Global Pharmaceuticals Market Opportunities And Strategies Report
The global pharmaceuticals market reached a value of nearly $1,217.1 billion in 2019, having increased at a compound annual growth rate (CAGR) of 6.7% since 2015. The market is expected to decline from $1,217.1 billion in 2019 to $1,209.6 billion in 2020 at a rate of -0.6%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 8.5% from 2021 and reach $1,738.2 billion in 2023. The market is expected to reach $2,050.9 billion in 2025, and $3,206.3 billion in 2030. Technological advances, changes in lifestyles, new methods for drug discovery, large pool of undiagnosed population, and an increase in pharmaceutical drug usage due to the COVID-19 pandemic will drive the growth of the market. Factors that could hinder the growth of the pharmaceuticals market include reduction in free trade and high manufacturing costs of biologics.
The pharmaceuticals market consists of sales of pharmaceuticals and related services by entities that produce pharmaceuticals used in treating diseases. This industry includes establishments that produce biologics and pharmaceutical drugs. The pharmaceutical industry develops drugs to diagnose, cure, treat or prevent diseases, infections, and injuries. Pharmaceuticals are subjected to various laws and regulations that deal with patenting, testing, safety, efficacy and marketing. Pharmaceutical drug manufacturers produce pharmaceutical drugs made from active pharmaceutical ingredients (API) and excipients.
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The global pharmaceuticals market is further segmented based on type and geography.
By Type: Pharmaceutical Drugs, Biologics
By Type Of Pharmaceutical Drug: Cardiovascular Drugs, Dermatology Drugs, Gastrointestinal Drugs, Genito-Urinary Drugs, Hematology Drugs, Anti-Infective Drugs, Metabolic Disorder Drugs, Musculoskeletal Disorder Drugs, Central Nervous System Drugs, Oncology Drugs, Ophthalmology Drugs, Respiratory Diseases Drugs
By Type Of Biologic Drug: Monoclonal Antibodies (MAbs), Therapeutic Proteins, Vaccines.
By Geography: The global pharmaceuticals market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America has the largest share, accounting for 45.9% of the global market.
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Trends In The Pharmaceuticals Market
Pharmaceutical companies are offering drugs for customized individual treatment for better treatment against different diseases. Personalized medicine, also referred to as precision medicine, aims to provide medical care according to the patients’ individual characteristics, needs, preferences and genetic makeup. Precision therapies are increasingly being adopted in the respiratory drugs market as firms increasingly let go of the one-size-fits-all model for common medical conditions.
Pharmaceuticals Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides pharmaceuticals market overviews, analyzes and forecasts pharmaceuticals market size and growth for the global pharmaceuticals market, pharmaceuticals market share, pharmaceuticals market players, pharmaceuticals market size, pharmaceuticals market segments and geographies, pharmaceuticals market trends, pharmaceuticals market drivers and pharmaceuticals market restraints, pharmaceuticals market’s leading competitors’ revenues, profiles and market shares. The pharmaceuticals market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.