Germany’s Pharmacy market size stood at around USD 41.4 billion in 2019 and is projected to reach USD XX billion by 2028, exhibiting a CAGR of XX.X% during the forecast period.
Increasing patent applications that are focused on the development of novel drug delivery systems, new drugs, and formulations are anticipated to boost the market for pharmaceuticals. According to the European Patent Office (EPO) Patent Index 2019, the number of patent applications increased by 4.4% in 2018 in the pharmaceutical field. This growth in patent applications is estimated to accelerate innovations in the pharmaceutical industry.
Along with increasing patent applications, the growing export of pharmaceuticals from the Federal Republic of Germany to various countries is anticipated to boost the growth of the market for pharmaceuticals. For instance, according to the German Pharmaceutical Industry Association (BPI), in 2018, pharmaceuticals worth USD 98.6 billion were exported from Germany.
This corresponds to an increase of 10.3% over the previous year. Furthermore, the U.S., Netherlands, and Switzerland are the top three main customers for pharmaceuticals from Germany. Favorable reimbursement scenario and pricing for pharmaceuticals companies &customers are expected to fuel the growth of the market for pharmaceuticals. For instance, in Germany, 90% of the population is covered by Statutory Health Insurance (SHI) and the remaining 10.0% is covered by special schemes and private insurance.
The presence of strong pipeline drugs in Phase III clinical trials is expected to be commercialized over the forecast period, thereby, driving the growth of the market for pharmaceuticals. For instance, Boehringer Ingelheim International GmbH’s R & D pipeline consists of two candidates namely Empagliflozin and Nintedanib under phase III clinical trial for cardiovascular diseases and respiratory diseases.