Sweden Pharmaceutical Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 5.60 Billion |
| Market Size (2029) | USD 7.31 Billion |
| CAGR (2024 - 2029) | 5.49 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sweden Pharmaceutical Market Analysis
The Sweden Pharmaceutical Market size is estimated at USD 5.60 billion in 2024, and is expected to reach USD 7.31 billion by 2029, at a CAGR of 5.49% during the forecast period (2024-2029).
Sweden's pharmaceutical market is poised for growth, especially in the realms of innovative therapies and biotechnology. Bolstered by a strong emphasis on R&D and a supportive healthcare framework, Sweden cultivates a dynamic pharmaceutical landscape. Key drivers for this growth include an aging population and the escalating prevalence of chronic conditions like cancers, cardiovascular issues, and autoimmune diseases.
Chronic conditions, including diabetes, cardiovascular diseases, and cancer, fuel the demand for both ongoing treatments and groundbreaking therapies. For instance, data from the National Board of Health and Welfare, released in November 2023, highlighted that Sweden logged approximately 22,400 acute heart attack incidents in 2022. Notably, 66% of those affected were 70 or older, and nearly 4% were below 50. This underscores the pronounced challenge of heart diseases in Sweden, especially among the aging demographic, suggesting a heightened reliance on pharmaceutical interventions and, consequently, a boost to the market.
Moreover, government-backed reimbursements for pharmaceutical firms are set to catalyze market expansion. For instance, in June 2023, Sweden's government directed the Public Health Agency to explore a fresh reimbursement model. This proposed model aims to financially incentivize pharmaceutical companies to maintain a buffer stock of select off-patent antibiotics. Such reimbursement strategies not only ensure drug preservation but also enhance their availability, further propelling market growth.
In summary, while the dual forces of chronic disease prevalence and government reimbursements promise to drive Sweden's pharmaceutical market, the stringent regulatory landscape for product approvals poses a potential challenge to this growth trajectory.
Sweden Pharmaceutical Market Trends
Prescription Drugs Segment is Expected to Holds the Largest Share in the Market Over the Forecast Period
Prescription drugs are projected to dominate the market share during the forecast period. This trend is driven by several factors, including advanced research and development activities, an aging population, and a rising prevalence of chronic diseases like diabetes, cardiovascular issues, and cancer. Numerous companies are focusing on R&D for innovative prescription drugs. Their recent product approvals and launches are set to enhance the availability of these drugs for various ailments, fueling the segment's growth.
For instance, in May 2024, IRLAB Therapeutics AB secured approval from the Swedish Medical Products Agency to kick off a Phase I clinical study for its drug candidate, IRL757. Aimed at treating apathy, IRL757 seeks to improve the quality of life for millions grappling with Parkinson’s, Alzheimer’s, and other CNS disorders. Similarly, Lipigon Pharmaceuticals AB, in February 2024, got the nod from both the Swedish Medical Products Agency and the Swedish Ethical Review Authority via the European CTIS system to embark on a phase II study. This endorsement paves the way for Lipigon to advance its phase II study of Lipisense, a drug targeting severe hypertriglyceridemia. Such advancements are poised to expand these companies' prescription drug portfolios, further propelling the segment's growth.
Moreover, new approvals for prescription products in Sweden are set to enhance public access, bolstering the segment's expansion. For instance, in June 2024, the Swedish Medical Products Agency issued an updated license to Galderma. This license facilitates the future production and bioanalytical testing of Galderma's proprietary investigational ready-to-use liquid botulinum toxin A, branded as RelabotulinumtoxinA. Such licenses not only boost the production of prescription drugs but are also anticipated to drive the segment's growth in the coming years. Therefore, with ongoing R&D in pharmaceuticals and consistent product approvals, the segment's growth trajectory looks promising.
Rising Geriatric Population is Likely to Drive the Market Growth Over the Forecast Period
In Sweden, the rising elderly population is reshaping the landscape of health and care demands. This demographic shift has led to a pronounced uptick in the demand for pharmaceuticals, especially for managing age-related chronic diseases. As individuals age, they become more susceptible to chronic conditions like high blood pressure, high cholesterol, type 2 diabetes, coronary artery disease, arthritis, chronic obstructive pulmonary disease (COPD), and depression, underscoring the heightened need for pharmaceutical interventions.
For instance, data from the Swedish Institute in March 2024 highlighted that nearly 20% of Sweden's populace is aged 65 and above, positioning Sweden as a leader in Europe's elderly demographic landscape. In Sweden, elderly care, governed by the Social Services Act, is primarily managed by local municipalities. This care is chiefly funded through municipal taxes and government grants, supplemented by subsidies to alleviate out-of-pocket healthcare costs for the elderly. Given this substantial elderly demographic and the associated chronic disease risks, coupled with government-backed treatment support, the market is poised for growth in Sweden over the forecast period.
Moreover, Sweden witnesses a high volume of emergency cases among its elderly, further amplifying the demand for pharmaceuticals. An article from BMC Geriatrics in December 2023 noted that individuals aged 65 and above account for 35% of emergency department visits in Sweden. Notably, those over 80 tend to have longer hospital stays, leading to increased pharmaceutical consumption and bolstering market growth projections.
In conclusion, Sweden's expanding elderly demographic, combined with a notable surge in emergency cases, sets the stage for robust market growth in the coming years.
