Pharmaceuticals Market
Report ID: SQMIG35I2061
Report ID:
SQMIG35I2061 |
Region:
Global |
Published Date: December, 2024
Pages:
165
|Tables:
90
|Figures:
76
Pharmaceuticals Market size was valued at USD 222.4 Billion in 2023 and is poised to grow from USD 235.52 Billion in 2024 to USD 373.81 Billion by 2032, growing at a CAGR of 5.9% during the forecast period (2025-2032).
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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Global Pharmaceuticals Market is segmented by molecule, product, type, disease, administration, formulation, age, end use and region. Based on molecule, the market is segmented into biologics & biosimilars (large molecules) and conventional drugs (small molecules). Based on product, the market is segmented into branded and generic. Based on type, the market is segmented into prescription and OTC. Based on disease, the market is segmented into cardiovascular diseases, cancer, diabetes, infectious diseases, neurological disorders, respiratory diseases, autoimmune diseases, mental health disorders, gastrointestinal disorders, women’s health diseases, genetic and rare genetic diseases, dermatological conditions, obesity, renal diseases, liver conditions, hematological disorders, eye conditions, infertility conditions, endocrine disorders, allergies and others. Based on administration, the market is segmented into oral, topical, parenteral, inhalations and other. Based on formulation, the market is segmented into tablets, capsules, injectable, sprays, suspensions, powders and other formulations. Based on age, the market is segmented into children & adolescents, adults and geriatric. Based on end use, the market is segmented into hospitals, clinics and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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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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 Driver
Growing aging population
Pharmaceuticals Market Restraint
Lack of skilled labour and fluctuating raw material cost
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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
Pharmaceuticals Market Recent Developments
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 2022 | USD 209.85 billion |
Market size value in 2031 | USD 354.54 billion |
Growth Rate | 6.0% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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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Report ID: SQMIG35I2061
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