Pune, India, Oct. 25, 2021 (GLOBE NEWSWIRE) -- The global “pharmaceuticals market” size is expected to gain momentum by reaching USD 2,151.1 billion by 2027 while exhibiting a CAGR of 7.0% between 2020 and 2027. This is attributable to the increasing prevalence of chronic disease and the growing adoption of modern technologies that is leading to the evolving pharmaceuticals sector amid COVID-19 globally.
This information is published by Fortune Business Insights, in its latest report, titled, “Impact of COVID-19 on Pharmaceuticals Market Size, Share & Industry Analysis, By Type (Drugs (Prescription Drugs and OTC Drugs), Vaccines), By Indication (Anti-viral, Anti-infective, Anti-hypertensive, Oncology, Respiratory Disease, Cardiovascular Disorders, Neurology Disorders, Diabetes, and Others) By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 1,230.2 billion in 2019.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2021 to 2028 CAGR | 7.0% |
| 2028 Value Projection | USD 2151.1 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 1230.2 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 180 |
| Segments covered | Indication, Distribution Channel, Geography |
| Growth Drivers | Growing Adoption of Digital Technologies to Transform Health Care Services |
| Increasing Adoption of Cognitive Technologies to Augment Faster Drug Development Process | |
| The increasing prevalence of chronic disease is expected to propel the demand for advanced pharmaceuticals by the patients globally. |
Stalled R&D Healthcare Projects Owing to COVID-19 to Hinder Growth
In March 2020, companies such as Pfizer, Eli Lilly, Bristol-Myers Squibb, and Provention Bio, among others officially announced the postponing of the clinical trials that were underway to focus on the novel coronavirus. According to the research of clinicaltrials.gov, around 2522 clinical trials were suspended, and 1099 trials got postponed between the months of January and May 2020.
The postponement of R&D healthcare projects has led to the reduced demand for pharmaceuticals that is affecting the growth of the market. However, the increased spending in the healthcare sector, along with the rising focus on finding a cure for the global pandemic is expected to bode well for the market in the near future.
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A massive spurt in healthcare spending owing to the burden of the treatment of chronic diseases and several disorders for the past ten years has boosted the adoption of pharmaceutical products globally. The pharma companies are aiming to provide affordable and efficient treatment to the patients by focusing on innovating their products to cater to the rising demand.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. The report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes a competitive landscape that involves leading companies. It further mentions the strategies adopted by them, such as to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth between 2020 and 2027. The report further provides in-depth insights of the effects of the COVID-19 on the market.
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DRIVING FACTORS
Increasing Prevalence of Chronic Disease to Accelerate Growth
According to the report by the Partnership to Fight Chronic Disease Organization, around 133 million Americans that constitute over 45% of the total population suffer from at least one chronic condition. The increasing prevalence of chronic disease is expected to propel the demand for advanced pharmaceuticals by the patients globally. Additionally, the emergence of technology has led to the increasing adoption of innovative digital technologies to provide better diagnosis and treatment facilities. These factors are likely to boost the global pharmaceuticals market growth in the forthcoming years.
SEGMENTATION
Drug Segment Held a Major Market Share in 2019
The drug segment, based on the type, held a major share of the market in 2019 and is expected to showcase considerable growth backed by the increasing sales of generic and prescription pharmaceuticals drugs.
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REGIONAL INSIGHTS
Presence of Established Players in North America to Favor Growth
Among all the regions, North America is expected to experience significant growth and hold the highest position in the global pharmaceuticals market during the forecast period. This is attributable to the increasing innovation in the pharmaceutical industry owing to the presence of major pharma companies in the region. North America stood at USD 501.7 billion in 2019.
Europe, on the other hand, is expected to hold the second position in the market during the forecast period. This is ascribable to factors such as the increasing investment in R&D activities to develop effective pharmaceutical vaccines in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Product Innovation by Major Companies to Gain Market Dominance
The global pharmaceuticals market is fragmented by the presence of major companies that are focusing on introducing innovative pharmaceutical products to cater to the growing demand from the healthcare sector. In addition to this, other key players are adopting organic and inorganic growth strategies to maintain their presence that will favor the growth of the market in the forthcoming years.
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Industry Development:
July 2020 – GlaxoSmithKline plc and CureVac announce their collaboration for research, development, manufacturing, and commercialization of up to five mRNA-based vaccines and monoclonal antibodies (mAbs). The companies are focusing on targeting infectious disease pathogens to develop advanced vaccines.
List of the Companies Profiled in the Global Market for Pharmaceuticals:
- GlaxoSmithKline plc. (London, U.K)
- F. Hoffmann-La Roche Ltd. (Basel, Switzerland)
- Novartis AG (Basel, Switzerland)
- Johnson & Johnson Services Inc. (New Jersey, U.S.)
- Merck & Co., Inc. (New Jersey, U.S.)
- Pfizer (New York, U.S.)
- AstraZeneca (Cambridge, U.K.)
- Sanofi (Paris, France)
- Novo Nordisk A/S (Copenhagen, Denmark)
- Other Players
Table of Content
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Clinical Trials in Pharmaceuticals Market – Number of Trials, Size of the Industry, Number of Participants, Number of Sites, R&D Spending of Major Companies, Economic Impact of Clinical Trials
- Success Rate of Drugs - Average Time and Price to Get a Drug on the Market, Proportion of Drugs that are Successful and Reach Blockbuster Status
- Risk & Opportunities in Development of New Drugs – Qualitative Insights
- Valuation of Pharmaceutical Companies – What Drives Valuation, Valuation of Major Companies, Impact of COVID-19
- Number of Customers – Details on Number of Healthcare Facilities, Pharmacies, Number of Patients, Number of Physicians & Nurses, etc. for Major Countries, 2019
- Impact of COVID-19 on the Pharmaceuticals Market
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