Between 2013 and 2023, the output of Basic Pharmaceutical Products and Preparations Manufacturing in Belgium has shown a consistent upward trend, growing from €13.3 billion to €34.06 billion. The year-on-year variations indicate notable growth years, especially in 2016, 2019, and 2020, with increases of 18.35%, 20.83%, and 12.25%, respectively. The compound annual growth rate (CAGR) over the last 5 years stands at 11.7%, highlighting robust sectoral growth.
In 2023, the output reached €34.06 billion, reflecting a 7.4% increase from the previous year. This indicates a steady expansion, although the growth rate slightly decelerated compared to previous years. For the forecast period from 2024 to 2028, a CAGR of 4.96% is expected, with the output potentially reaching €46.67 billion by 2028, marking a 27.39% total growth over the forecasted period.
Future trends to watch for:
- Advances in biotechnology and personalized medicine could drive further industry growth.
- Increasing demand for innovative pharmaceutical solutions to address an aging population and chronic diseases.
- Regulatory changes and the impact of global supply chain disruptions may influence output volatility.
