The global pharmaceutical drugs market was valued nearly $934 billion in 2017. North America accounted for about 36% of the global pharmaceutical drugs market in 2017. The USA was the largest country in the pharmaceutical drugs market, accounting for nearly 25% of the market.
The pharmaceutical drugs industry develops drugs to diagnose, cure, treat or prevent diseases. Pharmaceutical drugs are subjected to various laws and regulations that deal with patenting, testing, safety, efficacy and marketing. Pharmaceutical companies manufacture pharmaceutical drugs from active pharmaceutical ingredients (API) and excipients.
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Pharmaceutical Drugs Market Size
The global pharmaceutical drugs market size is expected to grow to above $1 trillion in 2021 at an annual rate of about 5%. Fast growth is mainly due to the increasing size of global aging population, increasing health insurance reforms and changing lifestyles among consumers.
Novartis AG was the largest competitor with around 4% of the pharmaceutical drugs market, followed by Sanofi S.A., Pfizer Inc., Gilead Sciences, Inc. and Johnson & Johnson (exact figures are mentioned in report).
Novartis is a multinational pharmaceutical company that develops, manufactures and markets healthcare products. The company was founded in 1970 and is headquartered in Basel, Switzerland.
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Company profiles included in the pharmaceutical drugs market report are Novartis AG, Sanofi S.A., Pfizer Inc., Gilead Sciences, Inc., Johnson & Johnson, GlaxoSmithKline Plc., Bayer AG, Teva Pharmaceuticals, and Merck & Co.
The pharmaceutical drugs market is segmented by type into musculoskeletal disorders drugs, cardiovascular drugs, oncology drugs, anti-infective metabolic disorders drugs, central nervous system drugs, genito-urinary drugs, respiratory diseases drugs, gastrointestinal drugs, hematology drugs, dermatology drugs and ophthalmology drugs. Among these segments, the musculoskeletal disorders drugs market accounted for the largest share of the pharmaceutical drugs market.
Trends witnessed in the global pharmaceutical drugs industry include increasing demand for new medicines used for drug-resistant infections, increasing need for personalized medicines and rising consolidation in the pharmaceutical market.
Pharmaceutical industry data shows that with growing demand for pharmaceutical drugs in emerging economies, rising income levels, growing ageing population and expanding health insurance reforms across nations, the scope and potential for the global pharmaceuticals drugs market is expected to increase significantly in the forecast period.
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