Generic drugs increase will ‘affect the revenues of branded medicine manufacturers in the UK,’ says analyst
LONDON, UK (GlobalData), 24 September 2013 - A growing disease burden, universal coverage and good access to are boosting the UK market; but increasing use of generics and government cost-cutting measures to reduce expenditure are restricting further growth, says research and consulting firm GlobalData.
According to the company’s latest report*, the UK pharmaceutical market was worth $24 billion in 2012 and is forecast to reach $31.7 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 3.5%. The segments that dominated the market in 2012 were Central Nervous System (CNS) drugs, along with cardiovascular and respiratory system drugs.
The medical device market is also forecast to , from $12 billion in 2012 to $17.5 billion by 2020, at a CAGR of 4.8%. In 2012, the major market shares were ophthalmic devices ($1.4 billion), orthopedic devices ($1.4 billion), wound care management ($1.1 billion), cardiovascular devices ($1.1 billion) and drug delivery devices ($1 billion).
Joshua Owide, GlobalData’s Director of Healthcare Industry Dynamics, says: “With the availability of reimbursement, advances in medical technology and disease awareness allowing for early diagnosis, the UK’s medical device market is expected to grow significantly in the near future.
“Furthermore, structural reforms in the healthcare system and sufficient infrastructure, in addition to easily accessible healthcare facilities and a straightforward reimbursement process, are ensuring a positive healthcare landscape in the UK.” Read more