The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The mid-size pharmaceuticals market has experienced robust growth in recent years, with promising projections for the future. Key statistics outline this upward trend:

• Market size surged from $678.75 billion in 2023 to $727.15 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 7.1%.
• Forecasts predict further expansion, reaching $935.65 billion by 2028, boasting a CAGR of 6.5%.

Drivers of Growth

Several factors underpin this growth momentum, including:

• Increasing demand for generic drugs
• Patent expirations of blockbuster medications
• Healthcare cost containment measures
• Expansion in biotechnology
• Regulatory changes fostering innovation

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Rising Prevalence Of Chronic Diseases Fuels Growth In Mid-Size Pharmaceuticals Market

Chronic Diseases: A Driving Force

The surge in chronic diseases significantly contributes to the market’s expansion, driven by:

• Long-term management requirements
• High demand for medications
• Utilization of mass spectrometry techniques for analysis

Statistical Insights

• By 2050, the population aged 50 and older with at least one chronic disease is projected to reach 142.66 million, compared to 71.522 million in 2020, indicating a 99.5% rise.

Industry Players

Prominent companies driving this growth include Baxter International Inc., Teva Pharmaceutical Industries Ltd., and others.

Technology Advancements Shaping The Mid-Size Pharmaceuticals Market

Embracing Technological Advancements

Technology integration stands out as a prominent trend within the mid-size pharmaceuticals sector, as exemplified by:

• Utilization of AI-powered tools for drug discovery and precision medicine
• Google Cloud’s AI-powered tools aiding in protein structure prediction and genetic data analysis

Sun Pharmaceutical Industries’ Strategic Acquisition

• In March 2023, Sun Pharmaceutical Industries Limited acquired Concert Pharmaceuticals for $576 million, enriching its pipeline with deuruxolitinib, a novel treatment for alopecia areata.

Segmentation Insights and Regional Dynamics

Segmentation Breakdown

The mid-size pharmaceuticals market is segmented based on:

• Drug Development Type: In-House, Outsource
• Type: Prescription, Over the Counter
• Formulation: Tablets, Capsules, Injectables, Sprays, Other Formulations
• Application: Cardiovascular Diseases, Pain Management, Diabetes, Cancer, Other Conditions

Regional Dynamics

• North America dominated the market in 2023.
• Asia-Pacific is projected to witness the fastest growth in the forecast period.

Conclusion: Embracing Innovation for Sustainable Growth

The mid-size pharmaceuticals market’s promising trajectory underscores the importance of embracing innovation and leveraging technological advancements. As the prevalence of chronic diseases rises and technological solutions evolve, industry players must adapt to meet shifting demands and seize emerging opportunities. With a focus on patient-centric approaches, global expansion strategies, and sustainable initiatives, the mid-size pharmaceuticals sector is poised for continued growth and advancement in the years to come.

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