Pharmaceuticals - United States
- United States
- The projected revenue for the Pharmaceuticals market in the United States is expected to reach €578.50bn in 2024.
- Among the various markets, Oncology Drugs is anticipated to be the largest, with a projected market volume of €95.37bn in the same year.
- Looking ahead, the market is expected to experience a steady annual growth rate of 4.49% from 2024 to 2029, resulting in a market volume of €720.50bn by 2029.
- It is worth noting that in global comparison, United States is expected to generate the highest revenue in the Pharmaceuticals market, with €578.50bn in 2024.
- The pharmaceutical market in the United States is experiencing a surge in demand for personalized medicine and targeted therapies.
Key regions: United States, China, Germany, Japan, Europe
Analyst Opinion
The United States has a thriving pharmaceutical market that is constantly evolving to meet the changing needs of patients.
Customer preferences: Consumers in the US pharmaceutical market are increasingly seeking out personalized and targeted treatments for their medical conditions. This has led to a rise in the demand for precision medicine, which involves tailoring treatments to specific genetic and biological characteristics of individual patients. Additionally, there is a growing interest in natural and alternative remedies, which has led to an increase in the sales of dietary supplements and herbal medicines.
Trends in the market: One of the major trends in the US pharmaceutical market is the increasing focus on research and development of specialty drugs. These are medications that are used to treat rare or complex medical conditions and often come with a high price tag. The development of new specialty drugs has been driven by advances in biotechnology and personalized medicine. Another trend is the rise of telemedicine, which has become increasingly popular due to the COVID-19 pandemic. This involves using technology to provide medical consultations and treatment remotely.
Local special circumstances: The US pharmaceutical market is heavily regulated by the Food and Drug Administration (FDA), which sets strict standards for the safety and efficacy of drugs. This has led to a highly competitive market, with companies investing heavily in research and development to bring new drugs to market. Additionally, the United States have a complex healthcare system that is largely driven by private insurance, which can impact the availability and affordability of certain medications.
Underlying macroeconomic factors: The US pharmaceutical market is influenced by a number of macroeconomic factors, including changes in government healthcare policies and regulations, advances in technology, and shifting consumer demographics. Additionally, the COVID-19 pandemic has had a significant impact on the market, with increased demand for certain medications and disruptions in supply chains. Overall, the US pharmaceutical market is expected to continue to grow in the coming years, driven by innovation and increasing demand for personalized treatments.
Methodology
Data coverage:
Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.Modeling approach / Market size:
Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.Additional notes:
Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.Visión general
- Revenue
- Analyst Opinion
- Next generation therapy
- Key Players
- Global Comparison
- Methodology
- Key Market Indicators