Pharmaceutical Market Size, Share & Trends Analysis Report By Molecule Type, By Product, By Type, By Disease, By Formulation, By Age Group, By Route Of Administration, By End Market, By Region, And Segment Forecasts, 2023 - 2030

Pharmaceutical Market Size, Share & Trends Analysis Report By Molecule Type, By Product, By Type, By Disease, By Formulation, By Age Group, By Route Of Administration, By End Market, By Region, And Segment Forecasts, 2023 - 2030

Pharmaceutical Market Growth & Trends

The global pharmaceutical market size is expected to reach USD 2,363.25 billion by 2030, expandingat a CAGR of 6.12% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of the pharmaceuticals market is attributable to the increasing prevalence of chronic diseases, leading to a growing need for developing novel therapeutics. According to the National Council on Aging, it is estimated that approximately 95% of the older population has at least one chronic ailment, and around 80% has two or more. Moreover, chronic diseases such as diabetes, arthritis, and heart disease disproportionately affect the elderly population.

Awareness is critical for prevention, early detection, focused therapy, and effective treatment. People aware of an illness and its symptoms are more inclined to take preventative measures, such as screenings, tests, and check-ups. The increased awareness of various diseases is another element driving the pharmaceutical space. As people are now aware of diseases such as cancer and diabetes, they are more likely to seek treatment if they develop those conditions. A number of initiatives are taken by public and private organizations to spread awareness and educate the population. Furthermore, many people now have insurance policies that cover prescription drug expenses, contributing to increased pharmaceutical demand.

Moreover,the demand for pharmaceuticals is significantly increasing globally due to advancements in technology in the development of novel therapeutics. The pharmaceutical industry invests at an unprecedented rate in research and development, as well as product sales and distribution. The industry focuses on distinctly and directly addressing people's health. The pharmaceuticals industry is critical to patient care and community development and provides numerous life-saving treatments, generates employment, and contributes to the world economy.

Many biological agents, such as bacteria and viruses, are used in vaccine manufacturing, fermentation processes, and biotechnology. The market is made up of a diverse spectrum of companies, including giant pharma, mid-sized specialty, virtual pharma, generic manufacturers, and small biotechnology and biopharmaceutical organizations. Furthermore, key players involved in developing and formulating various therapeutic formulations are focusing on collaborations and partnerships to develop novel medications and maintain their competitive position in the market.

Moreover, several players are involved in developing novel pharmaceuticals to meet the rising demand for the prevention and treatment of conditions. For instance, in April 2023 , F. Hoffmann-La Roche Ltd. announced that its wet age-related macular degeneration drug, Vabysmo, which received FDA approval in January 2022 , brought around USD 500 million during the first quarter of 2023. The drug's sales increased by more than 500% year-on-year, beating competitors such as multiple sclerosis treatment Ocrevus and the hemophilia medication Hemlibra. Moreover, in July 2023, Novartis AG received U.S. FDA approval for an expanded indication of Leqvio (inclisiran), in order to include treatment of patients with high LDL-C who are at an increased risk of heart diseases.

Pharmaceutical Market Report Highlights

• Based on molecule type, conventional drugs (small molecules) dominated the overall market. Conventional drugs’ dominance in the pharmaceuticals market is due to their well-established manufacturing processes, predictable pharmacokinetics, and oral bioavailability
• Based on product, the branded segment held the largest revenue share in the pharmaceuticals market in 2022, owing to the presence of several giant pharmaceutical players in the market specializing in branded medication since a long time
• Based on type, OTC pharmaceuticals are expected to showcase the fastest growth rate over the forecast period owing to the ease of procurement of medication through this channel aided by the reduced need to visit a physician
• In terms of disease, cancer dominated the pharmaceuticals market in 2022. The dominance of the cancer segment in the market can be attributed to several key factors such as the rising global incidence of various types of cancer, increased demand for innovative & effective treatments, and significant investments and research in this area
• On the basis of formulation, tablets held the largest revenue share in the pharmaceuticals market in 2022, owing to the ease of administration and greater adoption of this formulation
• In terms of route of administration, the oral route of administration segment dominated the global market in 2022
• Based on age group, the adult segment is expected to show fastest growth over the forecast period, owing to the dominance of the adult population globally in the patient pool that consumes various pharmaceuticals
• In terms of the end market, hospitals dominated the pharmaceuticals industry, underscored by the escalating healthcare demands due to an aging population, increased prevalence of chronic illnesses, and advancements in medical treatments
• North America held the largest revenue share in 2022, which can be attributed to the developed regional healthcare infrastructure, growing cases of chronic diseases, presence of several key players, and availability of proper and innovative medications in the region

Please note The report will be delivered in 2-3 business days upon order notification.