Pune, India, Nov. 02, 2022 (GLOBE NEWSWIRE) -- The global Impact of COVID-19 on Pharmaceuticals Market size was valued at USD 1,494.67 billion in 2021. The market is expected to grow from USD 1,585.05 billion in 2022 to USD 2,401.22 billion by 2029, exhibiting a CAGR of 6.1% during 2022-2029. Increasing healthcare investments and rapid digital technology adoption are expected to fuel market growth. Fortune Business Insights™ shares this information in its report titled “Impact of COVID-19 on Pharmaceuticals Market, 2022-2029.”
Key Industry Developments
- June 2022- Novartis AG received the European Commission approval for Tabrecta’s monotherapy for advanced non-small cell lung cancer treatment.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2020 to 2027 CAGR | 6.1% |
| 2029 Value Projection | USD 2,401.22 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 1,585.05 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 215 |
Drivers and Restraints
Rising Prevalence of Infectious Diseases to Foster Market Growth
Pharmaceuticals consist of drugs that are utilized for medical purposes. The rising prevalence of infectious diseases is expected to fuel the demand for pharmaceuticals. For example, in 2022, the American Cancer Society anticipated that 1.9 million new cancer cases were diagnosed in the U.S. Furthermore, rising per-capita incomes and developing health infrastructure are likely to enhance the product demand. Moreover, the robust demand for numerous drugs for therapeutic areas is expected to elevate research and development (R&D) investments. These factors may drive the impact of COVID-19 on the pharmaceuticals market growth.
However, product recalls and lawsuits against companies may hamper market progress.
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COVID-19 Impact
Disruptions in Supply Chain Slightly Hindered Industry Growth during the Pandemic
This market was slightly affected during the COVID-19 pandemic due to restrictions on manufacturing, thereby disrupting the supply chains. The sudden spike in COVID-19 infected patients enhanced the demand for effective drugs and medical equipment. Further, the disruptions in supply chains slightly affected the industry during the initial phase. However, manufacturers opted for industrial automation, part-time shifts, and reduced capacities to enhance their earnings, satisfy demands, and enhance their overall efficiency. This factor facilitated the industry’s growth during the pandemic.
Segments
Drugs Segment to Lead Attributable to Strong Demand for Chronic Disease Treatment
By type, the market is segmented into drugs and vaccines. The drugs segment is expected to lead due to its strong demand for chronic disease treatment.
Retail Pharmacies Segment to Hold Dominant Market Share Attributable to Availability of OTC Products
As per distribution channel, the market is trifurcated into hospital pharmacies, retail pharmacies, and online pharmacies. The retail pharmacies segment is expected to dominate, attributable to the availability of OTC products.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights
Technological Advancements in Clinical Trials to Foster Market Growth in North America
North America is expected to dominate the pharmaceuticals market share due to technological advancements in clinical trials. The market in North America stood at USD 610.29 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, manufacturers launch several products to cater to consumer needs, thereby facilitating the industry’s progress.
In Europe, the rising awareness of diagnosis and treatment procedures is expected to foster the product demand. Furthermore, rapid R&D investments in the region are expected to fuel the industry’s growth.
In Asia Pacific, rising awareness regarding the management and care of disorders is expected to foster the demand for pharmaceuticals. These factors may elevate the industry’s growth in the region.
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Competitive Landscape
Major Players Enter into Collaborations to Elevate their Product Offerings
The prominent companies operating in the market enter into collaborations to enhance their product offerings. For example, Novo Nordisk A/S and Gilead Sciences, Inc. entered into a collaboration to clinically study Novo Nordisk’s semaglutide efficacy in March 2021. This strategy may allow companies to produce the best pharmaceuticals products, thereby elevating their brand image. Further, companies deploy research and development, acquisitions, mergers, and automation to elevate their market position.
List of Key Players Profiled in the Report
- Pfizer Inc. (U.S.)
- Johnson & Johnson Services Inc. (U.S.)
- GSK plc. (U.K.)
- Novartis AG (Switzerland)
- Merck & Co., Inc. (U.S.)
- Sanofi (France)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- AstraZeneca (U.K.)
- Novo Nordisk A/S (Denmark)
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Impact of COVID-19 on the Supply Chain
- Key Industry Developments – In Response to the COVID-19 Impact
- Key Regulatory and Reimbursement Changes
- Disruption of R&D projects in the Pharmaceuticals space with examples for major products/companies
- Shift of R&D focus form other projects to COVID-19 the Pharmaceuticals space with examples for major products/companies
- Impact of COVID-19 on the overall R&D and development of new products in the healthcare market
- Key Insights – Pharmaceuticals Market (General)
- 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
- Global Pharmaceuticals Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Drugs
- Oncology
- Diabetes
- Infectious Diseases
- Cardiology
- Neurology
- Respiratory
- Hypertension
- Others
- Vaccines
- Viral Diseases
- Bacterial Diseases
- Drugs
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Type
- North America Pharmaceuticals Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Drugs
- Oncology
- Diabetes
- Infectious Diseases
- Cardiology
- Neurology
- Respiratory
- Hypertension
- Others
- Vaccines
- Viral Diseases
- Bacterial Diseases
- Drugs
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Market Analysis, Insights and Forecast – By Type
TOC Continued…..
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