The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

North America held the largest pharmaceutical drugs market share, and Middle East was the fastest-growing region in 2022.

The global pharmaceutical drugs market is expected to grow from $ 1.13 trillion in 2022 to $1.19 trillion in 2023 at a compound annual growth rate (CAGR) of 5.6%. The pharmaceutical drugs market is expected to reach $1.84 trillion in 2027 at a CAGR of 11.4%.

Major Driver In The Pharmaceutical Drugs Market ­– Rise In Sedentary Jobs, Busy Lifestyles, And Changing Consumer Preferences
According to the World Health Organization, chronic disease prevalence rose by 57% globally, in the year 2020. China and India together had about 193.4 million diabetic patients in 2019 and India is expected to have about 101 million diabetic patients by 2030, thereby increasing the need for biologics drugs for diabetic patients. These factors are expected to increase the patient pool globally, thereby driving the pharmaceutical drug market during the forecast period.

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Key Pharmaceutical Drugs Market Segments
1) By Type: Cardiovascular Drugs, Dermatology Drugs, Gastrointestinal Drugs, Genito-Urinary Drugs, Hematology Drugs, Anti-Infective Drugs, Metabolic Disorders Drugs, Musculoskeletal Disorders Drugs, Central Nervous System Drugs, Oncology Drugs, Ophthalmology Drugs, Respiratory Diseases Drugs
2) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies/ Drug Stores, Other Distribution Channels
3) By Route Of Administration: Oral, Parenteral, Other Route Of Administration
4) By Drug Classification: Branded Drugs, Generic Drugs
5) By Mode Of Purchase: Prescription-Based Drugs, Over-The-Counter Drugs

Recent Pharmaceutical Drugs Market Trend – Early Rx-To-OTC Switch
Early Rx-to-OTC switch, or switching the product from prescription to non-prescription status, is a key trend in the dermatology drugs market. Traditionally, the Rx-to-OTC status conversion was generally observed at a phase nearing the patent expiry or after. However, forward-thinking companies are now looking at switching from Rx-to-OTC well in advance of the patent expiry of the drug. This helps the manufacturer to capitalize on the market opportunities for the product. Early Rx-to-OTC switching also provides an additional benefit as a way to recover all the expenses incurred on the product by the company.

Pharmaceutical Drugs Market Prominent Players
Major companies in the pharmaceutical drugs market include Bristol-Myers Squibb, Sanofi S.A, Johnson & Johnson, Novartis AG, Bayer AG, Abbott Laboratories, GlaxosmithKline, AstraZenec, Merck & Co and CJ Corp.

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The Pharmaceutical Drugs Global Market Report 2023  provides a comprehensive overview on the pharmaceutical drugs market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the pharmaceutical drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Pharmaceutical drug refers to a substance created to treat, prevent, or cure an illness or other condition, or to lessen its symptoms.

View More Related Reports –
Generic Pharmaceuticals Global Market Report 2023
Pharmaceutical Drugs Global Market Report 2023
Branded Generics Global Market Report 2023

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