infarction or brain hemorrhage. Furthermore, the same source stated that approximately 2% to 3% of all babies are born with a birth defect or chromosomal abnormality. Moreover, as per the IDF Diabetes Atlas 10th Edition 2021, the estimated number of people with diabetes in 2021 was 496.2 per thousand, and the number is estimated to reach 541.1 per thousand by 2045 in Sweden. Thus, such statistics indicate that the high burden of chronic and lifestyle disorders within the country, which will ultimately drive the demand for pharmaceutical drugs in Sweden.
Moreover, according to the latest data published in February 2022, by Lif, a trade organization for Swedish research pharmaceutical companies, approximately SEK 171 billion was invested in pharmaceutical R&D in Sweden in 2019. The corporate sector accounted for almost 72 percent (SEK 122 billion). Pharmaceutical research by companies accounted for 6.5 percent of the total (SEK 11 billion). Furthermore, the same source stated that Sweden exported over SEK 100 billion worth of medications in 2021. Such developments are expected to have a positive impact on the growth of the market over the analysis period.
However, the stringent regulatory scenario is a major factor restraining the growth of the Sweden pharmaceutical market.
Key Market Trends
Prescription Drugs segment Holds the Largest Share and Expected to do Same in the Forecast Period
By prescription type, the prescription drugs segment is expected to garner a larger market share over the forecast period. Some of the key factors driving the growth of the segment include advanced research and development activities, a growing geriatric population, the rising incidence of chronic diseases such as cardiovascular disease and cancer, coupled with new product launches. For instance, as per the GLOBOCAN, in 2020, the estimated number of new cancer cases in Sweden was 62,494 and the number is projected to reach 77,900 by the year 2045. Such an increase in the disease burden, in turn, drives the research and development efforts within the pharmaceutical sector, which results in the increasing commercial availability of drugs.
Additionally, according to "socialstyrelsen", in 2020, 65% of Sweden's population was prescribed at least one drug. Amongst which, women accounted for 73 percent of the total, including contraception. The most prescribed medications were for high blood pressure, followed by painkillers, antibiotics, allergies, and antidepressants.
Furthermore, several companies are also engaged in product launches, thereby contributing to the segment's growth. For instance, in February 2022, Almirall S.A., a global biopharmaceutical company focused on skin health, announced the European launch of Wynzora cream (50 µg/g calcipotriol and 0.5 mg/g betamethasone as dipropionate), developed a topical treatment for mild to moderate plaque psoriasis in adults, including the scalp. The product is expected to roll out in other European countries during the coming months once national marketing authorizations are granted. The product has received regulatory approval in Sweden. Such developments are likely to have a positive impact on the segment growth.
Moreover, a news article published in January 2022, stated that after a robust 35 percent increase in revenue, Johnson & Johnson topped the Swedish sales list for 2021 with its subsidiary Janssen. Berkeley Vincent, the CEO of Janssen Sweden, detailed that in 2021, Janssen sold pharmaceuticals worth SEK 2.5 billion in Sweden. Thus, the above-mentioned factors are expected to boost the segment's growth over the forecast period.
Competitive Landscape
The Sweden 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. And 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 that are currently dominating the market are AbbVie Inc., Merck & Co., Inc., Amgen Inc., Pfizer Inc., and GlaxoSmithKline plc.
Additional Benefits:
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION (Market Size by Value - USD million)
6 COMPETITIVE LANDSCAPE & COMPANY PROFILES
Methodology
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