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Mid-Size Pharmaceuticals Market Size, Share Analysis, Global Report 2024-2033
Mid-Size Pharmaceuticals Market
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According to The Business Research Company's, The mid-size pharmaceuticals market size has grown strongly in recent years. It will grow from $678.75 billion in 2023 to $727.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to generic drug market growth, patent expirations of blockbuster drugs, healthcare cost containment measures, biotechnology expansion, regulatory changes encouraging innovation..
The mid-size pharmaceuticals market size is expected to see strong growth in the next few years. It will grow to $935.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to growing shift towards value-based care models, regulatory pathway streamlining, increased health awareness and patient empowerment, demand for generic and biosimilar drugs, emergence of digital therapeutics.. Major trends in the forecast period include increased focus on patient-centric approaches, adoption of artificial intelligence (ai), global market expansion strategies, environmental sustainability initiatives, telemedicine and remote patient monitoring..
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Market Drivers and Trends:
The increased prevalence of chronic diseases is expected to propel the growth of mid-size pharmaceuticals market going forward. Chronic diseases, also known as non-communicable diseases, are long-term medical conditions that require ongoing management and treatment which leads to high demand for medications. Mass spectrometry techniques are used for the identification, quantification, and analysis of biomarkers and metabolites associated with chronic diseases. A rise in the prevalence of chronic diseases will contribute to the growth of the mid-size pharmaceuticals market. For instance, in January 2023, according to the National Library of Medicine, a US-based biomedical library, there will be 142.66 million people aged 50 and older in 2050 who have at least one chronic disease, up from 71.522 million in 2020, a 99.5% rise. Therefore, the increasing prevalence of chronic diseases is driving the growth of the mid-size pharmaceuticals market.
Technology advancements are a key trend gaining popularity in the mid-size pharmaceuticals market. Major companies operating in the mid-size pharmaceuticals market are using technology to sustain their position in the market. For Instance, In May 2023, Google Cloud, offered by Google, a US-based suite of cloud computing services, launched A.I.-powered tools to accelerate drug discovery and precision medicine. One instrument, the Target and Lead Identification Suite assists businesses in foreseeing and comprehending protein structure, a crucial aspect of drug research. The Multiomics Suite is another tool that will help researchers in ingesting, storing, analyzing, and sharing vast volumes of genetic data.
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Major Key Players of the Market:
Baxter International Inc., Teva Pharmaceutical Industries Ltd., Otsuka Pharmaceutical Co Ltd., Arkema Inc., Astellas Pharma Inc., Daiichi Sankyo Co. Ltd., Alexion Pharmaceuticals Inc., UCB S.A., Sun Pharmaceutical Industries Ltd., Eisai Co. Ltd., Wuxi AppTec co. Ltd., Les Laboratoires Servier S.A., Hospira Inc., Perrigo Co Plc, Aurobindo Pharma Lmited., Cipla Limited, Hikma Pharmaceuticals, Endo International plc, Taisho Pharmaceutical Holdings Co. Ltd., BioMarin Pharmaceutical Inc., Mallinckrodt Plc, Exelixis Inc., Mylan Pharmaceuticals Inc., Neurocrine Biosciences Inc., Kyowa Kirin Co. Ltd., Emergent BioSolutions Inc.
Mid-Size Pharmaceuticals Market 2024 Key Insights:
• The mid-size pharmaceuticals market size is expected to see strong growth in the next few years. It will grow to $935.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Rising Prevalence Of Chronic Diseases Fuels Growth In Mid-Size Pharmaceuticals Market
• Technology Advancements Shaping The Mid-Size Pharmaceuticals Market
• North America was the largest region in the mid-size pharmaceutical market in 2023
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