Global Pharmaceutical Market Assessment, By Molecule Type [Small Molecules, Large Molecules], By Product [Branded, Generic], By Type [Prescription-based, Over-the-Counter Drugs], By Route of Administration [Oral, Topical, Parenteral, Inhalational, Others], By Dosage Form [Tablets, Capsules, Injectables, Powders, Suspensions, Syrups, Sprays, Others], By Age-Group [Geriatric, Adults, Adolescents, Children], By Disease Type [Cardiovascular Diseases, Oncology, Diabetes, Respiratory Disorders, Neurology, Infectious Diseases, Gastrointestinal Disorders, Others], By Region, Opportunities and Forecast, 2017-2031F

Global Pharmaceutical Market is projected to witness a CAGR of 6.52% during the forecast period 2024-2031, growing from USD 1607 billion in 2023 to USD 2663.58 billion in 2031.

Global Pharmaceutical Market Size, Trends, Report 2031

Global pharmaceutical market&nbsp;is projected to witness a&nbsp;CAGR of 6.52%&nbsp;during the forecast period 2024-2031, growing from&nbsp;USD 1607 billion&nbsp;in 2023 to&nbsp;USD 2663.58 billion&nbsp;in 2031. Under the influence of inflating disease burden, growing geriatric population, and government efforts to enhance pharmaceutical access for people, the market is anticipated to thrive further at a higher momentum during the forecast period.
Pharmaceutical products play a pivotal role in the healthcare sector and drive a major impact on the entire process of caregiving. With growing advancements in healthcare and pharma industry, rising disease burden and subsequent inflation in demand for pharmaceutical products are some of the major driving forces of the market. Regulatory approvals and patent landscape determine the market status of a particular drug. The pharmaceutical market is up for continued growth, driven by demographic changes, technological advancements, and the increasing global demand for healthcare solutions. As emerging markets strengthen their positions, the dynamics of the global pharmaceutical landscape will evolve, presenting both challenges and opportunities for industry stakeholders. The new drug launches keep this market active, for instance, the United States Food and Drug Association (USFDA) approved 142 novel drugs between 2021-2023, out of which 50 drugs were approved and launched in 2021, 37 drugs in 2022, and 55 drugs in 2023.
<h2 style="text-align: justify;">Rising Burden of Global Disease to Increase the Global Pharmaceutical Market Size</h2>
The global disease burden has been on rise from last few decades and is anticipated to keep rising in future due to changes in lifestyle and growing global population. The demand is mainly driven by the need for effective treatments, pharmaceutical innovation, and global health initiatives aimed at addressing health disparities across countries. The strategic use of global disease burden case can be useful for pipeline investment tool and take advantage of market opportunity in the forecast period. The National Institute of Health (NIH) projects a 99.5% (95.1%-107.9%) increase in the number of adults 50 years of age and older with at least one chronic illness by 2050, from 71.522 million (69.065-73.781) in 2020 to 142.66 million (134.74-153.39). An estimated 48 million people (or 47% of deaths globally) are expected to die from severe health-related suffering by 2060, an 87% increase from 26 million in 2016. It is anticipated that 83% of these deaths will occur in low and middle-income countries.
<h2 style="text-align: justify;">Government Support to Boost Pharmaceutical Market</h2>
Governments across the globe are actively boosting their pharmaceutical sectors through various initiatives such as increased investments in research and development (R&amp;D), improving regulatory frameworks to ease the conduct of businesses, and implementing production-linked incentive schemes to boost the manufacturing and supply chains. Initiatives in major pharmaceutical producing countries like India&rsquo;s focus on improving healthcare access and affordability is expected to add to the market growth. India&rsquo;s National Policy on Research and Development aim to foster collaboration between industry and academia, and programs such as Ayushman Bharat and Pradhan Mantri Bhartiya Janaushadhi Pariyojana promote the pharmaceutical market. Similarly, the United States government, is working on multiple fronts through USFDA, NIH, and other organizations to enhance the pharmaceutical availability, while European governments working on subsidies, fundings, and enhancing supply chain.
<h2 style="text-align: justify;">Dominance of Branded Drugs in the Pharmaceutical Market</h2>
The branded drugs segment is anticipated to contribute with larger market share in pharmaceutical market due to inflated cost and high demand. Branded drugs are highly specialized and are covered by patents to be exclusive to only a single manufacturer, which significantly inflates the market price for branded drugs. The branded drugs become generic and open to other market players for production and marketing after the expiry of patents on it, and generic drugs are comparatively much cheaper due to competition in the market. The newly launched drugs add more share to this segment and robust pipeline of innovative drugs from various market players is anticipated further to increase the market share of branded drug segment. For instance, USFDA approved 23 drugs till July 2024 and around 430 clinical trials are in third phase which are expected to be completed in 2024, resulting into launch of more drugs.
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<h2 style="text-align: justify;">North America Dominates Pharmaceutical Market Share</h2>
North America is anticipated to demonstrate dominance in the global pharmaceutical market, owing to enhanced access to high-value medications, extensive awareness about healthcare, high per-capita healthcare expenditure, and firm gross domestic product (GDP) condition of North American countries like the United States and Canada. High reliance on prescription drugs, and strict regulatory policy impact the market in the region. Strategic partnerships among market players in the region contribute to the dominance of the region. For instance, in 2024, Isomorphic Labs announced strategic collaborations with two major pharmaceutical companies, Eli Lilly and Novartis, which could be valued at nearly USD 3 billion, excluding potential royalties from future drug sales. These partnerships are focused on multi-target drug development involving small molecules and feature a combination of upfront and milestone payments, highlighting Isomorphic's innovative approach to drug design and its progress in the pharmaceutical industry.
