Facts and Factors Market Research has published a new report titled “Pharmaceutical Market By API Type (Synthetic API and Biotech API), By Drug Type (Prescription Drugs and OTC Drugs), By Customer Base Type (Generic Drugs and Branded Drugs), and By Application (Oncology, Ophthalmology, Cardiovascular Disease, Gastrointestinal Disorders, Diabetes, Endocrinology, Central Nervous System & Neurological Disorders, Nephrology, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2025”. According to the report, the global Pharmaceutical market is predicted to be valued at approximately USD 1,437.48 billion in 2018 and is expected to reach a value of around USD 2,149.37 billion by 2025, at a CAGR of around 5.98 % between 2019 and 2025.
The pharmaceutical sector explores, creates, and promotes medicines or pharma drugs for using them as prescriptions to be administered or inoculated in patients with the key objective of curing them. Moreover, pharmaceuticals are also injected in patients for alleviating the symptoms. Additionally, pharma firms can effectively handle generic or brand medicines as well as medical equipment. Furthermore, the pharmaceutical is governed by various laws including patenting, drug marketing, and testing.
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Growing number of chronic ailments to drive the market growth over the forecast period
A surge in chronic diseases like diabetes and cancer are likely to steer the growth of the pharmaceutical industry over the forecast period. Furthermore, an increase in the geriatric population base prone to severe diseases will further embolden the growth of the market during the forecast timeline. In addition to this, huge government investments in healthcare activities across emerging economies like Brazil will amplify the growth of the business during the forecast period. However, diversified policies & reforms in various regions will hinder the business expansion over the forecast timeline. Furthermore, price controls and cost containing programs along with enforced cost cuts will result in low returns on the investment in the pharmaceuticals sector, thereby putting further brakes on the business growth over the forecast period. Moreover, utilization of biosimilars along with the launching of generic medicines in developed as well as emerging economies will offer new avenues of growth for the pharmaceutical industry over the forecast period.
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Apparently, patient-centric & online healthcare reforms made by the government will help the pharmaceutical industry reach scalable heights of growth over the period from 2019 to 2025. Apart from this, the huge allocation of funds for research activities will enlarge the market scope over the forecast timeline.
OTC drugs segment to record highest CAGR over the forecast period
The OTC drugs segment is set to register the highest growth rate of more than 6% during the period from 2019 to 2025. The segmental growth is credited to the drugs being sold directly to the customer without the requirement of the prescription from the healthcare service provider as compared to prescribed medicines.
Oncology segment to dominate the application landscape by 2025
The growth of the segment during the forecast period is credited to cancer which is a major cause of the death in the patient across the globe.
Asia Pacific to occupy Numero Uno Position in the overall market growth during 2019-2025
The regional market growth over the forecast timeline is attributed to the large-scale use of generic medicines in the region along with enhancement in the government rules. Countries like Japan, India, and China are expected to drive the regional market growth over the timespan from 2019 to 2025.
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Some of the key players involved in the business include AbbVie, Inc., Aurobindo Pharma, Boehringer Ingelheim International GmbH, Eli Lilly and Company, Lupin Pharmaceuticals, Inc., Abbott Laboratories, Bayer AG, F. Hoffmann-La Roche Ltd., Albemarle Corporation, GlaxoSmithKline plc, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., Pfizer, Inc., Novartis AG, Bristol-Myers Squibb Company, Sanofi, AstraZeneca, and Baxter.
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This report segments the Pharmaceutical market as follows:
Pharmaceutical Market: By API Type Analysis
- Synthetic API
- Biotech API
- Monoclonal Antibodies
- Blood Factors
- Hormones & Growth Factors
- Fusion Proteins
- Therapeutic Enzymes
Pharmaceutical Market: By Drug Type Analysis
- Prescription Drugs
- OTC Drugs
Pharmaceutical Market: By Customer Base Type Analysis
- Generic Drugs
- Branded Drugs
Pharmaceutical Market: By Application Analysis
- Cardiovascular Disease
- Gastrointestinal Disorders
- Central Nervous System & Neurological Disorders
Pharmaceutical Market: By Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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