LONDON, Sept. 20, 2016 /PRNewswire/ -- The pharmaceuticals industry develops drugs to diagnose, cure, treat or prevent diseases. Pharmaceutical companies produce both generic and branded drugs for medications. Pharmaceuticals are subjected to various laws and regulations that deal with patenting, testing, safety, efficacy and marketing of drugs.
Pharmaceutical companies produce biological products, pharmaceutical preparations and medicinal and botanical products.
The pharmaceuticals market was the second largest of the selected industries in 2015, accounting for $XX billion. It is one of the main providers to other healthcare industries including hospital and outpatient care, dental services and diagnostics services. The healthcare services market was the largest market accounting for $XX billion. The pharmaceutical market was the second largest market, accounting for $XX. The medical equipment market was the third largest market and was worth $XX billion.
The America's was the largest geographic market in the pharmaceuticals market in 2015, accounting for $XX billion or XX% of the global market. The America's is the largest market because of the presence of large number of elderly population, prevalence of chronic lifestyle diseases such as diabetes and obesity. Asia was the second largest geographic market, accounting for $XX billion or XX% of the global market. Europe was the third largest geographic market, accounting for $XX billion or XX% of the global market. The Middle East and Africa accounted for XX% and Oceania accounts for XX% of the global pharmaceuticals market.
Global per capita average pharmaceuticals expenditure grew from $XX in 2011 to $XX in 2015 at a CAGR of XX% and is expected to grow to $XX in 2019 at a CAGR of XX%. Per capita average pharmaceuticals expenditure is increasing because of rise in population, urbanisation and ageing population. It is also being driven by increase in awareness on various diseases.
Turning Away From Animal Testing – The pharmaceutical industry is moving away from animal testing towards cheaper and more efficient technologies. For example, LiverChip technology created an alternative model of testing which uses a 3D cell culture platform that mimics the architecture and physiology of a human being, which was significantly less expensive and more efficient than animal testing.
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