Market Characteristics/ Description of the Pharmaceutical Drugs Market
The pharmaceutical drugs industry develops drugs to diagnose, cure, treat or prevent diseases. Pharmaceutical drugs are subjected to various laws and regulations that deal with patenting, testing, safety, efficacy and marketing.
Pharmaceutical companies produce pharmaceutical drugs made from active pharmaceutical ingredients (API) and excipients.
Competitive Landscape in the Pharmaceutical Drugs Market
Major players in the pharmaceutical drugs market include Novartis AG, Sanofi S.A., F. Hoffmann-La Roche Ltd., Pfizer Inc., Johnson & Johnson and GlaxosmithKline Plc.
Pharmaceutical Drugs Market Size
According to pharmaceutical statistics, the global pharmaceutical drugs market is expected to reach around $1 billion by 2021, growing at a CAGR more than 5% in the forecast period. Growth in the pharmaceutical drugs market is mainly due to the rise in global aging population, increasing health insurance reforms and changing lifestyles among consumers.
However, the global pharmaceutical drugs market is expected to face restraints from several factors such as patent expiration of drugs, high costs incurred for drug approvals and increasing pricing pressure from government regulatory bodies.
Pharmaceutical Drugs Market Segmentation
The global pharmaceutical drugs market is further segmented into musculoskeletal disorders drugs, cardiovascular drugs, oncology drugs, anti-infective drugs, metabolic disorders drugs, central nervous system drugs, genito-urinary drugs, respiratory diseases drugs, gastrointestinal drugs, hematology drugs, dermatology drugs and ophthalmology drugs.
The musculoskeletal system drugs market comprises companies that discover, develop, manufacture and distribute medications used in the treatment of musculoskeletal diseases.
The cardiovascular drugs market covers the drugs used to treat conditions that affect the heart or blood vessels.
The oncology drugs market manufactures anti-cancer drugs that are used to prevent or halt the proliferation and maturation of neoplasms, an abnormal growth of tissues commonly referred as tumors.
Anti-infective drugs are used to treat infectious diseases caused by several pathogenic organisms such as bacteria, viruses, fungi or parasites.
The metabolic disorders drugs market covers medications that are used in the treatment of metabolic diseases such as diabetes and thyroid.
The central nervous system drugs market includes drugs that are used for the treatment of a broad category of conditions affecting the brain or spinal cord such as Parkinson’s diseases, epilepsy, depression, multiple sclerosis, bipolar disorders and anxiety.
The genitourinary drugs market covers drugs that are used in the treatment of diseases such as urinary tract infections, male reproductive diseases, voiding diseases and female reproductive diseases.
The respiratory diseases drugs market covers drugs that are used in the treatment of a wide range of respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), chronic and acute bronchitis.
The gastrointestinal diseases drugs market covers medicines used for the treatment of ulcerative colitis, diverticular disease, perianal infections, anal fissures, hemorrhoids, constipation, and irritable bowel syndrome.
The hematology drugs market offers drugs, blood and blood products that are used for the treatment of diseases such as rare genetic disorders, anemia, and conditions related to sickle cell disease and other related diseases.
The dermatology drugs market includes medications that are used for the treatment of skin conditions such as dermatitis, hair loss, acne, immune disorders and microbial infections.
The ophthalmology drugs market covers drugs that are used in the treatment of eye related diseases such as refractive errors, cataracts, conjunctivitis and retinal diseases.
Among these segments, the musculoskeletal disorders drugs market accounted for the largest segment in the pharmaceutical drugs market in 2017.
Based on geography, the global pharmaceutical drugs market is segmented into North America, South America, Western Europe, Eastern Europe, Asia Pacific, Middle East and Africa. Among these regions, the North American pharmaceutical drugs market accounted for the largest share in the global pharmaceutical drugs market.
Trends in the Pharmaceutical Drugs Market
Some of the trends witnessed in the global pharmaceutical drugs industry include increasing demand for new medicines used for drug-resistant infections, increasing need for personalized medicines and rising consolidation in the pharmaceutical market.
Potential Opportunities in the Pharmaceutical Drugs Market
Pharmaceutical industry data shows that with growing demand for pharmaceutical drugs in emerging economies, rising income levels, growing ageing population and expanding health insurance reforms across nations, the scope and potential for the global pharmaceuticals drugs market is expected to increase significantly in the forecast period.