Pharmaceuticals Market Size, Incredible Possibilities And Growth Analysis 2020 | Industry Forecast 2023 | Covid 19 Implications And Growth
Pharmaceuticals Market By Type (Pharmaceutical Drugs, Biologics), By Type Of Pharmaceutical Drugs, By End-User, By Type Of Biologics Drugs, And By Region – Global Forecast To 2023 By The Business Research CompanyThe global pharmaceuticals market reached a value of nearly $1,217.1 billion in 2019, having increased at a compound annual growth rate (CAGR) of 6.7% since 2015. The market is expected to decline from $1,217.1 billion in 2019 to $1,209.6 billion in 2020 at a rate of -0.6%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 8.5% from 2021 and reach $1,738.2 billion in 2023.
The key drivers of the pharmaceuticals market include:
The key drivers of the pharmaceuticals market include:
Technological Advances– Technology is expected to be a continued driver of pharmaceuticals market growth during the forecast period. An area of particular development is likely to be physiology simulation modeling. Markets such as this one will benefit from the greater efficiencies offered by new technologies. Technological advances will contribute to the growth of the pharmaceuticals market.
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Pharmaceuticals Market Segmentation
The Pharmaceuticals market is segmented by type, biologics drugs type and by geography
By Type - The pharmaceuticals market can be segmented by type
1) Pharmaceutical Drugs
2) Biologics
The pharmaceutical drugs market was the largest segment of the pharmaceuticals market segmented by type, accounting for 77.9% of the total in 2019.
By Type Of Biologics Drugs - The biologics drugs market can be segmented by type of drugs
1) Monoclonal Antibodies (MAbS)
2) Therapeutic Proteins
3) Vaccines
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By Geography - The cards and payments market is segmented into
1. North America
2. Western Europe
3. Asia Pacific
4. Eastern Europe
5. South America
6. Middle East
7. Africa
Some of the major key players involved in the pharmaceuticals market are
1. Pfizer Inc
2. F. Hoffmann-La Roche AG
3. Novartis AG
4. Johnson & Johnson.
5. GlaxoSmithKline Plc.
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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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