Pharmaceuticals Market
Report ID: SQMIG35I2061
Pharmaceuticals Market Size, Share, Growth Analysis, By Type(Pharmaceutical Drugs; Biologics), By Distribution Channel(Hospital Pharmacies, Drugs Stores & Retail Pharmacies, Online Pharmacies), By Region(North America, Europe, Asia-Pacific, South America), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2061 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
90
|Figures:
76
Pharmaceuticals Market Insights
Pharmaceuticals Market size was valued at USD 209.85 billion in 2019 and is poised to grow from USD 222.4 billion in 2023 to USD 352.98 billion by 2031, growing at a CAGR of 5.9% in the forecast period (2024-2031).
Pharmaceuticals are any kind of drug that is used for medical purposes. Pharmaceuticals are drug-containing products in specific dosages that can be used for healthcare purposes. People are increasingly becoming cautious over their life and health. This acts as a driver for this market. Even during the Covid - 19 pandemic, while all other industries were bleeding money, the pharmaceutical companies that developed vaccines for the virus continued to thrive even in a very unstable state of the economy. It is expected that the sector will continue if there are people.
US Pharmaceuticals Market is poised to grow at a sustainable CAGR for the next forecast year.
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Pharmaceuticals Market Segmental Analysis
The Global Pharmaceuticals Market is segmented based on Type, Distribution Channel and Region. Based on the Type, the Pharmaceuticals Market is segmented as Pharmaceutical Drugs and Biologics. Based on the Distribution Channel, the Pharmaceuticals Market has been segmented as Hospital Pharmacies, Drugs Stores & Retail Pharmacies, Online Pharmacies. Based on Region Pharmaceuticals Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Pharmaceuticals Market Analysis by Type
The growth of the bio pharmacy market is limited by the serious shortage of skilled workers for the development of bio pharmacy that requires specialized skills. These features are limited to some research institutes and medical device companies in the United States and Europe. In 2021, more than 40% of the bio pharmacy industry struggled to hire process development staff due to a shortage of talent. This shortage led to competition and increased salaries in the limited talent pool available to produce bio pharmacy, thereby limiting market growth during the historic period.
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Pharmaceuticals Market Regional Insights
With about 46% of the market share, North America was the largest market for pharmaceuticals in the global pharmaceuticals market in 2021. The Asia Pacific was the second largest region making up more than 26% of the global pharmaceuticals market. Although the need for medicines is much greater in Africa, it holds the smallest market share in the global pharmaceuticals market.
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Pharmaceuticals Market Dynamics
Pharmaceuticals Market Driver
Growing aging population
- The population profile of most countries is aging. According to the Bureau of Census, the proportion of the world's population aged 65 and over has increased from 8% in 2015 to 9% in 2021. This is an important driving force for the market. Improved living standards combined with a constantly expanding net population are causing a massive change in global demography, with many nations facing a substantial increase in the percentage of old residents. Indeed, the United Nations predicts a 56% growth in the 60-plus age group between 2015 and 2030. While longer lifespans provide several benefits to individuals and society, they exert tremendous strain on global healthcare systems. Age-related disorders are becoming increasingly prevalent as our population ages, necessitating the development of new and more effective treatments. Pharma innovation is vital to bring these novel therapies to market, and recent advancements in nanotechnology and artificial intelligence provide particularly exciting prospects for addressing this significant unmet medical need. Furthermore, the increase in the patient pool has driven the demand for medicines to treat these diseases and has had a significant impact on market growth during this period.
Pharmaceuticals Market Restraint
Lack of skilled labour and fluctuating raw material cost
- Market growth was limited due to a severe shortage of skilled workforce for developing drugs that require specialized skill sets. These skillsets are limited to some research organizations and medical equipment. Furthermore, the fluctuating prices of raw materials is one of the restraints hindering the growth of global pharmaceuticals market. Furthermore, there is a rising talent gap since the pharma workforce's abilities have yet to match with this new world of biopharma production. Biopharma businesses are struggling to locate the expertise they want in advanced areas such as automation, computer science, and process modelling—skills that were not traditionally required in traditional pharmaceutical manufacture but are now essential in modern biopharma manufacturing. This skills gap might stifle innovation if left uncontrolled and ignored.
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Pharmaceuticals Market Competitive Landscape
The Global Pharmaceuticals market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses to increase market share and profitability.
Pharmaceuticals Market Top Player's Company Profiles
- Abbott Laboratories
- AbbVie Inc.
- Amgen Inc.
- AstraZeneca PLC
- Bayer AG
- Biogen Inc.
- Bristol Myers Squibb Company
- Eli Lilly and Company
- Gilead Sciences Inc.
- GlaxoSmithKline PLC
- Johnson & Johnson
- Merck & Co., Inc.
- Novartis International AG
- Pfizer Inc.
- Roche Holding AG
- Sanofi SA
- Takeda Pharmaceutical Company Limited
- Teva Pharmaceutical Industries Ltd.
- Valeant Pharmaceuticals International, Inc.
- Vertex Pharmaceuticals Incorporated
Pharmaceuticals Market Recent Developments
- In April 2022, GlaxoSmithKline Plc has agreed to buy Sierra Oncology Inc, a biopharmaceutical firm focused on targeted treatments for the treatment of rare cancers, for $55 per share of common stock in cash, representing a total equity value of about $1.9 billion.
- In February 2022, Biohaven Pharmaceutical Holding Company Biohaven announced the acquisition of Channel Biosciences, a subsidiary of Knopp Biosciences LLC, and its Kv7 channel targeting technology, bringing the most recent developments in ion-channel modulation to the company's burgeoning neuroscience portfolio. In exchange for the agreement, Biohaven will pay Knopp Biosciences an upfront payment of $65 million in Biohaven common stock and $35 million in cash.
- In March 2022, AbbVie purchased Syndesi Therapeutics SA, a clinical stage biotechnology business and Novo Holdings portfolio company.
- In April 2022, Halozyme Therapeutics has signed a final deal to buy Antares Pharma for $5.60 per share in cash. The acquisition, which values Antares at roughly $960 million, was unanimously authorised by both the Halozyme and Antares Boards of Directors.
Pharmaceuticals Key Market Trends
- Companies have reorganized their businesses and are recovering from the effects of COVID-19. This previously led to limited containment measures due to social distance, telework, and closure of business activities, leading to business challenges.
- Pharmaceutical companies offer tailor-made medicines for a variety of illnesses. Personalized medicine, also known as precision medicine, aims to provide medical care based on the patient's characteristics and genetic composition. Precision treatments are increasingly being adopted as companies abandon universal models of common diseases.
Pharmaceuticals Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Pharmaceuticals Market Analysis, in 2022, There is a growing need for better healthcare and as people get more and more concerned about their life, the Global Pharmaceutical Market stands to gain. In recent times, several antitrust lawsuits have been filed citing strategic mergers. However, such lawsuits have had little to no impact on the market where the US continues to dominate. It is anticipated that the market is not expected to stagnate in the future but is likely to face more competition and challenges.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 209.85 billion |
| Market size value in 2031 | USD 352.98 billion |
| Growth Rate | 5.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Pharmaceuticals Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Pharmaceuticals Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Pharmaceuticals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Pharmaceuticals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Pharmaceuticals Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Pharmaceuticals Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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