Denmark Pharmaceutical Market by Class Type, Distribution Channel and Type - Forecast and Analysis 2024-2028

Denmark Pharmaceutical Market Forecast 2024-2028

The Denmark Pharmaceutical Market size is estimated to grow by USD 852.1 million, at a CAGR of 3.63% between 2023 and 2028. 

Denmark has a robust and highly regarded pharmaceutical industry, with several major pharmaceutical companies operating there. The industry benefits from the strong R&D capabilities, a skilled workforce, and an advanced healthcare system of Denmark. Historically, Denmark has been a significant hub for pharmaceutical investment. Pharmaceutical companies invest in various aspects of the industry, including R&D, manufacturing facilities, distribution networks, and marketing. For instance, in November 2023, Novo Nordisk AS announced the expansion of a facility in Denmark with an investment of approximately USD 8 billion to reduce water consumption by approximately 40% and energy consumption by approximately 50% compared to similar API processes in other facilities. The investment, which consists of GLP-1 pharmaceuticals, will help Novo Nordisk fulfill market expectations going forward. Thus, high investment by major players will boost the growth of the market during the forecast period.

It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.

What will be the Size of the Market During the Forecast Period?

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Segmentation by Class Type, Distribution Channel , and Geography Analysis

Class Type

The market share growth by the musculoskeletal system segment will be significant during the forecast period. An aging population signifies a higher prevalence of age-related musculoskeletal conditions such as osteoarthritis, osteoporosis, and rheumatoid arthritis, increasing the demand for treatment options. Of the 5.7 million people living in Denmark, roughly 20% are 65 years of age or older.

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The musculoskeletal system segment was the largest and was valued at USD 1.2 billion in 2018.  Advancements in medical research and technology have resulted in the development of innovative drugs that offer better efficacy and reduced side effects, further propelling growth in this market segment. Government initiatives and healthcare policies promoting musculoskeletal health also play a role in driving the demand for drugs in this segment. The growth of the musculoskeletal system segment in the market is attributed to factors such as an aging population, sedentary lifestyles, improved awareness, technological advancements, and collaborative efforts between stakeholders. As the demand for more advanced and efficient pharmaceutical solutions continues to rise, the musculoskeletal system segment in the market is likely to witness sustained growth during the forecast period.

Distribution Channel 

The offline segment includes hospital pharmacies and retail pharmacies. Hospital pharmacies work closely with suppliers and pharmaceutical companies to procure the necessary pharmaceutical products. Pharmaceutical products are then stored in the inventory of the pharmacy. Inventory management systems help monitor stock levels and ensure that an adequate supply of respiratory medications is available. Accurate documentation is crucial in healthcare. Retail pharmacists provide patient education on proper medication usage, potential side effects, and any relevant precautions. This education helps patients understand how to effectively manage their medical condition. Moreover, pharmacists in retail settings offer consultations and recommendations for OTC products to manage mild medical conditions, enhancing the overall care experience for patients. Thus, factors such as the presence of pharmacist consultations and convenient access to medications will contribute to the growth of the offline segment of the market during the forecast period.

Key Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

AbbVie Inc.: The company offers pharmaceuticals such as Humira for autoimmune diseases and Imbruvica for cancer. Additionally, the company offers medications like Rinvoq for autoimmune disorders and Skynessa as an oral contraceptive.

• ALK Abello AS
• Amgen Inc.
• AstraZeneca PLC
• Baxter International Inc.
• Bayer AG
• Biogen Inc.
• DANCANN PHARMA A S
• Eli Lilly and Co.
• F. Hoffmann La Roche Ltd.
• Ferring BV
• FUJIFILM Corp.
• Genmab AS
• H Lundbeck AS
• LEO Pharma AS
• Novo Nordisk AS
• ORIFARM GROUP A S
• ResoTher Pharma
• Takeda Pharmaceutical Co. Ltd.
• Zealand Pharma A S

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Key Dynamics 

There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the trends and challenges. 

Significant  Trends

High demand for personalized medicines is notably driving the market.  Denmark is witnessing a surge in personalized medicine adoption, propelled by advancements in genomics and robust healthcare infrastructure. The Danish healthcare system incorporates genomic data for precise clinical decisions, supported by key players like Novo Nordisk. This pharmaceutical giant pioneers personalized approaches in diabetes care, optimizing insulin therapy based on individual patient characteristics.

