The global pharmaceuticals market reached a value of nearly $1,217.1 billion in 2019, having increased at a compound annual growth rate of 6.7% since 2015. The market is expected to decline from $1,217.1 billion in 2019 to $1,209.6 billion in 2020 at a rate of -0.6%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a rate of 8.5% from 2021 and reach $1,738.2 billion in 2023.
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The pharmaceuticals market consists of sales of pharmaceuticals and related services by entities (organizations, sole traders and partnerships) that produce pharmaceuticals used in treating diseases. This industry includes establishments that produce biologics and pharmaceutical drugs. The pharmaceutical industry develops drugs to diagnose, cure, treat or prevent diseases, infections, and injuries.
Global Pharmaceuticals Market Segmentation –
1) By Type: Pharmaceutical Drugs, Biologics
2) By Type Of Pharmaceutical Drugs: Cardiovascular Drugs, Dermatology Drugs, Gastrointestinal Drugs, Genito-Urinary Drugs
3) By Type Of Biologics Drugs: Monoclonal Antibodies, Therapeutic Proteins, Vaccines
Global Pharmaceuticals Market Driver –
Technology is expected to be a continued driver of pharmaceuticals market growth during the forecast period. An area of particular development is likely to be physiology simulation modeling. Markets such as this one will benefit from the greater efficiencies offered by new technologies. For example, Eli Lilly and Pfizer have adopted Amazon’s Elastic Compute Cloud (EC2) platform to conduct simulation models in early drug discovery that have been operational within hours, whereas traditional models would have taken weeks to conduct simulations . Technological advances will contribute to the growth of the pharmaceuticals market.
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Few Points From The Global Pharmaceuticals Market TOC
1. Pharmaceuticals Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction
7. Pharmaceuticals Market Characteristics
8. Pharmaceuticals Market, Supply Chain Analysis
9. Pharmaceuticals Market, Product/Service Analysis – Product/Service Examples
10. Pharmaceuticals Market Customer Information
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