Ethical Pharmaceuticals Market Report 2024: Trends, Analysis, Forecast And Outlook

The ethical pharmaceuticals market size has grown rapidly in recent years. It will grow from $6.43 billion in 2023 to $7.23 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to drug innovation and discovery, regulatory framework, traditional drug therapies, chronic disease prevalence, investment in research and development.

The ethical pharmaceuticals market size is expected to see rapid growth in the next few years. It will grow to $11.77 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to precision medicine advancements, biologics and advanced therapies, biopharmaceutical innovations, regulatory landscape, digital health integration. Major trends in the forecast period include focus on precision medicine, healthcare digitization and remote care, precision drug delivery systems, real-world evidence and clinical trials, collaborative research and partnerships.

Market Overview -
Ethical pharmaceuticals involve the manufacturing of drugs that are sold only with a doctor's prescription through a registered pharmacist. These drugs are controlled substances, and certain regulatory boards regulate their use.

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Chronic Disease Rise Fuels Ethical Pharmaceutical Market Growth
The rising prevalence of chronic diseases is a primary driver propelling the ethical pharmaceutical market. Chronic conditions are those that endure for a year or longer and necessitate ongoing medical care. These conditions include diabetes, cancer, and heart disease. Ethical pharmaceutical drugs are commonly prescribed for the long-term treatment of chronic diseases, and this, in turn, increases the demand for ethical pharmaceuticals. For instance, according to the National Diabetes Statistics Report 2022 report published by the Centers for Disease Control and Prevention (CDC), a body of the US government, more than 130 million persons in the US have diabetes or prediabetes as per 2019 data. Further, according to the World Health Organization, a Switzerland-based health promotion agency, in 2021, chronic disease prevalence is expected to rise by 57% from 2020. According to figures from April 2021, these diseases account for 41 million deaths annually, or 71% of all fatalities worldwide. Therefore, the rising prevalence of chronic diseases is expected to propel the growth of the ethical pharmaceutical market.

Competitive Landscape -
Major companies operating in the ethical pharmaceuticals market report are Johnson & Johnson Services Inc., GlaxoSmithKline plc, Teva Pharmaceutical Industries Ltd., Merck & Co. Inc., Novartis AG, AstraZeneca plc, Bristol-Myers Squibb Company, Eli Lilly and Company, Mylan NV, Pfizer Inc., Sanofi S.A., AbbVie Inc., Amgen Inc., Biogen Inc., Boehringer Ingelheim International GmbH, Celgene Corporation, Gilead Sciences Inc., Novo Nordisk A/S, Regeneron Pharmaceuticals Inc., Roche Holding AG, Takeda Pharmaceutical Company Limited, Abbott Laboratories, Bayer AG, Daiichi Sankyo Company Limited, Eisai Co. Ltd., Ipsen Biopharmaceuticals Inc., Kyowa Kirin Co. Ltd., Mallinckrodt Pharmaceuticals, Sun Pharmaceutical Industries Ltd., Amarin Corporation plc, Vertex Pharmaceuticals Incorporated, Aimmune Therapeutics Inc.

Novel Technological Advancements In Ethical Pharmaceuticals
New technological innovations are gaining popularity in the ethical pharmaceutical market. Major companies operating in the market are introducing new technologies, such as Sugmadex, a new reversal agent. For instance, BDR Pharma an India-based pharma company and Varenyam Healthcare, an India-based pharma company, jointly launched the Sugmadex, a first-of-its-kind drug with the unique property of novel ?-cyclodextrin neuromuscular block (NMB) reversal properties. The use of the drug is expected to eliminate many of the shortcomings in current anesthetic practice. Sugmadex is offered in single-dose vial sizes of 2 and 5 milliliters.

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Key Segments -
The ethical pharmaceuticals market covered in this report is segmented -
1) By Type: Lipid Regulators, Narcotic Analgesics, ACE Inhibitors, Respiratory Agents, Diuretics, Calcium Antagonists, Hormonal Contraceptives, Penicillin, Vitamin, Minerals
2) By Distribution Channel: Hospital Pharmacy, Retail Pharmacies, Other Distribution Channels
3) By Application: Hospitals And Clinics, Pharmaceutical Company

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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