Global Pharmaceutical Market is Likely to Grow at a CAGR Value of 5.70% By 2028

09-Aug-2022 | Facts and Factors

According to Facts and Factors, the global pharmaceutical market size was worth around USD 1,482.4 million in 2021 and is estimated to grow to about USD 2,067.35million by 2028, with a compound annual growth rate (CAGR) of approximately 5.70% over the forecast period. The report analyzes the pharmaceutical market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the pharmaceutical market.

Global Pharmaceutical Market Size

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The pharmaceuticals market is made up of businesses (organizations, sole proprietorships, and partnerships) that develop drugs used to treat illnesses and sell those drugs as well as associated services. Pharmaceuticals can refer to any kind of medication used to treat illnesses or for medical purposes. Businesses that manufacture pharmaceuticals and biologics are a part of this sector. Pharmaceutical medications and biologics are the two market segments for pharmaceuticals. Drugs are available from pharmaceutical companies for individualized, personalized therapy of many disorders. Precision medicine, another name for personalized medicine, strives to deliver medical care in accordance with the patient's unique traits and genetic makeup. Precision therapies are being used more frequently as businesses abandon the one-size-fits-all approach to treating common medical ailments.

Browse the full “Pharmaceutical Market Size, Share, Growth Analysis Report By API Type (Synthetic API, Biotech API, Monoclonal Antibodies, Cytokines, Vaccines, Blood Factors, Hormones & Growth Factors, Fusion Proteins, and Therapeutic Enzymes), By Drug (Prescription Drugs and OTC Drugs), By Customer Base (Generic Drugs and Branded Drugs), Application (Oncology, Ophthalmology, Cardiovascular Disease, Gastrointestinal Disorders, Diabetes, Endocrinology, Central Nervous System & Neurological Disorders, Nephrology, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/pharmaceutical-market

Over the projection period, an increase in chronic diseases, including diabetes and cancer, is anticipated to fuel the expansion of the pharmaceutical sector. Additionally, a rise in the number of elderly people who are susceptible to serious diseases will spur market expansion throughout the course of the projection period. The market scope will grow during the anticipated time frame as a result of the significant funding allocated for research activities. Reduced demand for prescription medicine, growing competition from generic pharmaceuticals, pharmaceutical fraud, etc., are some of the restraints in the pharmaceutical sector. Low returns on investment in the pharmaceuticals sector as a result of price controls, cost-containing programs, and mandated cost savings will further impede corporate growth over the projection period.

Segmental Overview

The pharmaceutical market is segregated based on API type analysis, drug type analysis, customer base type analysis, and application analysis.

Based on API type analysis, the market is divided into synthetic API, biotech API, monoclonal antibodies, cytokines, vaccines, blood factors, hormones & growth factors, fusion proteins, and therapeutic enzymes. In 2021, synthetic API had a significant share. Based on drug type analysis, the market is divided into prescription drugs and OTC drugs. In 2021, prescription drugs dominated the global market. Based on customer base type analysis, the market is divided into generic drugs and branded drugs. In 2021, branded drugs had a major share.

Based on application analysis, the market is divided into oncology, ophthalmology, cardiovascular disease, gastrointestinal disorders, diabetes, endocrinology, central nervous system & neurological disorders, nephrology, and others. In 2021, the oncology category had a major share in the global market.

Regional Overview

With the largest market share, North America dominated in the year 2021. This is due to a significant number of strategic pharmaceutical alliances, particularly among the region's well-established and early-stage businesses. Additionally, the United States held the top spot in the world for expenditure on prescription drugs per person. Additionally, the majority of clinical trials and drug efficacy studies conducted worldwide were in the United States. Due to its sizable consumer base, rising healthcare costs, increasing disease incidence, and the existence of supportive regulatory frameworks, Asia Pacific is anticipated to see the highest growth of any regional market throughout the forecast period. Big data and Artificial Intelligence (AI) application in Asian nations has been encouraged by a number of national-level regulations.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 1,482.4 Million

Projected Market Size in 2028

USD 2,067.36 Million

CAGR Growth Rate

5.70% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

AbbVie Inc., Aurobindo Pharma, Boehringer Ingelheim International GmbH, Eli Lilly and Company, Lupin Pharmaceuticals Inc., Abbott Laboratories, Bayer AG, F. Hoffmann-La Roche Ltd., Albemarle Corporation, GlaxoSmithKline plc, Teva Pharmaceutical Industries Ltd., Novartis AG, Merck & Co. Inc., Bristol-Myers Squibb Company, Pfizer Inc., Sanofi, AstraZeneca, Baxter, and Others

Key Segment

By API Type, Drug, Customer Base, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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Competitive Landscape

Key players in the pharmaceutical market include AbbVie, Inc., Aurobindo Pharma, Boehringer Ingelheim International GmbH, Eli Lilly and Company, Lupin Pharmaceuticals, Inc., Abbott Laboratories, Bayer AG, F. Hoffmann-La Roche Ltd., Albemarle Corporation, GlaxoSmithKline plc, Teva Pharmaceutical Industries Ltd., Novartis AG, Merck & Co., Inc., Bristol-Myers Squibb Company, Pfizer, Inc., Sanofi, AstraZeneca, and Baxter.

Recent developments:

  • As businesses abandon the one-size-fits-all paradigm for treating common medical ailments, more people are adopting precision medicines. Major corporations are investing in the creation of tailored medications, including GSK, Teva Pharmaceuticals, and AstraZeneca.

The pharmaceutical Market is segmented as follows:

By API Type Analysis

  • Synthetic API
  • Biotech API
  • Monoclonal Antibodies
  • Cytokines
  • Vaccines
  • Blood Factors
  • Hormones & Growth Factors
  • Fusion Proteins
  • Therapeutic Enzymes

By Drug Type Analysis

  • Prescription Drugs
  • OTC Drugs

By Customer Base Type Analysis

  • Generic Drugs
  • Branded Drugs

By Application Analysis

  • Oncology
  • Ophthalmology
  • Cardiovascular Disease
  • Gastrointestinal Disorders
  • Diabetes
  • Endocrinology
  • Central Nervous System & Neurological Disorders
  • Nephrology
  • Others

By Regional Analysis

  • North America

    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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