Denmark Pharmaceutical Market Size (2024 - 2029)

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 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.