The global pharmaceuticals market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Pharmaceuticals is a category of fine chemicals which is known by their minimal quantity usage and substantial cost. These sophisticated, pure chemical substances are produced in minimal amounts and based on accurate requirements for their supposed application. Pharmaceuticals are produced in batches, unlike continuous production that is used for bulk chemicals. Furthermore, production associated with pharmaceuticals requires transformation of basic chemicals into complexes which act as ingredients for various drugs.
Pharmaceuticals are segmented based on three main criteria. They are:
Based on business segment, pharmaceuticals are three types
- API’s or Bulk drugs
Based on therapeutic use, pharmaceuticals are of following types
- Metabolic System
- Infectious Diseases
- Other Therapeutic Uses
As pharmaceuticals are products used in treating diseases and therapeutic conditions in the healthcare industry, demand from this industry is expected to increase the growth of this market. Demand from healthcare markets is actually increasing because of growing population in developing countries.
Drivers and Restraints of Pharmaceuticals Market
Growing investments in the healthcare industry in regions like Europe and the Americas are likely to offer tremendous possibilities for pharmaceuticals market in the future. As healthcare for every individual is a necessity and growing population increases the number of individuals in need of healthcare, many multinational businesses are investing in the market.
Pharmaceuticals are exposed to immense generics competition. Pharmaceuticals have stringent regulations when it comes to drug approvals. Existing and future regulations concerning the use of certain pharmaceuticals in few countries are likely to hinder the market growth.
Pharmaceuticals Market by Region
North America was the largest consumer of pharmaceuticals and this pattern is anticipated to continue to be identical over the following few years. Consumption in the USA is showing upward trend because of increase in population and access to healthcare. Growing demand for healthcare will drive pharmaceuticals market in the USA. With major production capacities in the USA, the region is likely to grow in terms of global supply capability. Consumption of pharmaceuticals in the Europe and Asia is likely to grow at a significant rate.
Top players in the global pharmaceuticals market include Abbott, Akzo Nobel N.V, Albemarle Corporation, AstraZeneca, BASF SE, Boehringer Ingelheim GmbH, Clariant AG, Eastman Chemical Company, Evonik Industries, GlaxoSmithKlein, Lonza Group Ltd, Merck and co., Roche, Royal DSM N.V., The Dow Chemical Company and others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth