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The pharmaceutical drugs market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 9%, as per The Business Research Company’s market report!

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The Pharmaceutical Drugs Market Size In 2022 And Forecast

The global pharmaceutical drugs market is expected to grow from $ 1,075.97 billion in 2021 to $1,136.23 billion in 2022 at a compound annual growth rate (CAGR) of 5.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The pharmaceutical drugs market is expected to reach $1.63 Trillion in 2026 at a CAGR of 9.5%.

The pharmaceutical drugs market consists of sales of goods and related services by entities (organizations, sole traders and partnerships) that produce and sell pharmaceutical drugs used to treat various diseases.

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Globally Increase In The Patient Pool Is Driving The Growth Of The Pharmaceutical Drugs Market

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 biological drugs for diabetic patients. These factors are expected to increase the patient pool globally, thereby driving the pharmaceutical drugs market during the forecast period.

Competitive Landscape And The Regional Analysis Of The Pharmaceutical Drugs Market

Major players in the pharmaceutical drugs market are Bristol-Myers Squibb, Sanofi S.A, Johnson & Johnson, Novartis AG, Bayer AG, Abbott Laboratories, GlaxosmithKline, AstraZenec, Merck & Co and CJ Corp.

Additionally, as per TBRC’s research – North America was the largest region in the pharmaceutical drugs market in 2021 holding the largest market share and The Middle East is expected to be the fastest-growing region in the forecast period.

The Pharmaceutical Drugs Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the pharmaceutical drugs market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the pharmaceutical drugs market.

Rx-To-OTC Status Conversion – A Key Trend In The Pharmaceutical Drugs Market

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 Segmentation By The Business Research Company

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, Others

3) By Route of Administration: Oral, Parenteral, Others

4) By Drug Classification: Branded Drugs, Generic Drugs

5) By Mode of Purchase: Prescription-Based Drugs, Over-The-Counter Drugs

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