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U.S. (United States) pharmaceutical market is the largest pharmaceuticals market in the world and accounted for more than 40% global pharmaceuticals sales in 2017. USA pharmaceuticals market is expected to grow in the upcoming years despite recent slowdown due to price erosion in U.S. generics pharmaceuticals market, delay in approval of complex generics by US FDA (United States Food and Drug Administration) and Government’s talks of drug price control mechanism like other major pharmaceutical markets. 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 U.S. pharmaceutical industry will we worth USD 685.45 billion 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.
U.S. is expected to retain it’s leading position in the global pharmaceuticals market with market share of 43.72% in 2023 improving on it’s market share compared to 2017.
This growth is fuelled by the growing and ageing population in U.S. More than 15% of U.S. population is above 65 years of age and this number is expected to rise by 2023. 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 U.S. pharma industry. The income level of average American is expected to rise by 3.21% CAGR by 2023, due to rising employment levels and stable economic conditions. Another aspect which is leading this growth is rising focus of pharmaceuticals companies to tap the rare and speciality diseases. 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 U.S. pharmaceuticals industry growth.
On the other hand, United States government’s plan to implement of cost control policies along with tightening of rules by government like delay in approval of complex generics and price erosion in U.S. generics pharmaceuticals market are expected to impact the growth prospect of the U.S. 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 U.S. pharma market as new drugs revenue form large part of pharma firm’s revenue due to exclusivity of the drug.
Navadhi has provided detailed company profiles including their position in U.S pharmaceuticals market value chain, financial performance analysis, product wise business strategy, competitive landscape and SWOT analysis for top 10 companies in U.S. pharmaceuticals market by their pharmaceuticals revenue namely: Pfizer Inc., Johnson & Johnson, Roche Holding AG, AbbVie Inc., Amgen, Novartis AG, Merck & Co., Inc., Gilead Sciences, Inc., Sanofi S.A and Bristol-Myers Squib
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