Market Research Report
Belgium Pharmaceutical Market - Growth, Trends, And Forecasts (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||965029|
|Published||Content info||80 Pages
Delivery time: 2-3 business days
|Belgium Pharmaceutical Market - Growth, Trends, And Forecasts (2020 - 2025)|
|Published: August 1, 2020||Content info: 80 Pages||
The Belgium Pharmaceutical market studied was anticipated to show a slow growth with a CAGR of 3.2%. Belgium has a leading role in the European pharmaceutical market. It also has the highest amount of pharmaceutical spending per inhabitant in research and development among all the members of the European Union. Along with the third position in pharmaceutical research and development jobs per inhabitant, Belgium is a center for pharmaceutical development within the European Union.
However, For a record of EUR 3.6 billion in 2018, pharmaceutical manufacturers in Belgium spend nearly EUR 10 million a day in research and innovation. The pharmaceutical industry recruited 5,295 workers in Belgium in 2018. Belgium has the third-largest number of experts working in the pharmaceutical industry per inhabitant in Europe. In Belgium, jobs in pharmaceutical research and development increased with 23.8 percent in the span of 2014-2017, this rise was 0.3 percent in Europe. Furthermore, Belgium ranked 3rd in the sector of pharmaceutical and biotech patent applications in Europe (per inhabitant). In 2018, 315 patent applications are filed under these sectors in Belgium, a rise of 51.4% since 2014 and 2018.
Healthcare Expenditure in Belgium
Since 2000, the health condition of the Belgian population has increased. People live longer, but there are still significant differences between gender and socio-economic classes. The Belgian health system works well to save the lives of those in need of emergency care. Strengthening preventive and primary care to make more improvements in public wellbeing and minimize socioeconomic inequality is one of the biggest obstacles. According to OECD statistics, overall healthcare spending as a portion of the Gross Domestic Product (GDP) in Belgium contributed to 10.4% in 2018, which is the biggest share in the time span given. Belgium has spent more than 10% of its GDP on health per year since 2009. Belgium had a share of EUR 3,568 healthcare expenditure per capita in 2015, the eighth-highest among EU countries. Public spending accounts for 77 percent of overall health spending (nearly equal to the European average), whereas direct on out-of-pocket expenditures account for the bulk of private expenditure (18 percent of total health expenditure) and private health benefits for a slightly lower proportion (5 percent of total).
Prescription Drugs segment Holds the Largest Share and Expected to do Same in the Forecast Period
Belgium Prescription Drugs segment is projected to account for the highest share in the forecast timeframe. The growth factors for this sector are advancement in technology, a favorable regulatory environment, the inclination of pharmaceutical producers for Prescription drugs, and new product releases have also contributed to this growing trend. Other factors such as rise in population growth and a rise in chronic diseases like cardiovascular disease, which is the leading cause of death in the country, as well as an increase in per capita healthcare spending in the nation and an improvement in people's disposable income all these factors will also boost the demand during the forecast period.
The Belgium pharmaceutical market is highly competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and joint ventures with the other companies to consolidate their market positions in the country. Some of the Key companies which are currently dominating the market are AbbVie Inc., AstraZeneca plc, Bayer AG, C.H. Boehringer Sohn AG & Ko. KG, and GlaxoSmithKline plc