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Global pharmaceutical market is expected to grow in the upcoming years despite recent slowdown in key markets across the globe. The reasons are simple: aging and growing population, rising income levels, and emerging medical conditions and emergence of new diseases.
As per NAVADHI Market Research, the global pharmaceutical industry will we worth USD 1.57 trillion by 2023. The growth in this market is predicted on the basis of various factors like market drivers, current and upcoming trends, current growth pattern, and market challenges.
North America is expected to retain it’s leading position in the global pharmaceuticals market with market share of 45.33% in 2023 improving on it’s market share compared to 2017. Europe on the contrary is expected to see a decline in it’s market share compared to 2017 and be worth 20.24% of global pharma industry in 2023. Asia Pacific pharmaceuticals market is expected to retain it’s second position with a market share of 24.07% in 2023. Latin America and Middle East and Africa (MEA) are expected to retain 7.53% and 2.96% market share of global pharmaceuticals market in 2023.
This growth is fuelled by the growing and ageing population in key markets. As per World Population Prospects by United Nations, the worldwide population is likely to cross 9.3 billion by 2050 and around 21% of this population is expected to be aged 60 and above. Apart from ageing and rising population the improvements in purchasing power and access to quality healthcare and pharmaceuticals to poor and middle-class families worldwide also is driving the growth of global pharma industry. Another aspect which is leading this growth is rising focus of pharmaceuticals companies to tap the rare and speciality diseases market. Innovations in advanced biologics, nucleic acid therapeutics, cell therapies and bioelectronics & implantables has attracted investments in the industry by even non-pharma companies like Facebook, Qualcomm etc. which is also driving the global pharmaceuticals industry growth.
On the other hand, adoption of cost control policies along with tightening of rules by governments in key markets are expected to impact the growth prospect of the global pharmaceuticals industry. Pharmaceuticals companies are forced to reduce their research and development (R&D) spending due to slowdown of growth in last few years which is also expected to hamper growth of the global pharma market as new drugs revenue form large part of pharma firm’s revenue due to exclusivity of the drug. Apart from this generics pharma market is facing decreasing return on investment due to price erosion in key markets which is forcing many firms to look for other avenues and markets to sustain growth.
Global Pharmaceuticals Industry Analysis and Trends 2023 report covers growth forecasts for 39 countries along with 5 major geographic regions.
This report also covers therapy-wise forecast for 15 key therapy areas (Antianemic, Anticoagulant, Antidiabetics, Antifibrinolytic, Antihyperlipidemic, Antihypertensive, Antirheumatics, Antiviral, Bronchodilators, Dermatological, Immunosuppressants, Multiple Sclerosis (MS), Oncology, Sensory Organ and Vaccine) in global pharmaceuticals market.
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