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Pharmaceuticals Market Demand Analysis, Global Share, Size, Trends, Development Status, Growth Factors And Forecast To 2030
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The 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 market is expected to reach $2,050.9 billion in 2025, and $3,206.3 billion in 2030.
The key drivers of the pharmaceuticals market include:
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. For example, Eli Lilly and Pfizer have adopted Amazon’s Elastic Compute Cloud (EC2) platform to conduct simulation models in early drug discovery that have been operational within hours, whereas traditional models would have taken weeks to conduct simulations . Technological advances will contribute to the growth of the pharmaceuticals market.
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Pharmaceuticals Market Segmentation:-
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. Going forward, the biologics segment is expected to be the fastest growing segment in the pharmaceuticals market segmented by type, at a CAGR of 14.6% during 2019-2023.
By Type Of Pharmaceutical Drugs
1. Cardiovascular Drugs
2. Dermatology Drugs
3. Gastrointestinal Drugs
4. Metabolic Disorder Drugs
The metabolic disorders drugs market was the largest segment of the pharmaceutical drugs market segmented by type of drug, accounting for 15.4% of the total in 2019. Going forward, the dermatology drugs segment is expected to be the fastest growing segment in the pharmaceutical drugs market segmented by type of drug, at a CAGR of 13.0% during 2019-2023.
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By Geography - The pharmaceuticals market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa
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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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