Bengaluru, NFAPost: The global pharmaceuticals market size is expected to gain momentum by reaching USD 2,151.1 billion by 2027 while exhibiting a Compound Annual Growth Rate (CAGR) of 7.0% between 2020 and 2027. According to Fortune Business Insights, this is attributable to the increasing prevalence of chronic disease and the growing adoption of modern technologies that are leading to the evolving pharmaceuticals sector amid COVID-19 globally.
The report further mentions that the market stood at USD 1,230.2 billion in 2019. Stalled R&D Healthcare Projects Owing to COVID-19 to Hinder Growth In March 2020, companies such as Pfizer, Eli Lilly, Bristol-Myers Squibb, and Provention Bio, among others officially announced the postponing of the clinical trials that were underway to focus on the novel coronavirus.
According to the research of clinicaltrials.gov, around 2522 clinical trials were suspended, and 1099 trials got postponed between the months of January and May 2020. The postponement of R&D healthcare projects has led to the reduced demand for pharmaceuticals that is affecting the growth of the market.
However, the increased spending in the healthcare sector, along with the rising focus on finding a cure for the global pandemic is expected to bode well for the market in the near future. A massive spurt in healthcare spending owing to the burden of the treatment of chronic diseases and several disorders for the past ten years has boosted the adoption of pharmaceutical products globally.
The pharma companies are aiming to provide affordable and efficient treatment to the patients by focusing on innovating their products to cater to the rising demand.
Increasing Prevalence of Chronic Disease to Accelerate Growth
According to the report by the Partnership to Fight Chronic Disease Organization, around 133 million Americans that constitute over 45% of the total population suffer from at least one chronic condition.
The increasing prevalence of chronic disease is expected to propel the demand for advanced pharmaceuticals by patients globally. Additionally, the emergence of technology has led to the increasing adoption of innovative digital technologies to provide better diagnosis and treatment facilities.
These factors are likely to boost the global pharmaceuticals market growth in the forthcoming years. Visit the following link to get the short-term and long-term impact of COVID-19 on this Market: https://www.fortunebusinessinsights.com/impact-of-covid-19-on-pharmaceuticals-market-102685
Drug Segment Held a Major Market Share in 2019 The drug segment, based on the type, held a major share of the market in 2019 and is expected to showcase considerable growth backed by the increasing sales of generic and prescription pharmaceuticals drugs.
Presence of Established Players in North America to favour growth among all the regions while North America is expected to experience significant growth and hold the highest position in the global pharmaceuticals market during the forecast period.
This is attributable to the increasing innovation in the pharmaceutical industry owing to the presence of major pharma companies in the region. North America stood at USD 501.7 billion in 2019. Europe, on the other hand, is expected to hold the second position in the market during the forecast period.
This is ascribable to factors such as the increasing investment in R&D activities to develop effective pharmaceutical vaccines in the region between 2020 and 2027.
Product Innovation by Major Companies to Gain Market Dominance
The global pharmaceuticals market is fragmented by the presence of major companies that are focusing on introducing innovative pharmaceutical products to cater to the growing demand from the healthcare sector. In addition to this, other key players are adopting organic and inorganic growth strategies to maintain their presence that will favor the growth of the market in the forthcoming years.
A spate of companies is focusing on targeting infectious disease pathogens to develop advanced vaccines which are profiled in the Global Market for Pharmaceuticals: GlaxoSmithKline plc. (London, U.K), F. Hoffmann-La Roche Ltd. (Basel, Switzerland), Novartis AG (Basel, Switzerland), Johnson & Johnson Services Inc. (New Jersey, U.S.), Merck & Co., Inc. (New Jersey, U.S.), Pfizer (New York, U.S.), AstraZeneca (Cambridge, U.K.), Sanofi (Paris, France), Novo Nordisk A/S (Copenhagen, Denmark).
You can request a sample copy of the research report here: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/impact-of-covid-19-on-pharmaceuticals-market-102685
