The pharmaceutical industry in Belgium exhibited substantial growth between 2013 and 2023, with the export value increasing from $18.22 billion to $64.44 billion in 2023. Key milestones include a significant uptick in 2016 with a 60.36% year-on-year increase and a notable surge in 2021 with a 34.46% rise. However, the growth rate stabilized around 2022 and 2023, showing incremental increases of 0.39% and 0.51%, respectively.
Throughout the last five years, the compounded annual growth rate (CAGR) settled at 13.92%, underscoring a resilient upward trajectory. Projections from 2024 to 2028 predict a more modest CAGR of 0.38%, indicating a potential stabilization in export growth with only a cumulative 1.93% increase over the next five years.
Future trends to watch for involve:
- Evolving regulatory landscapes.
- Technological advancements and their impact on drug manufacturing.
- Global health crises and their influence on pharmaceutical supply chains.
- The role of innovation in driving growth amidst market saturation.