Moreover, collaborations between pharmaceutical companies and research institutions, exemplified by Novo Nordisk's partnership with the University of Copenhagen and Lundbeck's ties with Danish universities, drive joint research and clinical trials in diabetes, metabolic disorders, neuroscience, and psychiatric conditions. The Danish government's support through funding and regulatory frameworks fosters a conducive environment, positioning the market for substantial growth in personalized medicine during the forecast period.

Major  Challenges

Pricing and reimbursement in the pharmaceutical industry is a significant challenge hindering market growth. The Denmark pharmaceutical market encounters the ongoing dilemma of reconciling innovative therapy access with healthcare expenditure control. Governed by the Danish Medicines Agency (DKMA), the nation's centralized healthcare system emphasizes cost-effectiveness. While this ensures value for money in pharmaceutical pricing and reimbursement, the reference pricing system can exert pressure on companies introducing innovative or niche medications. The complex regulatory framework necessitates demonstrating therapeutic value for pricing negotiations with health insurance funds.

Moreover, these stringent regulations may dissuade companies from entering the Danish market, limiting patient access to vital treatments. If pricing negotiations result in reduced returns, pharmaceutical companies may hesitate to invest in research and development, potentially hindering the growth of the market and impacting the long-term development of innovative drugs and therapies. Such factors are restricting the market growth during the forecast period. 

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Key Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.

 Customer Landscape

Segment Overview

The market report forecasts market growth by revenue and provides an analysis of the latest market trends and growth opportunities from 2018 to 2028

• Class Type Outlook
  • Musculoskeletal system
  • Nervous system
  • Respiratory system
  • Others

• Distribution Channel Outlook
  • Offline
  • Online

• Type Outlook
  • Prescription drugs
  • OTC drugs

Market Analyst Overview 

In Denmark, the market operates under the oversight of the Danish Ministry of Health, with transactions conducted in Danish Kroner. The State Serum Institute (SSI) and the innovative Danish-Swedish life science cluster 'Medicon Valley' contribute to advancements in healthcare. The Danish economy, characterized by competitive tax rates, supports pharmaceutical exports. Notably, Denmark prioritizes public health, exemplified by its public health insurance and participation in global cancer research through the Globocan 2020 initiative. Semaglutide, a breakthrough in diabetes treatment, emerged from the SUSTAIN FORTE trial, showcasing Denmark's prowess in drug development. The pharmaceutical landscape in Denmark encompasses a wide range of therapeutic areas, including cancer, cardiovascular diseases, inflammatory diseases, and immune system disorders. This vibrant market thrives within Scandinavia, fostering collaboration across university hospitals and science parks, making pharmaceuticals a significant export commodity for the nation.

In addition, the market addresses a spectrum of medical needs, from chronic diseases to specific therapeutic areas like cancer, central nervous system diseases, allergies, and cardiovascular health. Prescription drugs, including PDE4 inhibitors, are pivotal in managing various conditions. Seminal research in diabetes, reflected in HbA1c trials like SUSTAIN FORTE, underscores Denmark's contributions. The pharmaceutical landscape extends across diverse fields, including infection, digestion, and metabolism, showcasing a comprehensive approach to healthcare. With a focus on urology, muscles, joints, bones, hormones, sense organs, and dermatology, the market is a beacon of advancement and collaboration, contributing significantly to Europe's healthcare landscape.

Denmark Pharmaceutical Market Scope
Report Coverage	Details
Page number	139
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 3.63%
Market Growth 2024-2028	USD 852.1 million
Market structure	Fragmented
YoY growth 2023-2024(%)	3.25
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	AbbVie Inc., ALK Abello AS, Amgen Inc., AstraZeneca PLC, Baxter International Inc., Bayer AG, Biogen Inc., DANCANN PHARMA A S, Eli Lilly and Co., F. Hoffmann La Roche Ltd., Ferring BV, FUJIFILM Corp., Genmab AS, H Lundbeck AS, LEO Pharma AS, Novo Nordisk AS, ORIFARM GROUP A S, ResoTher Pharma, Takeda Pharmaceutical Co. Ltd., and Zealand Pharma A S
Market dynamics	Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the between 2024 and 2028
• Precise estimation of the size and its contribution n of the market in focus to the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on companies position and classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across Denmark
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of companies

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