Pharmaceuticals - Worldwide

Worldwide

The projected revenue in the Pharmaceuticals market is estimated to reach €1,060.00bn in 2024.
Among the various markets, Oncology Drugs is expected to be the largest, with a projected market volume of €178.10bn in 2024.
Looking ahead, the revenue in this sector is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 4.55%, resulting in a market volume of €1,324.00bn by 2029.
When comparing globally, it is noteworthy that United States is expected to generate the highest revenue of €578.50bn in 2024.
The Pharmaceuticals market encompasses various countries worldwide.
Due to its advanced healthcare infrastructure and strong R&D capabilities, the United States remains at the forefront of pharmaceutical innovation worldwide.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

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Analyst Opinion

The Pharmaceuticals market has been growing steadily in recent years, which is mainly driven by innovative drugs and an increasing demand for drugs and treatments worldwide.

Customer preferences: Customers in the Pharmaceuticals market are increasingly looking for personalized and targeted treatments, with a focus on preventative healthcare. This has led to a rise in demand for precision medicines, which are tailored to specific genetic profiles and offer more effective treatments with fewer side effects. Compared to the revenue generated by prescription drugs, OTC pharmaceuticals only play a minor role. The market for prescription drugs, for its part, is dominated by original products. Nonetheless, there is a growing demand for over-the-counter (OTC) drugs, which are easily accessible and can be purchased without a prescription.

Trends in the market: The Pharmaceuticals market is characterized by disruptions due to innovative drugs and expiring patents. The market has been dominated by large pharmaceutical companies, which have been investing heavily in research and development to bring new drugs to market. However, there has been a rise in the number of generic drug manufacturers, who are able to offer cheaper alternatives to branded drugs. This has led to increased competition and a shift towards more affordable healthcare. In Europe, there has been a focus on cost containment, with governments and healthcare providers looking for ways to reduce the cost of healthcare. This has accelerated the use of biosimilars, which are cheaper alternatives to biologic drugs. In Asia, the Pharmaceuticals market has been growing rapidly, driven by an increasing demand for healthcare services and a rise in disposable income. There has been a focus on innovation, with a rise in the number of biotech startups and a growing interest in precision medicine. Furthermore, there has been a shift towards online pharmacies and telemedicine, which offer greater convenience and accessibility for patients.

Local special circumstances: In general, the Pharmaceuticals market is highly regulated. It is usually characterized by strict approval processes and strong patent legislation. Regulations, the availability and approval of drugs, and the period of exclusivity vary greatly from country to country. In Africa, the Pharmaceuticals market has been hindered by a lack of infrastructure and regulatory frameworks, which has made it difficult for pharmaceutical companies to operate in the region. However, there has been a growing interest in the market, with a rise in investment and partnerships with local companies. Additionally, there has been a focus on improving access to healthcare, with a rise in the number of mobile health clinics and community health workers.

Underlying macroeconomic factors: The Pharmaceuticals market is heavily influenced by macroeconomic factors, such as government policies, healthcare spending, and demographic trends. In developed countries, there has been a rise in healthcare spending, driven by an aging population and a rise in chronic diseases. In developing countries, there has been a focus on improving access to healthcare, with a rise in government funding and investment from international organizations. Additionally, there has been a growing trend towards digitalization and automation, which has led to increased efficiency and cost savings in the pharmaceutical supply chain.

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.