New York, February 24, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Pharmaceutical Drugs Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/ p06027764 /? utm_source = GNW
04 billion in 2020 to 981.73 billion dollars in 2021 at a compound annual growth rate (CAGR) of 0.7%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 1280.42 billion in 2025 at a CAGR of 7%.
The pharmaceutical drugs market comprises the sales of goods and related services by entities (organizations, independent traders and partnerships) that produce and sell pharmaceutical drugs used to treat various diseases. This industry includes establishments that produce drugs such as drugs – urinary drugs, hematological drugs and other drugs used to treat cardiovascular diseases, rare genetic diseases, infections, metabolic disorders, cancers, respiratory diseases and others.
The pharmaceutical drug market is segmented into cardiovascular drugs; dermatological drugs; gastrointestinal drugs; genitourinary drugs; hematology drugs; anti-infective drugs; drugs for metabolic disorders; drugs for musculoskeletal disorders; drugs for the central nervous system; oncological drugs; ophthalmic drugs; and drugs for respiratory diseases.
North America was the largest region in the global pharmaceutical drug market, accounting for 44% of the market in 2020. Asia-Pacific was the second largest region accounting for 27% of the global pharmaceutical drug market.
Africa was the smallest region in the world pharmaceutical drug market.
The early shift from Rx to OTC, or the product’s shift from prescription to non-prescription status, is a key trend in the dermatological drug market. Traditionally, the conversion of status from Rx to OTC has generally been observed at a phase close to patent expiration. or after.
However, forward-thinking companies are now planning to switch from Rx to OTC long before the drug’s patent expires. This helps the manufacturer to capitalize on market opportunities for the product.
Switching early Rx to OTC also provides an added benefit as a way to recoup any expenses incurred by the company on the product. For example, in 2020 the FDA transferred three over-the-counter prescription drugs including Voltaren for arthritis pain, olopatadine hydrochloride 0.1% and 0.2% (Pataday Twice Daily Relief and Pataday Once Daily Relief) for temporary relief of itching and red eyes due to pollen, ragweed. and grass.
Global interest rates are expected to rise in most developing and developed economies over the forecast period; this should limit new investments in the market. Most countries around the world are raising interest rates to control inflation and also to limit the flow of capital out of the country.
This will likely affect new investments in terms of expansion, research and development of new products. For example, US interest rates are expected to increase up to 3.5% by 2021. These factors are expected to negatively impact the market as borrowing money becomes expensive, thereby affecting the growth of the product market. pharmaceuticals.
The increase in sedentary jobs, busy lifestyles and changing consumer preferences are affecting the disease profile of the world’s population, especially noncommunicable diseases such as cancer, diabetes and cardiovascular disease. Long working hours, less physical activity, and poor eating and drinking habits are major causes of chronic diseases such as diabetes.
According to the World Health Organization, the prevalence of chronic diseases is expected to increase by 57% globally by 2020. China and India together had around 193.4 million diabetic patients in 2019 and India is expected to have approximately 101 million diabetic patients by 2030. thus increasing the need for biologic drugs for diabetic patients. These factors are expected to increase the patient pool in the world thereby driving the pharmaceutical drugs market during the forecast period.
Read the full report: https://www.reportlinker.com/p06027764/?utm_source=GNW
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