Sweden Pharmaceutical Industry Overview
The Sweden pharmaceutical market is highly competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and joint ventures with other companies to consolidate their market positions in the country. Some of the key companies that are currently dominating the market are Merck & Co., Inc., Novartis AG, Amgen Inc., Pfizer Inc., and Orifarm Group A/S.
Sweden Pharmaceutical Market Leaders
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Amgen Inc.
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Pfizer Inc.
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Orifarm Group A/S
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Merck & Co., Inc.
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Novartis AG
*Disclaimer: Major Players sorted in no particular order
Sweden Pharmaceutical Market News
- July 2024: The Swedish government mandated the Swedish Medical Products Agency (Läkemedelsverket) to investigate the establishment of a national cross-sector partnership to enhance Swedish competitiveness and encourage more clinical trials.
- May 2024: The Swedish Ministry of Social Affairs granted SEK 15 million to Genomic Medicine Sweden (GMS) to develop precision medicine for children with rare syndromes.
Sweden 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
4.1.1 Healthcare Expenditure
4.1.2 Pharmaceutical Imports and Exports
4.1.3 Epidemiology Data For key Diseases
4.1.4 Regulatory Landscape/Regulatory Bodies
4.1.5 Licensing and Market Authorization
4.1.6 Pipeline Analysis
4.1.6.1 By Phase
4.1.6.2 By Sponsor
4.1.6.3 By Disease
4.1.7 Statistical Overview
4.1.7.1 Number of Hospitals
4.1.7.2 Employment in the Pharmaceutical Sector
4.1.7.3 R&D Expenditure
4.1.8 Ease of Doing Business
4.2 Market Drivers
4.2.1 Rising Geriatric Population Coupled with Chronic Diseases
4.2.2 Increasing Pharmaceutical Research and Development Activities and Favorable Government Support
4.3 Market Restraints
4.3.1 Stringent Regulatory Scenario
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)
5.1 By ATC/Therapeutic Class
5.1.1 Cardiovascular System
5.1.2 Dermatological
5.1.3 Genito Urinary System and Sex Hormones
5.1.4 Anti-infective for Systemic Use
5.1.5 Antineoplastic and Immunomodulating Agents
5.1.6 Musculoskeletal System
5.1.7 Nervous System
5.1.8 Respiratory System
5.1.9 Other ATC/Therapeutic 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 Over the Counter (OTC) Drugs
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 AbbVie Inc.
6.1.2 Merck & Co., Inc.
6.1.3 Amgen Inc.
6.1.4 Pfizer Inc.
6.1.5 GSK plc
6.1.6 F. Hoffmann-La Roche AG
6.1.7 AstraZeneca plc
6.1.8 Eli Lilly and Company
6.1.9 Novartis AG
6.1.10 Sanofi S.A.
6.1.11 Swedish Orphan Biovitrum AB
6.1.12 InDex Pharmaceuticals Holding AB
6.1.13 Medartuum AB
6.1.14 Life Medical Sweden AB
6.1.15 Orifarm Group A/S
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Sweden Pharmaceutical Industry Segmentation
As per the scope of this report, pharmaceuticals are referred to as prescribed and non-prescription drugs. These medicines can be bought by an individual with or without the doctor's prescription and are safe for consumption for various illnesses with or without the doctor’s consent.
The Sweden pharmaceutical market is segmented by anatomical therapeutic chemical (ATC)/therapeutic class, drug type, and prescription type. By anatomical therapeutic chemical (ATC)/therapeutic class, the market is segmented into the cardiovascular system, dermatological, genito urinary system and sex hormones, anti-infective for systemic use, antineoplastic and immunomodulating agents, musculoskeletal system, nervous system, respiratory system, and other ATC/Therapeutic classes. By drug type, the market is segmented into branded and generic. By prescription type, the market is segmented into prescription drugs (Rx) and over-the-counter (OTC) drugs. The report offers the value (in USD) for the above segments.
| By ATC/Therapeutic Class | |
| Cardiovascular System | |
| Dermatological | |
| Genito Urinary System and Sex Hormones | |
| Anti-infective for Systemic Use | |
| Antineoplastic and Immunomodulating Agents | |
| Musculoskeletal System | |
| Nervous System | |
| Respiratory System | |
| Other ATC/Therapeutic Classes |
| By Drug Type | |
| Branded | |
| Generic |
| By Prescription Type | |
| Prescription Drugs (Rx) | |
| Over the Counter (OTC) Drugs |
Sweden Pharmaceutical Market Research FAQs
How big is the Sweden Pharmaceutical Market?
The Sweden Pharmaceutical Market size is expected to reach USD 5.60 billion in 2024 and grow at a CAGR of 5.49% to reach USD 7.31 billion by 2029.
What is the current Sweden Pharmaceutical Market size?
In 2024, the Sweden Pharmaceutical Market size is expected to reach USD 5.60 billion.
Who are the key players in Sweden Pharmaceutical Market?
Amgen Inc., Pfizer Inc., Orifarm Group A/S, Merck & Co., Inc. and Novartis AG are the major companies operating in the Sweden Pharmaceutical Market.
What years does this Sweden Pharmaceutical Market cover, and what was the market size in 2023?
In 2023, the Sweden Pharmaceutical Market size was estimated at USD 5.29 billion. The report covers the Sweden Pharmaceutical Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Sweden Pharmaceutical Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Sweden Pharmaceutical Industry Report
Statistics for the 2023 Sweden Pharmaceutical market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Sweden Pharmaceutical analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Sweden Pharmaceutical Market Report Snapshots
