Global Ethical Pharmaceuticals market size 2024, Forecast To 2033
4 Mar, 2024
Furthermore, the ethical pharmaceuticals market has undergone rapid expansion, growing from$6.43 billion in 2023 to$7.23 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to drug innovation and discovery, regulatory framework, traditional drug therapies, chronic disease prevalence, and investment in research and development. The ethical pharmaceuticals market is poised for rapid growth in the upcoming years, expected to reach$11.77 billion in 2028 at a CAGR of 13.0%. The growth in the forecast period can be attributed to precision medicine advancements, biologics and advanced therapies, biopharmaceutical innovations, regulatory landscape, and digital health integration. Major trends in the forecast period include a focus on precision medicine, healthcare digitization and remote care, precision drug delivery systems, real-world evidence and clinical trials, and collaborative research and partnerships.
Global Ethical Pharmaceuticals Market Key Driver
The rising prevalence of chronic diseases is a primary driver propelling the ethical pharmaceutical market. Chronic conditions are those that endure for a year or longer and necessitate ongoing medical care. These conditions include diabetes, cancer, and heart disease. Ethical pharmaceutical drugs are commonly prescribed for the long-term treatment of chronic diseases, and this, in turn, increases the demand for ethical pharmaceuticals. For instance, according to the National Diabetes Statistics Report 2022 report published by the Centers for Disease Control and Prevention (CDC), a body of the US government, more than 130 million persons in the US have diabetes or prediabetes as per 2019 data. Further, according to the World Health Organization, a Switzerland-based health promotion agency, in 2021, chronic disease prevalence is expected to rise by 57% from 2020. According to figures from April 2021, these diseases account for 41 million deaths annually, or 71% of all fatalities worldwide. Therefore, the rising prevalence of chronic diseases is expected to propel the growth of the ethical pharmaceutical market. The ethical pharmaceutical market witnessed substantial growth in 2023, reaching a value of $XX billion, and this growth trajectory is expected to continue through 2024 and into 2028.
Get A Free Sample Of The Global Ethical Pharmaceuticals Market ReportGlobal Ethical Pharmaceuticals Market Segments
The global ethical pharmaceuticals market covered in this report is segmented –
1) By Type: Lipid Regulators, Narcotic Analgesics, ACE Inhibitors, Respiratory Agents, Diuretics, Calcium Antagonists, Hormonal Contraceptives, Penicillin, Vitamin, Minerals
2) By Distribution Channel: Hospital Pharmacy, Retail Pharmacies, Other Distribution Channels
3) By Application: Hospitals And Clinics, Pharmaceutical Company
By Geography: The regions covered in the ethical pharmaceuticals market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the ethical pharmaceutical market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ethical pharmaceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Ethical Pharmaceuticals Industry Players
Johnson & Johnson Services Inc., GlaxoSmithKline PLC, Teva Pharmaceutical Industries Ltd., Merck & Co. Inc., Novartis AG, AstraZeneca PLC, Bristol-Myers Squibb Company, Eli Lilly and Company, Mylan NV, Pfizer Inc., Sanofi S.A., AbbVie Inc., Amgen Inc., Biogen Inc., Boehringer Ingelheim International GmbH, Celgene Corporation, Gilead Sciences Inc., Novo Nordisk A/S, Regeneron Pharmaceuticals Inc., Roche Holding AG, Takeda Pharmaceutical Company Limited, Abbott Laboratories, Bayer AG, Daiichi Sankyo Company Limited, Eisai Co. Ltd., Ipsen Biopharmaceuticals Inc., Kyowa Kirin Co. Ltd., Mallinckrodt Pharmaceuticals, Sun Pharmaceutical Industries Ltd., Amarin Corporation PLC, Vertex Pharmaceuticals Incorporated, Aimmune Therapeutics Inc.
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Ethical Pharmaceuticals Market Overview
Ethical pharmaceuticals involve the manufacturing of drugs that are sold only with a doctor's prescription through a registered pharmacist. These drugs are controlled substances, and certain regulatory boards regulate their use.
Ethical Pharmaceuticals Global Market Report 2023 provides data on the global ethical pharmaceuticals market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The ethical pharmaceuticals market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.