Pharma Market REPORT OVERVIEW
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The global pharma market size was USD 484.00 billion in 2021 & the market is projected to touch USD 1,518.48 billion in 2031, exhibiting a CAGR of 11.8% during the forecast period. Merck, Sanofi, GlaxoSmithKline, AbbVie, Abbott Laboratories, Novartis, Johnson & Johnson, Hoffmann-La Roche, Mopson Pharmaceutical Limited, Merck & Co., Pfizer, Zolon Healthcare Limited, Bayer, Sanofi Nigeria, and Sun Pharma are the top companies operating in the pharma market.
The global COVID-19 pandemic has been unprecedented and staggering, with pharma experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
Pharma industry develops, discovers, and produces pharmaceutical drugs which is use for medication purpose. The medicines aim to cure diseases.
A rise in demand for drug and increased prevalence of disease globally is estimated to drive market growth. Growing R&D activities coupled with mergers & acquisition in the pharmaceutical sector is anticipated to fuel market growth. Increased investment by market players and single-use disposable solution is predicted to fuel market progress. Increased adoption of artificial intelligence (AI) and rapid adoption of open transfer manufacturing techniques are predicted to fuel market progress. Further, increased prevalence of chronic condition such as diabetes, cancer, and other dieses. Growing number of disease and increased awareness about women healthcare is estimated to fuel market growth in the forthcoming years. On the contrary, fluctuation of raw materials prices to harm market growth in the coming years. Further, high demand for several clinical test to approve is anticipated to restrict market progress.
COVID-19 Impact: Increased Need for Vaccines & Medicines to Fuel Market Growth
The global COVID-19 pandemic affected several businesses in 2020. Pharma market witnessed a positive growth due to high demand for vaccines and coronavirus medicines. Increased number of clinical trial activities and growing healthcare investment to surge market growth. Huge R&D investment and growing sales of drugs & vaccines coupled with high prioritized to treat respiratory diseases expand market growth.
On the contrary, lockdown restrictions hampered supply and chain and distribution.
LATEST TRENDS
"Increased R&D Activities among Pharmaceutical Companies to Fuel Market Growth"
Increased R&D activities in the pharmaceutical companies and growing geriatric population is estimated to surge market progress. Huge demand to treat diseases and advanced research methods and clinically tested medicines are predicted to fuel market progress. Increased investment by market players and single-use disposable solution is predicted to fuel market progress. Increased adoption of artificial intelligence (AI) and rapid adoption of open transfer manufacturing techniques are predicted to fuel market progress. Further, increased prevalence of chronic condition such as diabetes, cancer, and other dieses. Growing number of disease and increased awareness about women healthcare is estimated to fuel market growth in the forthcoming years.
Pharma Market SEGMENTATION
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- By Type
Based on type, the market is divided into prescription-based drugs and over-the-counter drugs.
Prescription-based drugs are expected to be the top part of the segmentation type.
- By Application
Based on the application, the market is divided into hospital pharmacies, retail pharmacies/ drug stores, and others.
Retail pharmacies/ drug stores are expected to be the top part of application segmentation.
DRIVING FACTORS
"Adoption of New Technology and High Demand for Prescription-Based Drugs to Stimulate Market Growth "
Huge adoption of new technology in the healthcare sector and high demand for prescription-based drugs is estimated to fuel market growth. Increasing number of patients prefer to have doctor prescribed drugs and rise in demand for drugs to cure diseases are anticipated to surge market growth. Growing awareness and prevalence of chronic diseases such as diabetes, cancer, and others and huge availability of treatment options is estimated to foster market growth in the forthcoming years. Increased patient population globally is projected to boost market growth. High concern to treat cardiovascular diseases is anticipated to surge market growth.
"Government Regulations and Easy Availability of Medicines to Foster Market Growth "
Increased government regulation to develop cost-effective medicines. Increased investment by government to develop new products and increased number of hospitalizations is predicted to fuel market growth. Increased adoption of medicines to treat disease is anticipated to fuel market growth. Huge technological advancements in drug development process and huge customer base is predicted to drive market growth in the forthcoming years.
RESTRAINING FACTORS
"Fluctuation of Raw Material Prices to Harm Market Growth "
Fluctuation of raw materials prices to harm market growth in the coming years. Further, high demand for several clinical test to approve is anticipated to restrict market progress.
Pharma Market REGIONAL INSIGHTS
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"Large Number of Strategic Pharma Partnerships in North America to Drive Market Share "
North America is estimated to dominate pharma market share owing to large number of strategic pharma partnerships and rise in disease incidence. Huge customer base in the region and well-established companies are estimated to drive market growth. Adoption of new technology and a rise in demand for drug and increased prevalence of disease globally is estimated to drive market growth. Growing R&D activities coupled with mergers & acquisition in the pharmaceutical sector is anticipated to fuel market growth.
Asia Pacific is anticipated to account for second-largest position due to adoption of new technologies. Increased investment by market players and single-use disposable solution is predicted to fuel market progress. Increased adoption of artificial intelligence (AI) and rapid adoption of open transfer manufacturing techniques are predicted to fuel market progress. Further, increased prevalence of chronic condition such as diabetes, cancer, and other dieses. These factors are estimated to fuel market growth in the forthcoming years.
KEY INDUSTRY PLAYERS
"Leading Players Adopt New Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Merck (U.S.)
- Sanofi (France)
- GlaxoSmithKline (U.K.)
- AbbVie (U.S.)
- Abbott Laboratories (U.S.)
- Novartis (Switzerland)
- Johnson & Johnson (U.S.)
- Hoffmann-La Roche (Switzerland)
- Mopson Pharmaceutical Limited (Nigeria)
- Merck & Co. (U.S.)
- Pfizer (U.S.)
- Zolon Healthcare Limited (Nigeria)
- Bayer (Germany)
- Sanofi Nigeria (Nigeria)
- Sun Pharma (India)
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 484 Billion in 2021 |
Market Size Value By |
US$ 1518.48 Billion by 2031 |
Growth Rate |
CAGR of 11.8% from 2021 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
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By Type
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By Application
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Frequently Asked Questions
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What value is pharma market expected to touch by 2031?
The global pharma market size is expected to reach USD 1,518.48 billion in 2031.
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What CAGR is pharma market expected to exhibit by 2031?
The pharma market is expected to exhibit a CAGR of 11.8% by 2031.
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Which are the driving factors of the pharma market?
Drivers of this pharma market are adoption of new technology and high demand for prescription-based drugs and government regulations and easy availability of medicines.
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Which are the top companies operating in the pharma market?
Merck, Sanofi, GlaxoSmithKline, AbbVie, Abbott Laboratories, Novartis, Johnson & Johnson, Hoffmann-La Roche, Mopson Pharmaceutical Limited, Merck & Co., Pfizer, Zolon Healthcare Limited, Bayer, Sanofi Nigeria, and Sun Pharma are the top companies operating in the pharma market.
