Denmark Pharmaceutical Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3.92 Billion |
| Market Size (2029) | USD 4.61 Billion |
| CAGR (2024 - 2029) | 3.28 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Denmark Pharmaceutical Market Analysis
The Denmark Pharmaceutical Market size is estimated at USD 3.92 billion in 2024, and is expected to reach USD 4.61 billion by 2029, growing at a CAGR of 3.28% during the forecast period (2024-2029).
The COVID-19 pandemic was an unprecedented health concern and adversely affected communities, industries, businesses, and lives worldwide. Many companies have already received approval for their vaccines against the Sars-CoV-2 virus and are still focusing their research and development on the development of therapeutics against COVID-19. Before the development of vaccines, several potential medicines were experimented with to treat COVID-19-induced infection, and they are expected to impact the market and address other medical conditions positively. Medications like Lopinavir/Ritonavir, hydroxychloroquine (HCQ), and Remdesivir are repurposed in many countries to treat COVID-19. As the government has the maximum number of production facilities, the lockdown reduced production due to a smaller workforce, hampering the industry's market growth. However, alternatives such as telehealthcare are being taken to overcome the situation. For instance, according to data from the Digital Health Society published in June 2022, Denmark, Estonia, Finland, Spain, Sweden, and the United Kingdom have the highest adoption of electronic health records. Most doctors across these countries rely more on electronic health records. Thus, as there is better access to healthcare services in Denmark compared to the initial pandemic times and the rise in telehealth, the market is expected to regain its growth pace over the coming years.
The rising R&D expenditure and rising incidence of chronic disease are expected to drive the market growth during the forecast period. One of the foundational areas of the Danish economy is the pharmaceutical industry. The prevalence and incidence of many chronic and infectious diseases, such as diabetes and cancer, have increased significantly worldwide, leading to a high demand for pharmaceutical products in Denmark. For instance, according to the data from World Cancer Research Fund International, in March 2022, approximately 334.9 people per 100,000 had cancer in Denmark. Further, according to the World Bank collection of development indicators, diabetes prevalence (population between 20 and 79 years) in Denmark was reported at 5.3% in 2021. Thus, the increased prevalence of chronic diseases such as cancer and diabetes is expected to drive the growth in the market.
Pharmaceutical companies leverage strategic mergers, collaborations, and investments to capitalize on current and future opportunities. In order to supplement its ongoing clinical activities in immuno-dermatology, in September 2022, Novo Nordisk (Headquartered in Denmark) and Microsoft entered a new strategic collaboration to combine Microsoft’s computational services, cloud, and artificial intelligence (AI) with Novo Nordisk’s drug discovery, development, and data science capabilities. Also, in April 2022, it reported the expansion of its existing research collaboration in oral drug delivery technologies with the Massachusetts Institute of Technology (MIT) and Brigham and Women’s Hospital (BWH). In August 2022, CS MEDICA A/S closed agreements with two of Denmark's leading pharmacy chains. With this agreement, the company can access 400 pharmacies in Denmark, with shelf space and online availability for the full CANNASEN CBD product line. Thus, the factors mentioned above are expected to increase the market growth.
Thus, these factors affect the growth of the Danish pharmaceutical market; however, the high cost of drugs is expected to impede market growth.
Denmark Pharmaceutical Market Trends
Prescription Drugs (Rx) Accounted for the Significant Share of the Total Pharmaceutical Sales in Denmark
In Denmark, prescriptions are not covered under public health insurance. However, the national scheme does reimburse the partial costs of some medications. Also, in Denmark, the direct-to-consumer advertising of prescription drugs is permitted under strict legislation. This positively impacts the market as most pharmacists and end users will be well aware of new or present medications available for the treatment of diseases. Prescription drug sales have increased compared to previous years owing to the rising chronic disease. For instance, according to an article published by ScienceDirect, in July 2021, more than 11,500 abdominal cancers are diagnosed yearly in Denmark. Thus, the increased prevalence of chronic diseases is expected to drive growth in the market.
Significant competitors in the prescription drug market are making substantial advancements for the unmet requirement that exists in the market space as a result of the rising prevalence of chronic diseases in this area. For instance, in April 2022, the Danish Parliament adopted a bill to introduce a new 4-year pilot program on reimbursement of medicines based on shared risks. The pilot program allows the Danish Medicines Agency to grant general conditional reimbursement of prescription-only medicines based on shared risks. Similarly, the world's largest diabetic manufacturer, Novo Nordisk, bought Corvidia Therapeutics from AstraZeneca in June 2020 for an initial USD 725 million to diversify into cardiovascular disease medicines in the Danish market. Thus, the above-mentioned factors are expected to increase the market growth.
OTC Drugs Accounted for the Significant Share of the Total Pharmaceutical Sales in Denmark
Over-the-counter medication, or OTC or nonprescription medicine, can be purchased without a prescription. According to the label and healthcare professional's instructions, these medications are safe and effective. The market is expected to be driven by the growing number of over-the-counter (OTC) outlets in Denmark. For instance, according to the Danish Medicines Agency, in February 2021, as of January 2021, there were 227 pharmacies and two online pharmacies in Denmark. Out of these are 80 branch pharmacies, 209 voluntarily established branches, 24 pharmacy outlets, about 350 OTC outlets, and about 400 medicine delivery facilities.
Additionally, an increase in product launches and expansion in Denmark is expected to drive the market during the forecast period. For instance, in November 2021, Moberg Pharma AB collaborated with Allderma AB to launch MOB-015 (for nail fungus) in Sweden, Norway, and Denmark. Allderma is led by commercial executives who successfully launched Nalox, Moberg Pharma’s first-generation nail fungus product in the Nordic region. Thus, such development is expected to drive the market in Denmark.
