The pharmaceutical drug market consists of sales of goods and related services by entities (organizations, sole traders and partnerships) that produce and sell pharmaceutical drugs used to treat various diseases. This industry includes establishments that produce drugs such as cardiovascular drugs, gastrointestinal drugs, genito-urinary drugs, hematology drugs and other drugs used to treat cardiovascular diseases, rare genetic disorders, infections, metabolic disorders, cancers, respiratory diseases and others.
The global pharmaceutical drugs market is expected to grow from $947.9 billion in 2019 to $970.4 billion in 2020 at a compound annual growth rate (CAGR) of 2.4%. The growth is mainly due to the COVID-19 outbreak and spiked demand for drugs such as anti-infectives (antivirals and antibiotics in particular), respiratory drugs, and anti-diabetic drugs, among others. However, the growth is not significant as COVID-19 pandemic has affected industries across the globe including the pharmaceutical sector. The restrictions on non-essential medical services, drug shortages due to slowed production of drugs because of extended factory closures in various countries, shortage of APIs and other chemicals, and rise in prices of key ingredients have been the roadblocks obstructing its growth. The market is then expected to recover and grow at a CAGR of 7% from 2021 and reach $1273.7 billion in 2023. North America was the largest region in the global pharmaceutical drugs market, accounting for 44% of the market in 2019. Asia Pacific was the second largest region accounting for 27% of the global pharmaceutical drugs market. Africa was the smallest region in the global pharmaceutical drugs market. There has been an increasing push towards the development of personalized medicine. Personalized medicine is also referred to as precision medicine, the idea of which is to provide medical care according to patient’s individual characteristics, needs, preferences and genetic makeup. According to a survey by the Tufts Center, 94% of pharmaceutical companies have invested in personal medicine research. For instance, Bayer is investing in personalized medicine for the development of therapies for cardiovascular diseases.
The major players in the global pharmaceutical drugs market are Novartis AG, Sanofi S.A., Pfizer Inc., Gilead Sciences, Inc., Johnson & Johnson
The countries covered in the global pharmaceutical drugs market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam
The global pharmaceutical drugs market is segmented:
1) By Type, Cardiovascular Drugs, Dermatology Drugs, Gastrointestinal Drugs, Genito-Urinary Drugs, Hematology Drugs, Anti-Infective Drugs, Metabolic Disorders Drugs, Musculoskeletal Disorders Drugs, Central Nervous System Drugs, Oncology Drugs, Ophthalmology Drugs, Respiratory Diseases Drugs
2) By Distribution Channel, Hospital Pharmacies, Retail Pharmacies/ Drug Stores, Others
3) By Route Of Administration, Oral, Parenteral, Others
4) By Drug Classification, Branded Drugs, Generic Drugs
5) By Mode Of Purchase, Prescription-Based Drugs, Over-The-Counter Drugs Subsegments Covered, Anti-Hypertensive Drugs, Hypolipidemics, Anti Thrombotics, Other Drugs For Cardiovascular Diseases (Congestive Heart Failure, Anti-Arrhythmic And Anti-Anginal Drugs), Acne, Dermatitis, Psoriasis, Other Drugs for Dermatology Diseases, Antacids, Antiulcerants, Vitamin And Minerals, Antiobesity, Antiemetics And Antinauseants, Antidiarrhoeals, Hormonal Contraceptives, Drugs For Benign Prostatic hypertrophy, Drugs For Infertility, Drugs For Erectile Dysfunction, Drugs For Urinary Incontinence And Overactive Bladder, Drugs For Infections And Others, Drugs For Hormonal Replacement Therapy, Diuretics, Blood Products, Anemia And Other Blood Disorder Drugs, Drugs For Rheumatoid Arthritis, Muscle Relaxants, Others - Musculoskeletal Disorders Drugs, Analgesics, Anti-Parkinson drugs, Anesthetics, Anti-Epileptics, Other CNS drugs, Lung Cancer, Pancreatic Cancer, Breast Cancer, Prostate Cancer, Ovarian Cancer, Colorectal Cancer, Gastric Cancer, Kidney Cancer, Brain Tumor, Thyroid Cancer, Skin Cancer, Bladder Cancer, Cervical Cancer, Blood Cancer, Others (Kaposi Sarcoma, AIDS-Related Lymphoma, Anal Cancer, Bone Cancer, Retinoblastoma, Testicular Cancer, Hepatocellular (Liver) Cancer, Mouth Cancer, Neuroblastoma), Antiglaucoma Drugs, Dry Eye Medication, Other Ophthalmological Drugs (Retinal Disorders, Anti-Infectives/Allergy), Anti-Asthmatics And COPD Drugs, Cough And Cold Preparations