Future Market Scenario (2024 &ndash; 2031F)
1.&nbsp;Government and regulatory attempts across the countries to reduce the cost of drugs is anticipated to bring a major disruption in the market. These attempts include reducing drug companies&rsquo; exclusivity window, policy reforms to control drug costs, and forming stricter regulatory policies.
2.&nbsp;Demographic shift in various countries such as Japan, Spain, Switzerland, and others is anticipated to impact the demand of specific type of drugs in the forecast period. Meanwhile, economic imbalance is expected to further define the future market scenario.
Report Scope
&ldquo;Pharmaceutical Market Assessment, Opportunities and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global pharmaceutical market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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Report Attribute
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Details
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Base Year of the Analysis
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2023
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Historical Period
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2017-2022
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Forecast Period
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2024-2031
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Projected Growth Rate
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CAGR of 6.52% between 2024 and 2031
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Revenue Forecast in 2031
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USD 2663.58 billion
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Segments Covered
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Molecule, Product, Type, Route of Administration, Dosage Form, Age-Group, Disease Type
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profile
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Pfizer Inc., AbbVie Inc., Johnson &amp; Johnson Services, Inc., Merck &amp; Co., Novartis AG, F. Hoffmann-La Roche Ltd, Sanofi S.A., Bristol-Myers Squibb Company, AstraZeneca PLC, GSK plc
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In the report,&nbsp;global pharmaceutical market&nbsp;has been segmented into the following categories:&nbsp;
<ul style="text-align: justify;">
<li>By Molecule Type
<ul>
<li>Small Molecules (Conventional Drugs)</li>
<li>Large Molecules
<ul>
<li>Biologics</li>
<li>Biosimilars</li>
</ul>
</li>
<li>By Product
<ul>
<li>Branded</li>
<li>Generic</li>
</ul>
</li>
<li>By Type
<ul>
<li>Prescription-based</li>
<li>Over-the-Counter Drugs</li>
</ul>
</li>
<li>By Route of Administration
<ul>
<li>Oral</li>
<li>Topical</li>
<li>Parenteral
<ul>
<li>Intravenous</li>
<li>Intramuscular</li>
<li>Others</li>
</ul>
</li>
<li>Inhalational</li>
<li>Others</li>
</ul>
</li>
<li>By Dosage Form
<ul>
<li>Tablets</li>
<li>Capsules</li>
<li>Injectables</li>
<li>Powders</li>
<li>Suspensions</li>
<li>Syrups</li>
<li>Sprays</li>
<li>Others</li>
</ul>
</li>
<li>By Age-Group
<ul>
<li>Geriatric</li>
<li>Adults</li>
<li>Adolescents</li>
<li>Children</li>
</ul>
</li>
<li>By Disease Type
<ul>
<li>Cardiovascular Diseases</li>
<li>Oncology</li>
<li>Diabetes</li>
<li>Respiratory Disorders</li>
<li>Neurology</li>
<li>Infectious Diseases</li>
<li>Gastrointestinal Disorders</li>
<li>Others</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
The pharmaceutical market is quite competitive with a huge number of players at local levels. Regulatory approvals of company products, mergers and acquisitions, and collaborations are the most common market strategies which have been observed in recent times. In July 2024, Mankind Pharma acquired Bharat Serums and Vaccines Limited (BSV) in a deal worth USD 1.64 billion. The acquisition will expand the domestic pharma business and its specialty pharma portfolio. BSV is the major vaccine developer in India and has R&amp;D facilities in other countries such as Ukraine, Germany, Malaysia, and Philippines. The acquisition will place Mankind Pharma as a market leader in women&rsquo;s health and fertility segment in India.
In December 2023, Pfizer Inc. announced the successful completion of its acquisition of Seagen Inc. The deal was initiated in March 2023 and was completed in December 2023. Seagen Inc. is a global biotechnology company that is involved in the discovery, development, and commercialization of transformative cancer medicines. Pfizer completed the acquisition of its outstanding common stock of Seagen for USD 229 in cash per share, for a total enterprise value of approximately USD 43 billion. Through this acquisition Pfizer&rsquo;s Oncology pipeline will be doubled in size with 60 programs spanning multiple domains, including ADCs, small molecules, bispecific, and other immunotherapies.
Key Players Operating in Global Pharmaceutical Market are:
<ul style="text-align: justify;">
<li>Pfizer Inc.</li>
<li>AbbVie Inc.</li>
<li>Johnson &amp; Johnson Services, Inc.</li>
<li>Merck &amp; Co.</li>
<li>Novartis AG</li>
<li>Hoffmann-La Roche Ltd</li>
<li>Sanofi S.A.</li>
<li>Bristol-Myers Squibb Company</li>
<li>AstraZeneca PLC</li>
<li>GSK plc</li>
</ul>
Markets and Data report answers the following questions:
<ul style="text-align: justify;">
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
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Global Pharmaceutical Market Assessment, Opportunities and Forecast, 2017-2031F

The global pharmaceutical market is expected to experience growth due to the inflating disease burden, growing geriatric population, and government efforts to enhance the pharmaceutical access for people.

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