Sweden Pharmaceutical Market Size (2024 - 2029)

Sweden Pharmaceutical Market Analysis

The Sweden Pharmaceutical market is anticipated to register a CAGR of 3.9% over the forecast period (2022-2027).

The outbreak of COVID-19 impacted the Sweden pharmaceuticals market in Sweden as healthcare services were significantly reduced due to social distancing measures enforced globally. The Sweden supply chains and the procurement of essential medical supplies are under unheard-of pressure as a result of the COVID-19 pandemic. This includes pharmaceutical products required in the management of various diseases. According to the study titled "Patterns of prescription dispensation and over-the-counter medication sales in Sweden during the COVID-19 pandemic' published in the PLOS ONE Journal in August 2021, following recommendations from public authorities, the weekly volume of defined daily doses (DDDs) quickly decreased; however, the volume of Over the Counter Drug (OTC) sales increased by 96%. particularly in Anatomical Therapeutic Chemical (ATC) therapeutic subgroups for vitamins, antipyretics, painkillers, and remedies for the nose, throat, cough, and cold. However, the onset of the COVID-19 pandemic has also led to an increase in product launches for pharmaceutical drugs, thereby contributing to the market's growth. For instance, in February 2021, the Swedish Medical Products Agency authorized the emergency use of the Bamlanivimab drug in COVID-19 patients with underlying conditions that make them more vulnerable to the virus. As a result of the COVID-19 pandemic, the aforementioned claims that the Swedish pharmaceuticals market experienced significant growth.

Further, the factors contributing to the market's growth are the rising geriatric population and the rising incidence of chronic disease.

The rising incidence of chronic diseases is a major factor driving the market growth in Sweden. For instance, according to the data published by "socialstyrelsen", the National Board of Health and Welfare in Sweden in December 2021, over 22,200 people experienced an acute heart attacn in 2020, with over 4,800 casualties. A total of 25,400 people experienced strokes, with 6,100 deaths either due to cerebral infarction or brain hemorrhage. Furthermore, the same source stated that approximately 2% to 3% of all babies are born with a birth defect or chromosomal abnormality. Moreover, as per the International Diabetes Federation (IDF) Diabetes Atlas 10th Edition 2021, the estimated number of people with diabetes in 2021 was 496.2 per thousand, and the number is estimated to reach 541.1 per thousand by 2045 in Sweden. Thus, such statistics indicate the high burden of chronic and lifestyle disorders within the country, which will ultimately drive the demand for pharmaceutical drugs in Sweden.

Additionally, as the demand for pharmaceutical drugs is higher in the aging population, the growing geriatric population in Sweden, which is more susceptible to chronic diseases, supports market growth. For instance, according to the World Data Atlas 2021, In Sweden, there were 20.5% of the population over 65 in 2021. The average annual growth rate of the population is 0.74%. Hence, the growing geriatric population in the country is expected to rise the demand for pharmaceutical products thereby boosting the market growth.

Moreover, according to the latest data published in February 2022, by Lif, a trade organization for Swedish research pharmaceutical companies, stated that Sweden exported over SEK 100 billion worth of medications in 2021. Such developments are expected to have a positive impact on the growth of the market over the analysis period. However, growing product launches by the key market players are anticipated to boost the market growth. For Instance, in December 2021, Apellis Pharmaceuticals, Inc. and Swedish Orphan Biovitrum AB reported that the European Commission (EC) has approved Aspaveli (pegcetacoplan), the first and only targeted C3 therapy, for the treatment of adults with paroxysmal nocturnal hemoglobinuria (PNH) who are anemic after treatment with a C5 inhibitor for at least three months. Additionally, in September 2021, Swedish Orphan Biovitrum AB, an international biopharmaceutical company, received an offer from private equity firm Advent International and Singapore's sovereign wealth fund, GIC, to buy out the company for SEK 69.4 billion. In September 2021, Swedish pharmaceutical retailer, Apoteket expanded its partnership with TCS to accelerate its digital transformation and growth.

However, the stringent regulatory scenario is a major factor restraining the growth of the Sweden pharmaceutical market.

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 market is segmented by ATC/Therapeutic Class (Digestive Organs and Metabolism, Blood and Blood Forming Organs, Heart and Circulation, Skin Preparation, Urinary and Genital Organs and Sex Hormones, Systemic Hormonal Preparations, Excluding Sex Hormone and Insulin, Antiinfectives for Systemic Use, Tumors and Disorders of Immune System, Musculoskeletal System, Nervous System, Antiparasitic Products, Insecticides and Repellents, Respiratory System and Others), Drug Type(Branded and Generic), and Prescription Type(Prescription Drugs(Rx) and OTC Drugs). The report offers the value (in USD million) for the above segments.