BURLINGAME, Calif., Feb. 22, 2024 /PRNewswire/ — CoherentMI published a report, titled, United States Pharmaceuticals Market was valued at US$ 599.47 Billion in the year 2023, and is anticipated to reach a US$ 1,068.02 Billion by 2030, with growing at a CAGR of 8.6% during forecast period 2023-2030.
Market Dynamics:
The United States Pharmaceuticals Market is driven by two main factors. Firstly, the increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer is fueling the demand for pharmaceutical products. With the growing aging population and unhealthy lifestyles, the incidence of chronic diseases is on the rise, leading to a higher demand for effective medications. Additionally, the rising awareness and accessibility of healthcare facilities across the country are contributing to the growth of the pharmaceuticals market.
Secondly, technological advancements in drug development and manufacturing processes are boosting market growth. Innovative drug discovery techniques, such as targeted therapies and precision medicine, are revolutionizing the pharmaceutical industry. This has led to the development of personalized treatment options, which provide higher efficacy and reduced side effects. Furthermore, advancements in manufacturing processes, such as automation and digitization, are improving production efficiency and reducing costs, making pharmaceutical products more affordable for consumers.
United States Pharmaceuticals Market Report Coverage:
|
Report Coverage |
Details |
|
Study Period |
2023 – 2030 |
|
Base Year of Estimation |
2022 |
|
CAGR |
8.6 % |
|
Largest Market |
Northeast |
|
Market Concentration |
High |
|
Major Players |
Johnson and Johnson Inc., Pfizer Inc., AbbVie Inc., Merck KGaA, Bristol-Myers Squibb Company and Among Others. |
|
Segments Covered |
By Product Type, By Therapy Area, By Distribution Channel, By Route of Administration, By End User |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Growth Drivers |
• Increasing Prevalence of Chronic Diseases |
|
Restraints and Challenges |
• Probability of Drug Abuse |
Key Market Takeaways:
The United States Pharmaceuticals Market Size is anticipated to witness a CAGR of 8.6% during the forecast period 2023-2030, owing to the increasing demand for innovative drugs and advancements in healthcare infrastructure.
On the basis of product type, the prescription drugs segment is expected to hold a dominant position, owing to the high prevalence of chronic diseases and the availability of a wide range of therapeutic options.
On the basis of therapy area, the oncology segment is expected to dominate the market, driven by the rising incidence of cancer and the development of targeted therapies.
In terms of distribution channel, hospital pharmacies are expected to hold a dominant position, due to the presence of well-established healthcare facilities and a higher preference for purchasing medications from hospitals.
In terms of region, North America is expected to dominate the market, primarily due to the strong healthcare infrastructure, high healthcare expenditure, and presence of key market players in the region.
Key players operating in the United States Pharmaceuticals Market include Johnson and Johnson Inc., Pfizer Inc., AbbVie Inc., Merck KGaA, Bristol-Myers Squibb Company, Amgen Inc., Eli Lilly and Company, Novartis AG, Gilead Sciences, Inc., F. Hoffmann-La Roche Ltd, Sanofi, AstraZeneca, GSK plc., Bayer AG, Boehringer Ingelheim International GmbH, Teva Pharmaceutical Industries Ltd., Abbott and Biogen. These key players are actively involved in research and development activities, strategic collaborations, and mergers and acquisitions, contributing to the market growth.
Market Trends:
Two key trends are shaping the United States Pharmaceuticals Market. Firstly, there is a growing emphasis on specialty pharmaceuticals. These are high-cost medications that target specific diseases and conditions, such as rare diseases, cancers, and autoimmune disorders. The increasing demand for personalized medicine and the development of biologics are driving the growth of the specialty pharmaceutical segment.
Secondly, there is a rising trend of pharmaceutical companies forming strategic partnerships and collaborations to enhance their product portfolios and market presence. These partnerships allow companies to leverage their combined resources, expertise, and technologies to develop innovative medications and reach a wider customer base. Additionally, collaborations with academic institutions and research organizations enable pharmaceutical companies to access cutting-edge research and development capabilities.
Recent Development:
In July 2020, to treat individuals with COVID-19, Novartis AG introduced a portfolio of 15 OTC and generic medications from the Sandoz division.
In March 2020, the first over-the-counter medication that combines inuprofen and acetaminophen for pain treatment is Advil Dual Action from GlaxoSmithKline, which has received FDA approval.
Read complete market research report, “United States Pharmaceuticals Market, By Product Type, By Therapy Area, By Distribution Channel, By Route of Administration, By End User, and other Segment Forecast 2023-2030“, Published by CoherentMI.
Market Opportunities:
Increasing Demand for Biologics and Biosimilars
The United States Pharmaceuticals Market is anticipated to witness a significant growth opportunity in the demand for biologics and biosimilars. Biologics are large, complex molecules derived from living organisms, while biosimilars are similar versions of these biologic drugs that have been approved by regulatory authorities. The increasing prevalence of chronic diseases such as cancer and autoimmune disorders has led to a rise in the demand for biologics and biosimilars as effective treatment options.
On the basis of product type, the biologics and biosimilars segment is expected to hold a dominant position in the market. The development and commercialization of biosimilars have gained momentum in recent years, as they offer cost-effective alternatives to expensive biologic drugs. The rising focus on personalized medicine and targeted therapies is also driving the demand for biologics and biosimilars.
Growing Online Pharmacies
Another market opportunity in the United States Pharmaceuticals Market is the growing popularity of online pharmacies. Online pharmacies provide customers with the convenience of ordering medications from the comfort of their own homes, and they often offer competitive pricing compared to traditional brick-and-mortar pharmacies.
By distribution channel, the online pharmacies segment is expected to witness significant growth during the forecast period. The increasing digitalization and penetration of smartphones and internet access have fueled the growth of e-commerce in various industries, including pharmaceuticals. The COVID-19 pandemic has further accelerated the adoption of online pharmacies, as people are increasingly avoiding crowded places and seeking contactless options for purchasing essential medications.
In conclusion, the United States Pharmaceuticals Market presents lucrative opportunities in the increasing demand for biologics and biosimilars, as well as the growing popularity of online pharmacies. The market is projected to witness substantial growth, driven by factors such as the rising prevalence of chronic diseases, advancements in healthcare technology, and favorable government initiatives. Key players in the market are focusing on innovation and strategic partnerships to maintain their market position and capitalize on the evolving market trends.
United States Pharmaceuticals Market Segmentation:
By Product Type
Prescription Drugs
Generic Drugs
OTC Drugs
Biologics
Biosimilars
By Therapy Area
Oncology
Diabetes
Autoimmune Diseases
Neurological Disorders
Cardiovascular
Infectious Diseases
Others (Respiratory, Gastrointestinal, etc.)
By Distribution Channel
Hospital Pharmacies
Retail Pharmacies
Online Pharmacies
Others
By Route of Administration
Oral
Parenteral
Topical
Others
By End-User
Hospitals
Clinics
Homecare
Others
By Geography
Northeast
West
South
Midwest
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Top Questions Answered in this Report (FAQs):
What factors are impeding the growth of the United States Pharmaceuticals Market?
What are the primary drivers fueling the growth of the United States Pharmaceuticals Market?
Which segment stands out as the leading component in the United States Pharmaceuticals Market?
Who are the key players actively participating in the United States Pharmaceuticals Market?
Which region is poised to take the lead in the United States Pharmaceuticals Market?
What is the projected CAGR for the United States Pharmaceuticals Market?
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