Asia Pacific pharmaceuticals market is expected to retain it’s second position with a market share of 24.07% in 2023. Pharmaceuticals companies are forced to reduce their research and development (R&D) spending due to slowdown of growth in last few years which is also expected to hamper growth of the global pharma market as new drugs revenue form large part of pharma firm’s revenue due to exclusivity of the drug. Industry Overview Global Pharmaceuticals Market. Another aspect which is leading this growth is rising focus of pharmaceuticals companies to tap the rare and speciality diseases market. Global pharmaceuticals market is expected to be worth USD 1.57 trillion by 2023. Innovations in advanced biologics, nucleic acid therapeutics, cell therapies and bioelectronics & implantables has attracted investments in the industry by even non-pharma companies like Facebook, Qualcomm etc. The reasons are simple: aging and growing population, rising income levels, and emerging medical conditions and emergence of new diseases.NAVADHI is a market research company that helps global firms differentiate themselves, break market entry barriers, track their investments, develop business strategies and plan for future by providing actionable market research intelligence that helps them succeed.This growth is fuelled by the growing and ageing population in key markets. As per World Population Prospects by United Nations, the worldwide population is likely to cross 9.3 billion by 2050 and around 21% of this population is expected to be aged 60 and above.
Apart from ageing and rising population the improvements in purchasing power and access to quality healthcare and pharmaceuticals to poor and middle-class families worldwide also is driving the growth of global pharma industry. Latin America and Middle East and Africa (MEA) are expected to retain 7.53% and 2.96% market share of global pharmaceuticals market in 2023.Do you need more information about this report before making a purchase decision or wish to customize this report to suite your requirements?
Europe on the contrary is expected to see a decline in it’s market share compared to 2017 and be worth 20.24% of global pharma industry in 2023. Apart from this generics pharma market is facing decreasing return on investment due to price erosion in key markets which is forcing many firms to look for other avenues and markets to sustain growth.North America is expected to retain it’s leading position in the global pharmaceuticals market with market share of 45.33% in 2023 improving on it’s market share compared to 2017. Pharma companies are facing challenges with developing new medicines and meeting the complex demands of clients. The market has since grown at a CAGR of nearly 30% during 2007-2012. Digital & Trend Reports. Pharma companies experienced modest revenue gains in the past year with rising prices, main patent losses for some pharma companies as well as a decline in M&A activity. If yes, then please use the form given below and we will get in touch with you immediately.Global pharmaceutical market is expected to grow in the upcoming years despite recent slowdown in key markets across the globe.
• Pharmerging countries will account for 25% of global spending on pharmaceuticals by 2020, compared to 23% in 2015.
The total number of major pharmaceutical companies (annual revenues USD 1,000 million and above) worldwide The global pharmaceutical industry is estimated to be about 50. Industry Overview Reports Report Shop Search our database.