Global Pharmaceutical Market Size to Worth USD 2845.3 Billion by 2032, Rising Healthcare Expenditure and Innovations in Drug Research Propels Growth | Research by SNS Insider
With continuous advancements in biotechnology, AI-driven drug discovery, and expanding precision medicine applications, the pharmaceutical industry is set for a transformative decade.
Pune, Feb. 26, 2025 (GLOBE NEWSWIRE) — Pharmaceutical Market Size & Growth Analysis:
“According to SNS Insider, the Global Pharmaceutical Market size was valued at USD 1598 Billion in 2023 and is projected to reach USD 2845.3 Billion by 2032, growing at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2032.”
The growth of the Pharmaceutical Market is influenced by various factors, including the rising demand for innovative therapies, government efforts to enhance healthcare access, and the expansion of pharmaceutical manufacturing capabilities globally. The pharmaceutical business is experiencing a transformation with a powerful focus on analysis and improvement (R&D) to satisfy unfulfilled medical desires. The rising prevalence of chronic diseases, like cancer, diabetes, and cardiovascular disorders, has led to the emergence of advanced treatments. Moreover, the increased adoption of digital health technologies and recognition of vaccine development and biologics are also contributing to the growth of the market.
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Major Pharmaceutical Companies Profiled in this Report:
- Key Service Providers/Manufacturers
- Pfizer Inc. (Comirnaty, Ibrance)
- Johnson & Johnson (Stelara, Darzalex)
- Roche Holding AG (Herceptin, Avastin)
- Novartis AG (Cosentyx, Kisqali)
- Merck & Co., Inc. (Keytruda, Gardasil 9)
- Sanofi (Dupixent, Lantus)
- AstraZeneca (Tagrisso, Farxiga)
- GlaxoSmithKline plc (GSK) (Shingrix, Trelegy Ellipta)
- Eli Lilly and Company (Mounjaro, Trulicity)
- Bristol-Myers Squibb (BMS) (Opdivo, Eliquis)
- AbbVie Inc. (Humira, Rinvoq)
- Moderna, Inc. (Spikevax, mRNA-1273.222)
- Gilead Sciences, Inc. (Biktarvy, Veklury)
- Bayer AG (Xarelto, Eylea)
- Takeda Pharmaceutical Company (Entyvio, Ninlaro)
- Amgen Inc. (Repatha, Prolia)
- Biogen Inc. (Spinraza, Aduhelm)
- Regeneron Pharmaceuticals, Inc. (Dupixent, Eylea)
- Boehringer Ingelheim (Jardiance, Ofev)
- Teva Pharmaceuticals (Austedo, Ajovy)
Pharmaceutical Market Report Scope
| Report Attributes | Details |
| Market Size in 2023 | US$ 1598 Billion |
| Market Size by 2032 | US$ 2845.3 Billion |
| CAGR | CAGR of 6.6% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Segments Overview
By Molecule Type
The pharmaceutical sector was led by conventional drugs (small molecules), which contributed 54% of the overall revenue share. Small-molecule drugs will still be the backbone of the pharmaceutical industry because they are of a lower cost, couples readily to a straightforward manufacture process, and a variety of diseases have well-established treatment plans for them. These medicines are especially useful for chronic diseases and infectious diseases. Nonetheless, we are also seeing a gradual transition to biologics and biosimilars, as they are very effective in treating complex diseases, including cancer and autoimmune diseases. Over the forecast period, biologics products like monoclonal antibodies and gene therapies are anticipated to gain considerable traction owing to their targeted therapeutic models and capacity to cover previously untreatable conditions.
By Product
In 2023, the branded segment accounted for the largest share 66% due to the high demand for patented drugs and innovative therapies. Branded pharmaceuticals are often associated with advanced R&D, rigorous clinical trials, and strong marketing strategies, which contribute to their premium pricing and market dominance. Nevertheless, the segment of generic drugs is also growing fast, especially in emerging markets, thanks to their low price and many blockbuster drugs going off patent. The biosimilars segment is proving to be a significant growth, providing more affordable options for patients needing expensive biologics and increasing patient access to advanced treatment.
