Pharmaceutical Drugs Global Market to Reach $1.63 Trillion by 2026 at a CAGR of 9.5%

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Oct 07, 2022, 15:00 ET

DUBLIN, Oct. 7, 2022 /PRNewswire/ -- The "Pharmaceutical Drugs Global Market Report 2022: By Type, By Distribution, By Route, By Drug, By Mode" report has been added to ResearchAndMarkets.com's offering.

The global pharmaceutical drugs market is expected to grow from $ 1,075.97 billion in 2021 to $1,136.23 billion in 2022 at a compound annual growth rate (CAGR) of 5.6%. The market is expected to reach $1,635.128 billion in 2026 at a CAGR of 9.5%.

North America was the largest region in the pharmaceutical drugs market in 2021. Middle East is expected to be the largest growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The rise in sedentary jobs, busy lifestyles and changing consumer preferences are affecting the disease profile of the world population, especially non-communicable diseases such as cancer, diabetes and cardiovascular diseases. Long working hours, less physical activity, and unhealthy eating and drinking habits are major causes of chronic diseases such as diabetes.

According to the World Health Organization, chronic disease prevalence rose by 57% globally, in the year 2020. China and India together had about 193.4 million diabetic patients in 2019 and India is expected to have about 101 million diabetic patients by 2030, thereby increasing the need for biologics drugs for diabetic patients. These factors are expected to increase the patient pool globally, thereby driving the pharmaceutical drugs market during the forecast period.

Interest rates globally are forecasted to rise in most of the developing and developed economies, during the forecast period, this is expected to limit new investments in the market. Most countries across the world are raising interest rates to control inflation and also to limit the flow of capital out of the country.

This is likely to affect new investments in terms of expansion, research and development of new products. For instance, the US interest rates rose up to 3.5% by 2021. These factors are expected to have a negative impact on the market as borrowing money becomes expensive, thereby affecting the pharmaceuticals market growth.

Early Rx-to-OTC switch, or switching the product from prescription to non-prescription status, is a key trend in the dermatology drugs market. Traditionally, the Rx-to-OTC status conversion was generally observed at a phase nearing the patent expiry or after.

However, forward-thinking companies are now looking at switching from Rx-to-OTC well in advance of the patent expiry of the drug. This helps the manufacturer to capitalize on the market opportunities for the product. Early Rx-to-OTC switching also provides an additional benefit as a way to recover all the expenses incurred on the product by the company.

For example, in 2020, FDA has switched three prescription drugs to OTC including Voltaren for arthritis pain, olopatadine hydrochloride 0.1% and 0.2% (Pataday Twice Daily Relief and Pataday Once Daily Relief) for temporary relief of itchy and red eyes due to pollen, ragweed and grass.

Scope
Markets Covered:
1) By Type: Cardiovascular Drugs; Dermatology Drugs; Gastrointestinal Drugs; Genito-Urinary Drugs; Hematology Drugs; Anti-Infective Drugs; Metabolic Disorders Drugs; Musculoskeletal Disorders Drugs; Central Nervous System Drugs; Oncology Drugs; Ophthalmology Drugs; Respiratory Diseases Drugs
2) By Distribution Channel: Hospital Pharmacies; Retail Pharmacies/ Drug Stores; Others
3) By Route Of Administration: Oral; Parenteral; Others
4) By Drug Classification: Branded Drugs; Generic Drugs
5) By Mode Of Purchase: Prescription-Based Drugs; Over-The-Counter Drugs

Key Topics Covered:

1. Executive Summary

2. Report Structure

3. Pharmaceutical Drugs Market Characteristics

4. Pharmaceutical Drugs Market Product Analysis

5. Pharmaceutical Drugs Market Supply Chain

6. Pharmaceutical Drugs Market Customer Information

7. Pharmaceutical Drugs Market Trends And Strategies

8. Impact Of COVID-19 On Pharmaceutical Drugs

9. Pharmaceutical Drugs Market Size And Growth

10. Pharmaceutical Drugs Market Regional Analysis

11. Pharmaceutical Drugs Market Segmentation

12. Pharmaceutical Drugs Market Segments

13. Pharmaceutical Drugs Market Metrics

14. Asia-Pacific Pharmaceutical Drugs Market

15. Western Europe Pharmaceutical Drugs Market

16. Eastern Europe Pharmaceutical Drugs Market

17. North America Pharmaceutical Drugs Market

18. South America Pharmaceutical Drugs Market

19. Middle East Pharmaceutical Drugs Market

20. Africa Pharmaceutical Drugs Market

21. Pharmaceutical Drugs Market Competitive Landscape

22. Key Mergers And Acquisitions In The Pharmaceutical Drugs Market

23. Market Background: Pharmaceuticals Market

24. Recommendations

25. Appendix

26. Copyright And Disclaimer

Companies Mentioned