Sweden Pharmaceutical Market Overview
Sweden Pharmaceutical Market Size was valued at USD 5.8 Billion in 2022. The Sweden Pharmaceutical market is projected to grow from USD 6.1 Billion in 2023 to USD 9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2023 - 2032). Prescription medication, the disease burden, and public health priorities have increased as a result of the rise in chronic illnesses, which is one of the main market drivers anticipated to propel the Sweden Pharmaceutical market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Sweden Pharmaceutical Market Trends
- Growing chronic illnesses led prescription medicine is driving the market growth
The national health insurance program in Sweden does not cover prescription medications. However, a portion of the cost of some prescription medications is covered by the national program. Furthermore, Sweden has strong laws that permit direct-to-consumer advertising by prescription drug companies. This is helping the market CAGR because most end users and pharmacists would be knowledgeable about new or existing pharmaceuticals accessible for the treatment of illnesses. Compared to previous years, there has been an increase in prescription pharmaceutical sales due to the rise in chronic sickness. Sweden is proud of its long-standing universal healthcare scheme, which ensures that its residents may obtain prescription medications. Healthcare-related legislation and regulations have a major impact on the pharmaceutical sector. An aging population often requires more pharmaceutical interventions, which increases the need for different pharmaceuticals. Like many other wealthy countries, Sweden has an aging population, which has an impact on the nation's pharmaceutical consumption habits.
Furthermore, Sweden's participation in international trade agreements and cooperation with other countries and organizations has an impact on the pharmaceutical sector. Swedish pharmaceutical companies place a high priority on export opportunities, regulatory harmonization, and market access. Consumer Behavior and Awareness: Patient preferences, healthcare-seeking habits, and health-related awareness all have an impact on patterns of pharmaceutical use. Patient advocacy groups, educational initiatives, and medical professionals' counsel impact how consumers perceive and choose pharmaceutical products. The pharmaceutical sector in Sweden is competitive because of the presence of multinational pharmaceutical companies, regional producers, and generic medicine manufacturers. Price plans, product differentiation, and marketing campaigns are what fuel competition and market dynamics. Moreover, According to Globocan 2020, 42,891 cancer cases are anticipated in Sweden. Colorectal cancer is the most common cancer, with skin melanoma, lung, breast, and prostate cancer following closely after. Because the frequency of chronic disorders is increasing in this area, leading competitors in the prescription medicine industry are developing innovative products to close the gap in the market.
Sweden Pharmaceutical Market Segment Insights
- Sweden Pharmaceutical Therapeutic Class Insights
The Sweden Pharmaceutical market segmentation, based on Therapeutic Class, includes Alimentary Tract and Metabolism, Blood and Blood Forming Organs, Cardiovascular System, Dermatological Drugs, Genitourinary System, Reproductive Hormones, Systemic Hormonal Preparations, Immunomodulating Agents, Musculoskeletal System, Nervous System, Anti-parasitic Products, Insecticides and Repellents, Respiratory System, Sensory Organs, and Various ATC Structures. The reproductive hormones segment dominated the market mostly. These hormones work in complex harmony with feedback loops and regulatory systems to keep the reproductive system functioning normally. Infertility, irregular menstruation, and sexual dysfunction are just a few reproductive health issues that can be brought on by imbalances or anomalies in these hormone levels. Hormonal treatments are widely used to treat a variety of illnesses by restoring hormonal balance or replenishing hormones that are deficient.
- Sweden Pharmaceutical Drug Type Insights
The Sweden Pharmaceutical market segmentation, based on Drug Type, includes Branded and Generic. The generic generated the most income. This is because generic drugs are often more reasonably priced for both patients and healthcare systems than their name-brand equivalents. Demand for generics is frequently driven by this cost advantage, especially from consumers and healthcare payers who are cost-conscious.
- Sweden Pharmaceutical Prescription Type Insights
The Sweden Pharmaceutical market segmentation, based on Prescription Type, includes Prescription Drugs (Rx) and OTC Drugs. The OTC drugs generated the most income. This is because over-the-counter medications are those that do not require a prescription to purchase and are typically safe to use without a doctor's supervision. Usually, they are used to treat mild illnesses and symptoms. Acetaminophen and diphenhydramine are two examples.
Figure 1: Sweden Pharmaceutical Market, by Prescription Type, 2022 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Sweden Pharmaceutical Country Insights
Sweden's universal healthcare system is supported by rules and regulations, ensuring that its citizens have access to medications. Government policies like price caps and reimbursement schemes have an impact on the market dynamics and pharmaceutical consumption trends. With investments in pharmaceutical research, life sciences, and biotechnology, Sweden offers a strong environment for research and innovation. Government, industry, and academia collaborate to foster innovation and the development of new pharmaceutical products, which drives market expansion. The aging of the population and the changing nature of diseases have an impact on the demand for pharmaceuticals. Changes in the prevalence of illness and healthcare demands have an impact on product development and therapeutic areas, and an aging population often calls for more pharmaceutical interventions.
