Market Trends of Sweden Pharmaceutical Industry
This section covers the major market trends shaping the Sweden Pharmaceutical Market according to our research experts:
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. According to the study titled "Regional variation in the intensity of inhaled asthma medication and oral corticosteroid use in Denmark, Finland, and Sweden" published in European Journal of Respiratory Journal in May 2022, A total of 711,012 people in Sweden have been diagnosed with asthma (prevalence of 8.1% ). More than half (53.6%) of asthma patients in Sweden have poorly controlled asthma, making up about 4.2 percent of those with severe asthma. Thus, the growing prevalence of chronic diseases such as asthma is anticipated to boost the segment growth. 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.
