The production value of basic pharmaceutical products in Belgium has shown significant growth from 2013 to 2023. From 2013 to 2018, the growth exhibited fluctuations with notable peaks in 2016 and 2017, followed by a decline in 2018. A dramatic increase was recorded in 2019 with a 276.6% year-on-year growth. This upward trend continued with the values steadily rising through 2023, reaching 662.2 million euros.
The last two years, 2022 and 2023, registered year-on-year growth rates of 16.76% and 13.82%, respectively. Over the last five years (2019 - 2023), the CAGR stood impressively high at 42.58%, illustrating a robust industry expansion.
Looking forward, from 2024 to 2028, the forecasted production value is set to continue increasing, though at a more moderate five-year CAGR of 6.68%. By 2028, the production value is expected to reach 1020 million euros, signaling a healthy growth rate of 38.16% over the upcoming five years.
Future Trends to Watch:
- Technological advancements and digital innovation within pharmaceutical manufacturing processes.
- Increased investment in healthcare and pharmaceutical R&D driven by growing global health concerns.
- Potential regulatory changes post-Brexit affecting market dynamics.
- Sustainability initiatives influencing production practices and supply chain management.
