Global Pharmaceuticals Market Report and Forecast 2025-2034

Global Pharmaceuticals Market Overview

Ongoing innovations in product development, growth of the geriatric population fuelling the demand for more effective pharma solutions, and rising demand for personalized medicines are some of the prominent market drivers. The demand for personalized medicine solutions is growing due to the surge in demand for targeted treatment and therapies.

Market players are establishing collaborations for the expansion of their pharmaceutical capabilities. Novartis Pharma AG announced in May 2024 that it is actively strengthening its radiopharmaceutical capabilities and has extended its partnership with Peptidream Inc. in an agreement valued at a staggering USD 2.71 billion.

Moreover, some pharma providers are expected to establish a prominent position in the pharmaceuticals market due to the breakthroughs in their research. For instance, Amgen announced that in May 2024 it has obtained FDA approval for its promising lung cancer drug, Imdelltra, which signifies a major milestone in its oncology product portfolio.

Other factors influencing the market dynamics include increased government initiatives and supportive healthcare policies that are encouraging the growth of the pharmaceutical sector. Moreover, the growing demand for cost-effective generic drugs and significant investment in research and development by pharmaceutical companies are major market trends shaping the market landscape.

Global Pharmaceuticals Market Growth Drivers

Growth in Mergers and Acquisition Activities to Affect the Market Landscape Significantly

In March 2024, Bristol Myers Squibb announced that it completed the acquisition of clinical-stage biopharmaceutical company Karuna Therapeutics, with the aim to strengthen its neuroscience portfolio in a deal worth USD 14 billion. Under this acquisition, Bristol Myers Squibb gained access to the antipsychotic KarXT drug indicated for schizophrenia and other neurological conditions, and Karuna's early-stage and pre-clinical pipeline. Such strategic acquisition and market consolidation activities are anticipated to be a significant market driver in the forecast period, fostering diversification of product portfolios and bolstering the long-term growth of the pharmaceutical sector.

Expansion in Manufacturing Capabilities to Meet Rising Pharmaceuticals Market Demand

In March 2024, it was reported that Swiss multinational manufacturing company Lonza signed an agreement for acquisition of the Genentech manufacturing facility in Vacaville (United States) from pharmaceutical giant F. Hoffmann-La Roche AG in a deal estimated to be USD 1.2 billion. This acquisition aims to amplify Lonza's biologics manufacturing capacity for mammalian therapeutics along with extending the presence of its facility network in the United States. Further, the CDMO intends to invest around CHF 500 million to upgrade the capabilities of the site in order to accommodate the manufacturing needs of mammalian biologics therapies. Such strategic investments in infrastructure expansion by the leading market players are projected to fuel the market growth.

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Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Global Pharmaceuticals Market Trends

Global Pharmaceuticals Market Segmentation

Global Pharmaceuticals Market Share

Branded and Generic Pharmaceuticals Poised to Lead the Market Share

Based on the product, the market is segmented into branded and generic pharmaceuticals. The branded pharmaceuticals segment dominates a significant portion of the market share and generates considerable revenue. The segment's growth is ensured by the protection offered by patents for a certain period as well as continuous innovation in drug development. On the other hand, generics are gaining a growing market share in terms of prescription volume, particularly in regions focusing on reducing healthcare costs.

Global Pharmaceuticals Market Analysis by Region

The market is segmented into several key regions covering North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America leads the market share driven by high healthcare spending, favorable regulatory environment, and significant investment in biotech and pharmaceutical research. The United States and Canada are the key players in the region impacting the market dynamics. For instance, the US government announced the proposal of USD 1.7 trillion for mandatory funding and USD 144.3 billion for discretionary funding to the Department of Health and Human Services (HHS) for the year 2024, which can boost pharmaceutical market size in the country.

The Asia Pacific market is also poised to witness exponential growth in the forecast period, owing to the rapidly growing pharmaceutical markets in countries such as India, China, and Japan. Supportive government initiatives and increasing investment in healthcare infrastructure are some of the factors bolstering the market expansion. For example, in the 2024-25 interim budget, the Indian government offered an increase of 12.5% in funding for the healthcare sector, which is expected to boost the growth of pharmaceuticals in the country.

Leading Players in the Global Pharmaceuticals Market

Other key players in the market include Johnson & Johnson Services, Inc., Pfizer, Inc., Sanofi S.A., GSK Plc, Bristol-Myers Squibb Co., Novartis AG, AstraZeneca PLC, Eli Lilly & Co., Gilead Sciences, Inc., Amgen Inc., Novo Nordisk AS, and Bayer AG, among others.

Key Questions Answered in the Global Pharmaceuticals Market Report

• What was the global pharmaceuticals market value in 2024?
• What is the global pharmaceuticals market forecast outlook for 2025-2034?
• What are the regional markets covered in the EMR report?
• What is market segmentation based on molecular type?
• What is the market breakup based on product?
• What is the market breakup on the basis of availability?
• What are the various formulations available in the pharmaceuticals market?
• What is the market segmentation based on the therapeutic area?
• What is the market segmentation based on the route of administration?
• What is the market segmentation based on age group?
• What are the major factors aiding the global pharmaceuticals market demand? 
• How has the market performed so far and how is it anticipated to perform in the coming years?
• What are the market's major drivers, opportunities, and restraints? 
• Which regional market is expected to lead the market share in the forecast period? 
• Which country is expected to witness expedited growth during the forecast period? 
• How do the prevalence and incidence of chronic diseases affect the market landscape?
• What are the major global pharmaceuticals market trends?
• How does the rise in the geriatric population impact the market size?
• Which molecular type of pharmaceuticals will dominate the market share? 
• Which product is expected to have a high market value in the coming years?
• Which availability type will experience the highest demand in the market segment?
• Which therapeutic area is projected to contribute to the highest pharmaceuticals market growth?
• Which route of administration will witness a high market value in the forecast period?
• Which formulation is poised to lead the market share?
• Which age group is anticipated to propel the market demand?
• Who are the key players involved in the pharmaceuticals market?
• What is the patent landscape of the market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers and acquisitions among the key market players shaping the market dynamics?