By Type
In 2023, the prescription drugs segment accounted for the largest revenue share of 88%, owing to the high dependence on prescribed drugs for treating chronic and acute diseases. These medications are necessary to treat some complex diseases for which the use of specialized medical supervision is required. Even though the over-the-counter (OTC) drugs market is growing with significant growth rate, it is growing fast because of their easy accessibility and increased self-medication for minor ailments. The growing number of over-the-counter drugs for allergy management, pain relief, and gastroenteritis is anticipated to increase segment growth during the forecast period.
By End Market
In 2023, hospitals led the end-user segment with 53% share of total market revenue. Hospitals are the main site of comprehensive treatment for acute and chronic illness, which requires a constant supply of pharmaceuticals. The increasing cases of hospital admissions as well as the rising healthcare infrastructure in developing regions also drive the demand for pharmaceutical products. Retail pharmacies and online pharmacies also play an important role as end-users, while the online pharmacy end-user type is witnessing rapid growth thanks to home delivery and growing e-commerce platform adoption.
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Pharmaceutical Market Segmentation
By Pharmaceutical Molecule Type
- Biologics & Biosimilars (Large Molecules)
- Monoclonal Antibodies
- Vaccines
- Cell & Gene Therapy
- Others
- Conventional Drugs (Small Molecules)
By Pharmaceutical Product
- Branded
- Generics
By Pharmaceutical Type
- Prescription
- OTC
By Pharmaceutical Disease
- Cardiovascular diseases
- Cancer
- Diabetes
- Infectious diseases
- Neurological disorders
- Respiratory diseases
- Autoimmune diseases
- Mental health disorders
- Gastrointestinal disorders
- Women’s health Diseases
- Genetic and rare genetic diseases
- Dermatological conditions
- Obesity
- Renal diseases
- Liver conditions
- Hematological disorders
- Eye conditions
- Infertility conditions
- Endocrine disorders
- Allergies
- Others
By Pharmaceutical Route of Administration
- Oral
- Topical
- Parenteral
- Intravenous
- Intramuscular
- Inhalations
- Other
By Pharmaceutical Formulation
- Tablets
- Capsules
- Injectable
- Sprays
- Suspensions
- Powders
- Other Formulations
By Pharmaceutical End Market
- Hospitals
- Clinics
- Others
Regional Insights
In 2023, North America was the most prominent revenue contributor to the global pharmaceutical market, with 45.0% of the total revenue share. This dominance of market owing to the market’s advanced healthcare infrastructure, the high healthcare expenditure, and strong presence of leading pharmaceutical companies. North America dominated the market, and the U.S. is likely the largest market in this region as the region has a developed healthcare system, extensive research and development activities (R&D), supportive government policies, and a high prevalence of chronic diseases. New statistics released by the Centers for Disease Control and Prevention (CDC) show that almost 60% of adults in the U.S. have at least one chronic disease, accentuating the need for novel therapies.
In the forecast period, the Asia-Pacific region is anticipated to be growing with the fastest growth as it is driven by fast urbanization, increasing expenditure for healthcare as well as the extending of pharmaceutical manufacturing capacities. Countries like China and India are implementing governments policies to increase health care accessibility and reduce infectious and chronic disease burdens. India’s pharmaceutical industry, often referred to as the “pharmacy of the world,” is a major exporter of generic drugs, contributing significantly to the global market.
Recent Developments
- In 2023, Pfizer Inc. launched a new mRNA-based vaccine for respiratory syncytial virus (RSV), marking a significant advancement in vaccine technology.
- In January 2024, Roche received FDA approval for its novel immunotherapy drug for advanced melanoma, showcasing the growing focus on oncology treatments.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Pharmaceutical Market by Pharmaceutical Molecule Type
8. Pharmaceutical Market by Pharmaceutical Product
9. Pharmaceutical Market by Pharmaceutical Type
10. Pharmaceutical Market by Pharmaceutical Disease
11. Pharmaceutical Market by Pharmaceutical Route of Administration
12. Pharmaceutical Market by Pharmaceutical Formulation
13. Pharmaceutical Market by Pharmaceutical End Market
14. Regional Analysis
15. Company Profiles
16. Use Cases and Best Practices
17. Conclusion
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