Press release
Pharmaceuticals Market Size Worth $1738.3 Billion by 2023 | Top Players Pfizer; F. Hoffmann-La Roche Ltd; Sanofi; Johnson & Johnson; Merck & Co. | Covid 19 Impact And Recovery
Pharmaceuticals Market
The global pharmaceuticals market is expected to decline from $1217.1 billion in 2019 to $1209.6 billion in 2020 at a compound annual growth rate (CAGR) of -0.7%. The decline is mainly due to the COVID-19 pandemic that has affected industries across the globe including the pharmaceutical sector. Although there has been huge demand for certain drugs (antivirals, antibiotics, respiratory drugs, anti-diabetic drugs), the restrictions on non-essential medical services, drug shortages due to slowed production of biologics and pharmaceuticals 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 9% from 2021 and reach $1738.3 billion in 2023.
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The pharmaceuticals market consists of sales of pharmaceuticals and related services by entities (organizations, sole traders and partnerships) that produce pharmaceuticals used in treating diseases. This industry includes establishments that produce biologics and pharmaceutical drugs.
Early Rx-to-OTC switch, or switching the product from prescription to non-prescription status, is a key trend in the dermatology drugs market. Traditionally, the Rx-to-OTC status conversion usually took place at a time nearing the patent expiry or after. However, forward-thinking companies are now looking at switching from Rx-to-OTC well in advance of the patent expiry of the drug. This helps the manufacturer to capitalize on the market opportunities for the product. Early Rx-to-OTC switching also provides an additional benefit as a way to recover all the expenses incurred on the product by the company. A key example from the dermatology OTC drugs market for an early switch includes butenafine hydrochloride (Lotrimin Ultra), an anti-fungal drug. The product was reclassified and switched to being an OTC drug in December 2001, long before its patent expiry (April 2017). It is used in the treatment of athlete's foot, jock itch and ringworm infections.
Pharmaceuticals Market Segmentation: -
By Type
Pharmaceutical Drugs
Biologics
By Distribution Channel
Hospital Pharmacies
Retail Pharmacies/ Drug Stores
Others
By Route Of Administration
Oral
Parenteral
Others
By Drug Classification
Branded Drugs
Generic Drugs
By Mode Of Purchase
Prescription-Based Drugs
Over-The-Counter Drugs
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Few Points From Table Of Content
1. Executive Summary
2. Report Structure
3. Pharmaceuticals Market Characteristics
4. Pharmaceuticals Market Product Analysis
5. Pharmaceuticals Market Supply Chain
......
20. Pharmaceuticals Market Competitive Landscape
21. Key Mergers And Acquisitions In The Pharmaceuticals Market
22. Recommendations
23. Appendix
24. Copyright And Disclaimer
The report covers the trends and market dynamics of the Pharmaceuticals Market in major countries - Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The report also includes consumer surveys and various future opportunities for the market.
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Some of the key players involved in the Pharmaceuticals Market are Pfizer; F. Hoffmann-La Roche Ltd; Sanofi; Johnson & Johnson; Merck & Co.
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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