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Market growth in the mature markets of Western Europe is assured over the coming years by the health needs of ageing populations, and will be driven by investment in innovative medicines, particularly in the hospital market. Growth, however, will be tempered somewhat by the effects of the global economic recession in the short term. The leading markets are projected to average a CAGR of 2.1% in US dollar terms up to 2016, to represent a combined pharmaceutical market value of over US$240 billion.
What factors are affecting pharmaceutical market growth?
Demand for pharmaceutical products is set to increase over the coming years, in order to fulfil the health needs of the ageing population. Meanwhile, the trend towards generics is set to continue, with several major patent expiries coming up, and with more governments introducing or expanding generic substitution as a cost-containment measure.
Recent austerity measures, introduced to deal with the impact of the economic recession, have included drug price cuts or discounts in markets such as France, Germany, Greece, Italy and Spain. These price cuts will have an impact across Western Europe, as many other countries use a reference pricing system. These price cuts could limit market growth and there are also fears that lower prices could lead to high
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