Global pharmaceutical industry is responsible for the progress, production and marketing of medications. The worldwide pharmaceutical market growth results in the revenue of $1057.2 billion. Pharmaceutical companies invest 20 percent and more of their revenue in market research and development. The United States is a key player in pharmaceutical innovations. The pharmaceutical industry branches out to involve the research, marketing of drugs and biologics development.
The pharmaceutical market was valued at $1 trillion in 2013, according to IMS. Chronic diseases have been a major source of revenue in supplementing the pharmaceutical industry growth. In 2013 alone, cancer drugs made around $67 billion of global revenue. The pharmaceutical market was driven by a rise in healthcare spending and high market growth and the biologics segment. Cancer is the largest segment, accounting for a significant part of the global industry followed by pain and diabetes.
Key International Markets:
As per pharmaceutical market forecast, a compound annual growth rate of over 5% resulted in $1.3 trillion in annual global drug sales. According to pharmaceutical market analysis of reports suggest that in past five years;
More spending in these countries will be driven by rising incidences of disease, favourable government policies and improving healthcare infrastructure.
Pharmaceutical Key Players
United States and Europe are the home of the leading pharmaceutical companies. Top global players from the United States are Johnson & Johnson, Merck and AbbVie. Novartis and Roche from Switzerland, GlaxoSmithKline and AstraZeneca from the United Kingdom, and French Sanofi are the European giants in the pharmaceutical market. Based on prescription sales, New York based Pfizer is the world’s second largest pharmaceutical company.
Pharmaceutical Sales Forecast
Pharmaceutical industry trends show that the global market is set to show steady growth in the next five years at a CAGR of 4-5%. Increasing number of patients suffering from chronic and terminal diseases are expanding the pharmaceutical industry size annually with a consistent rate. Innovative on-prescription drugs and over-the-counter drugs entering the market and biologics such as targeted therapies for cancer will be a key in driving pharmaceutical industry growth.
