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Pharmaceutical Market Size 2021 | Is Projected to Reach USD 2,151.1 Billion by 2027 with Exhibiting a CAGR of 7%

·8-min read

Pharmaceutical Market Key Players Studied in this Report are GlaxoSmithKline plc. (London, U.K), F. Hoffmann-La Roche Ltd (Basel, Switzerland), Novartis AG (Basel, Switzerland), Johnson & Johnson Services Inc. (New Jersey, U.S), Merck & Co., Inc. (New Jersey, U.S), Pfizer (New York, U.S), AstraZeneca (Cambridge, U.K), Sanofi (Paris, France), Novo Nordisk A/S (Copenhagen, Denmark).

Pune, India, May 06, 2021 (GLOBE NEWSWIRE) -- According to the report, Pharmaceutical market size is projected to reach USD 2,151.1 Billion by 2027. Pharmaceutical Market was worth 5.32 billion in 2019 and will exhibit a CAGR of 7% during the forecast period. Rising focus on the healthcare industry amid the pandemic situation is anticipated to boost market growth in the near future.

Healthcare industry is spending a fortune on R&D for vaccines and new drug developments. For instance, in 2018, Venture Capital firms made an investment of USD 23 billion along with some major pharma companies, which roughly recorded over a USD 100 billion investment in research and development. This is expected to boost the growth of the pharmaceuticals market in the upcoming years.

COVID-19 Impact:

Since the COVID-19 virus outbreak, the disease has reached every country around the globe, which is why the World Health Organization declared it as a public health emergency. The global impact of the coronavirus disease was observed by every industry and public too in 2020. The outbreak of COVID-19 has impacted many aspects, such as restrictions on all indoor, as well as outdoor events, flight cancellations, ban on travelling, restaurant close downs, immense disruption of the supply chain, stock market observed strained conditions, declining business curve, surging panic among the people, and uncertainty regarding the future. Over 40 countries declared a state of emergency and announced lockdown to curb the further spread of the virus.


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Report Coverage:

We follow a comprehensive research methodology that focuses majorly on offering accurate information. We have used a data triangulation technique which would help us to provide authentic estimates and gauge the overall market dynamics. Besides, we have gained access to several global and regional paid databases for delivering the latest information so that you can invest only in the crucial zones.

Segmentation:

On the basis of type, the global market is segmented into drugs and vaccines. By indication, the market is divided into oncology, diabetes, anti-viral, cardiovascular disorders, neurology disorders, anti-infective, respiratory disorders, and anti-hypertensive. In terms of region, the market is separated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Based on distribution channels, the market is segregated into hospital pharmacy, retail pharmacy and online pharmacy. Amongst these, the hospital pharmacy owns the largest share in the market owing to the increasing visitation of patients and their tendency to buy medications from nearby pharmacies. This is likely to boost the growth in the upcoming years.


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Drivers and Restraints:

Adoption of Automation Techniques by Key Companies to Bolster Market Growth

The surging demand for personalized or customized medicines has compelled pharmacy companies to automate their technologies on a large scale for manufacturing process, batch processing, and to replace scale development. For instance, Deloitte stated that key pharmaceutical manufacturers have adopted up to 95% of automation techniques to regulate filing that is necessary for launching drugs.

However, filing lawsuits and product recall processes may cost a fortune to the manufacturers. These processes are estimated to spend in millions to complete any required legalization, thereby diverting their attention from drug discovery and development. This factor is expected to hamper the growth in the long term.


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North America to Continue Domination Stoked by Presence of Giant Pharmacy Companies

North America generated USD 501.7 billion in terms of revenue in 2019. It is expected to grow significantly fueled by the presence of giant pharmacy manufacturers and their intention to introduce new drug development in the developed countries of the North American region. For instance, Novartis received approval for Kesimpta, which is an injection intended to be used for multiple sclerosis, from the U.S FDA.

Europe holds the second largest share in the market on account of surging developments and inventions in R&D for efficient drugs. Moreover, the increasing sales of drugs used to treat chronic disease is estimated to boost the growth in this region during the forecast period.

Asia Pacific is anticipated to witness substantial growth owing to the rising awareness regarding treatment for mental health and care management of health disorders. This factor is likely to spur market growth in this region.

Partnerships and Acquisitions—Valued by Companies to Bolster their Presence

Key companies believe in using strategies that would bolster their brand value in the market. Various strategies, such as launching unique products and partnering up with other key companies or end-users for better reach of their products are utilized by the company. Merging or acquiring various firms is another prominent strategy used to enhance one’s presence in the global market.

Below mentioned is the industry development in the impact of COVID-19 on pharmaceuticals market:

October 2020: Genuity Science signed a partnership agreement with Ionis Pharmaceuticals to further enhance the discovery of innovative and new therapeutics that accounted for about 20 different diseases with assistance from the genomics platform.

List of Key Players Covered in the Impact of COVID-19 on Pharmaceuticals Market Report:

  • GlaxoSmithKline plc. (London, U.K)

  • F. Hoffmann-La Roche Ltd (Basel, Switzerland)

  • Novartis AG (Basel, Switzerland)

  • Johnson & Johnson Services Inc. (New Jersey, U.S)

  • Merck & Co., Inc. (New Jersey, U.S)

  • Pfizer (New York, U.S)

  • AstraZeneca (Cambridge, U.K)

  • Sanofi (Paris, France)

  • Novo Nordisk A/S (Copenhagen, Denmark)


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Global Pharmaceutical Market Segmentation:

By Type:

  • Prescription Drugs

  • OTC Drugs

  • Vaccines

By Indication:

  • Anti-viral

  • Anti-infective

  • Anti-hypertensive

  • Oncology

  • Respiratory Disease

  • Cardiovascular Disorders

  • Neurology Disorders

  • Diabetes

By Distribution Channel:

  • Hospital Pharmacies

  • Retail Pharmacies

  • Online Pharmacies

By Geography:

  • North America (USA, Canada)

  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, Rest of Latin America)

  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)


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