Denmark Pharmaceutical Industry Overview
The Danish pharmaceutical market is fragmented due to several companies operating globally and regionally. The competitive landscape includes an analysis of a few international and local companies that hold market shares and are well known, including Novo Nordisk A/S, H. Lundbeck A/S, Leo Pharma A/S, Orifarm Group A/S, ALK-Abelló A/S, Xellia ApS, Takeda Pharma A/S, Sandoz A/S, Ferring Pharmaceuticals A/S, and FUJIFILM Diosynth Biotechnologies.
Denmark Pharmaceutical Market Leaders
-
Novo Nordisk A/S
-
Leo Pharma A/S
-
H. Lundbeck A/S
-
Orifarm Group A/S
-
ALK-Abelló Nordic A / S
*Disclaimer: Major Players sorted in no particular order
Denmark Pharmaceutical Market News
- July 2022: Bavarian Nordic, the Danish company, expanded its production capacity to 10 million doses of the monkeypox vaccine.
- June 2022: Novo Nordisk A/S, a top global healthcare organization, and Echosens, a high-tech business providing liver diagnostic tools, partnered to promote early diagnosis of non-alcoholic steatohepatitis (NASH) and raise patient awareness.
Denmark Pharmaceutical Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising R&D Expenditure
4.2.2 Rising Incidence of Chronic Disease
4.3 Market Restraints
4.3.1 High Cost of Drugs
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By ATC/Therapeutic Class
5.1.1 Blood and Hematopoietic Organs
5.1.2 Cardiovascular System
5.1.3 Dermatological
5.1.4 Gastrointestinal System and Metabolism
5.1.5 Nervous System
5.1.6 Respiratory System
5.1.7 Other Classes
5.2 By Drug Type
5.2.1 Branded
5.2.2 Generic
5.3 By Prescription Type
5.3.1 Prescription Drugs (Rx)
5.3.2 OTC Drugs
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Novo Nordisk A/S
6.1.2 H. Lundbeck A/S
6.1.3 Leo Pharma A/S
6.1.4 Orifarm Group A/S
6.1.5 ALK-Abell A/S
6.1.6 Xellia ApS
6.1.7 Takeda Pharma A/S
6.1.8 Sandoz A/S
6.1.9 Ferring Pharmaceuticals A/S
6.1.10 FUJIFILM Diosynth Biotechnologies
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Denmark Pharmaceutical Industry Segmentation
As per the scope of this report, pharmaceuticals are referred to as prescribed and nonprescription drugs. An individual can buy these medicines with or without a doctor's prescription. The report also covers an in-depth analysis of qualitative and quantitative data. The Danish pharmaceutical market is segmented by ATC/therapeutic class (blood and hematopoietic organs, cardiovascular system, dermatological, gastrointestinal system and metabolism, nervous system, respiratory system, and other classes), drug type (branded and generic), and prescription type (prescription drugs (Rx) and OTC drugs). The report offers the value (USD) for all the above segments.
| By ATC/Therapeutic Class | |
| Blood and Hematopoietic Organs | |
| Cardiovascular System | |
| Dermatological | |
| Gastrointestinal System and Metabolism | |
| Nervous System | |
| Respiratory System | |
| Other Classes |
| By Drug Type | |
| Branded | |
| Generic |
| By Prescription Type | |
| Prescription Drugs (Rx) | |
| OTC Drugs |
Denmark Pharmaceutical Market Research FAQs
How big is the Denmark Pharmaceutical Market?
The Denmark Pharmaceutical Market size is expected to reach USD 3.92 billion in 2024 and grow at a CAGR of 3.28% to reach USD 4.61 billion by 2029.
What is the current Denmark Pharmaceutical Market size?
In 2024, the Denmark Pharmaceutical Market size is expected to reach USD 3.92 billion.
Who are the key players in Denmark Pharmaceutical Market?
Novo Nordisk A/S, Leo Pharma A/S, H. Lundbeck A/S, Orifarm Group A/S and ALK-Abelló Nordic A / S are the major companies operating in the Denmark Pharmaceutical Market.
What years does this Denmark Pharmaceutical Market cover, and what was the market size in 2023?
In 2023, the Denmark Pharmaceutical Market size was estimated at USD 3.79 billion. The report covers the Denmark Pharmaceutical Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Denmark Pharmaceutical Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Denmark Pharmaceutical Industry Report
The Denmark Pharmaceutical Companies report offers an extensive market overview, focusing on market trends and industry trends. The market is segmented by ATC/Therapeutic Class, including various sectors such as the cardiovascular system, dermatological drugs, and the nervous system. The report also details the market segmentation by sector, covering both the primary and hospital sectors, as well as by prescription type, including both prescription drugs and OTC.
This industry report provides an in-depth industry analysis and market analysis, highlighting the market size and industry size in USD million. The report includes a comprehensive market forecast and market outlook, projecting growth rate and industry growth. It also covers industry information, industry statistics, and industry trends, offering valuable insights into the market value and market data.
Furthermore, the report features industry reports and research companies, providing a detailed industry profile and sector analysis. The report pdf is available for download, serving as a valuable resource for understanding the market structure and market review. The report also identifies market leaders and offers a market overview, making it an essential tool for market research and industry research.
In summary, this report example provides a thorough analysis of the Denmark Pharmaceutical market, including industry sales and market growth. It offers detailed market predictions and market outlook, making it a crucial resource for understanding the industry worth and market trends. The report is a valuable asset for anyone looking to gain insights into the pharmaceutical industry in Denmark.
