Sweden pharmaceuticals market: $7 billion industry by 2020

Press release   •   Apr 18, 2013 11:41 BST

The Sweden pharmaceuticals market is estimated to have reached a value of $5.7 billion in 2011, and is forecast to grow to over $6.9 billion by 2020. This suggests a CAGR growth rate of 2.6% between 2011 and 2020. Sweden's population was 9.6 million in 2012 and is increasing due to a positive balance between the birth and death rate, and immigration. Policymakers are additionally presented with the problem of an increasing unemployment rate due to a lack of clear monetary policies. The medical device market was estimated at approximately $2.6 billion in 2012 and is expected to reach $3.8 billion by 2020 at a CAGR of 5.1%.

Life expectancy in Sweden is one of the highest in the world, implying an increasingly large elderly population in the future, and subsequent growth in demand for healthcare. Healthcare for the elderly is already a priority in Sweden. National healthcare expenditure accounted for 9.8% of GDP in 2012, and the country's allocation to elderly care stands far above the EU average in proportion to GDP. A total of SEK95.9 billion, (US$14 billion or €10.7 billion) was spent on healthcare for the elderly in 2010, and the Swedish government is investing a further SEK4.3 billion (US$0.6 billion or €0.5 billion) until 2014 to improve health and social care for the most infirm members of the elderly population.

Statistics demonstrate that over the next 35 years, the proportion of the Swedish population above the age of 65 will increase by almost 40%, and this will inevitably lead to higher taxes for the working population in order to meet inflating healthcare needs. Sustaining economic growth and quality healthcare will therefore become a challenge.

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