Sweden Pharmaceutical Key Market Players& Competitive Insights
Leading market players are putting a lot of money in R&D to increase the range of products they sell, which will encourage further growth in the Sweden Pharmaceutical sector. Additionally, market players are engaging in a range of calculated actions to increase their presence, with important market developments including releases of new products, contracts, acquisitions and mergers, increased investments, and cooperation with other enterprises. To grow and endure in a market that is becoming more and more competitive, Sweden Pharmaceutical industry must provide reasonably priced goods.
Major players in the Sweden Pharmaceutical market are making investments in R&D operations in an effort to boost market demand includes AbbVie Inc., Merck & Co., Inc., Amgen Inc., Pfizer Inc., GlaxoSmithKline plc., Hoffmann-La Roche AG6., AstraZeneca plc., Eli Lilly and Company, Novartis International AG, Sanofi S.A., Swedish Orphan Biovitrum AB, InDex Pharmaceuticals Holding AB6., Medartuum AB, Life Medical Sweden AB
Key Companies in the Sweden Pharmaceutical market include
- AbbVie Inc.
- Merck & Co., Inc.
- Amgen Inc.
- Pfizer Inc.
- GlaxoSmithKline plc.
- Hoffmann-La Roche AG6.
- AstraZeneca plc.
- Eli Lilly and Company
- Novartis International AG
- Sanofi S.A.
- Swedish Orphan Biovitrum AB
- InDex Pharmaceuticals Holding AB6.
- Medartuum AB
- Life Medical Sweden AB
Pharmaceutical Industry Developments
April 2022: Sierra Oncology Inc. is a biopharmaceutical company that specialises in targeted medicines for the treatment of rare malignancies. Sierra Oncology Inc. will be acquired by GlaxoSmithKline Plc for $55 per share of common stock in cash, which translates to an approximate equity value of $1.9 billion.
Sweden Pharmaceutical Market Segmentation
Sweden Pharmaceutical Therapeutic Class Outlook
- Alimentary Tract and Metabolism
- Blood and Blood Forming Organs
- Cardiovascular System
- Dermatological Drugs
- Genitourinary System
- Reproductive Hormones
- Systemic Hormonal Preparations
- Immunomodulating Agents
- Musculoskeletal System
- Nervous System
- Anti-parasitic Products
- Insecticides and Repellents
- Respiratory System
- Sensory Organs
- Various ATC Structures
Sweden Pharmaceutical Drug Type Outlook
Sweden Pharmaceutical Prescription Type Outlook
- Prescription Drugs (Rx)
- OTC Drugs
| Report Attribute/Metric |
Details |
| Market Size2022 |
USD 5.8 Billion |
| Market Size 2023 |
USD 6.1 Billion |
| Market Size2032 |
USD 9 Billion |
| Compound Annual Growth Rate (CAGR) |
5.00% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Therapeutic Class, Drug Type, Prescription Type |
| Countries Covered |
Sweden |
| Key Companies Profiled |
AbbVie Inc., Merck & Co., Inc., Amgen Inc., Pfizer Inc., GlaxoSmithKline plc., Hoffmann-La Roche AG6., AstraZeneca plc., Eli Lilly and Company, Novartis International AG, Sanofi S.A., Swedish Orphan Biovitrum AB, InDex Pharmaceuticals Holding AB6., Medartuum AB, Life Medical Sweden AB Â |
| Key Market Opportunities |
·        Prescription medication, the disease burden, and public health priorities have increased |
| Key Market Dynamics |
·        Rising interest in the burden of disease and public health priorities |
Frequently Asked Questions (FAQ) :
The size of the Sweden Pharmaceutical market was estimated at USD 5.8 billion in 2022.
It is anticipated that the market would expand at a compound annual growth rate (CAGR) of 5.00% from 2023 to 2032.
The key players in the market are AbbVie Inc., Merck & Co., Inc., Amgen Inc., Pfizer Inc., GlaxoSmithKline plc., Hoffmann-La Roche AG6., AstraZeneca plc., Eli Lilly and Company, Novartis International AG, Sanofi S.A., Swedish Orphan Biovitrum AB, InDex Pharmaceuticals Holding AB6., Medartuum AB, Life Medical Sweden AB
The OTC Drugs category dominated the market in 2022.
The Generic had the largest share in the market.
