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The pharmaceuticals market is forecasted to achieve exponential growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 19%, as per The Business Research Company’s market report!

Read More On The Pharmaceuticals Market Report 2022 – https://www.thebusinessresearchcompany.com/report/pharmaceuticals-global-market-report

The Pharmaceuticals Market Size In 2022 And Forecast

The global pharmaceuticals market is expected to grow from $1.45 trillion in 2021 to $1.58 trillion in 2022 at a compound annual growth rate (CAGR) of 9.1%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The pharmaceuticals market is expected to reach $3.20 trillion in 2026 at a CAGR of 19.2%.

The pharmaceuticals market consists of sales of pharmaceuticals and related services by entities (organizations, sole traders and partnerships) that produce pharmaceuticals used in treating diseases.

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Increase In The Patient Pool Is Driving The Growth Of The Pharmaceuticals Market

According to the WHO, by 2030, one in every six people on the planet will be 60 or older. The proportion of the population aged 60 and up will rise from 1 billion in 2020 to 2.2 billion by 2050. This rise in the aging population increased the patient pool of many chronic diseases such as rheumatoid arthritis, hypertension, diabetes and cancer. The increase in the patient pool drove the demand for pharmaceuticals used in the treatment of these diseases, significantly impacting market growth during this period.

Competitive Landscape And The Regional Analysis Of The Pharmaceuticals Market

Major players in the pharmaceuticals market are Johnson & Johnson, Novartis AG, Bristol-Myers Squibb, AbbVie, Sanofi S.A, Pfizer Inc., GlaxosmithKline, F. Hoffmann-La Roche Ltd., and Merck & Co, AstraZeneca

Additionally, as per TBRC’s research – North America was the largest region in the pharmaceuticals 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 Pharmaceuticals 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 pharmaceuticals 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 pharmaceuticals market.

Adopting Precision Therapies– A Key Trend In The Pharmaceuticals Market

Pharmaceutical companies are offering drugs for customized individual treatment for various diseases. Personalized medicine, also referred to as precision medicine, aims to provide medical care according to the patient’s individual characteristics and genetic makeup. Precision therapies are increasingly being adopted as firms increasingly let go of the one-size-fits-all model for common medical conditions.

Pharmaceuticals Market Segmentation By The Business Research Company

1) By Type: Pharmaceutical Drugs, Biologics

2) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Others

3) By Nature: Organic, Conventional

Subsegments Covered: 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, Monoclonal Antibodies (MAbs), Therapeutic Proteins, Vaccines

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