Enormous Growth of Global Pharmaceutical Market during 2021-2030 with Prominent Player (Abbott, AbbVie Inc., Albemarle Corporation, AstraZeneca, Aurobindo Pharma, Baxter, Bayer AG).
The author of the report analyzed that the global pharmaceutical market accounted for US$ 1350.29 billion. Chronic conditions such as diabetes, depression, asthma and hypertension are increasing. The companies use FDA-regulated information to inform physicians and patients about new medicines in advance of a prescribing decision. Direct-to-consumer advertising also help in increasing the demand for a particular drug.
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Growth opportunities for pharma companies are expected to increase in next few years, as many drugs are going off-patent in the US and other countries, which is increasing competition. Digital Health Knowledge Resources, Electronic Medical Record, Mobile Healthcare, Electronic Health Record, Hospital Information System and PRACTO are some of the technologies gaining wide acceptance in the sector. Pharmaceutical market is facing unprecedented challenges caused by slower sales growth, shorter product life cycles, tighter regulations, expiring patents, increasing competition from generics, adverse media coverage and reputational damage, and a decline in the number of new innovative drugs under development. However, due to increasing population and income levels, demand for high-end drugs is expected to rise.
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Some of the key participants in global market are Abbott, AbbVie Inc., Albemarle Corporation, AstraZeneca, Aurobindo Pharma, Baxter, Bayer AG, Boehringer Ingelheim International GmbH, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche Ltd, GlaxoSmithKline plc, Lupin Pharmaceuticals, Inc, Merck & Co., Inc, Novartis AG, Pfizer, Inc., Sanofi and Teva Pharmaceutical Industries Ltd.
Among the drug type, prescription drug is a dominant segment holding the largest market share. Existence of government-protected “monopoly” rights for drug manufacturers is driving the prescription drugs. In 2015, the US pharmaceutical industry spent $5.2 billion on advertising prescription drugs directly to consumers.
This sector is characterized by an extensive Research and Development (R&D) infrastructure and a comprehensive talent pool. It has an appropriate scientific regulatory system, and an advanced environment for fostering investments in new drug discovery and development. In the United States, R&D investments of the companies have grown consistently over the past 15 years. The U.S. pharmaceutical market is the world’s most important national market with a number of top global companies from the United States.
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Pharmaceutical Market –
• By API Type
o Synthetic API
o Biotech API
• By Drug Type
o Prescription Drugs
o OTC Drugs
• By Customer Base Type
o Generic Drugs
o Branded Drugs
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