The Business Research Company Global Pharmaceutical Drugs Market Report 2021 – Impact and Recovery of COVID-19
LONDON, GREATER LONDON, United Kingdom, November 1, 2021 /EINPresswire.com/ – 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 the main 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 globally, leading to the pharmaceutical drugs market during the forecast period.
The global pharmaceutical drug market size is expected to grow from $ 975.04 billion in 2020 to $ 981.73 billion 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 pharmaceutical drugs market is expected to reach $ 1280.42 billion in 2025 at a CAGR of 7%.
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.
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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 from Rx to OTC status has generally been observed near or after patent expiration. However, forward-thinking companies are now considering switching 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, 0.1% and 0.2% olopatadine hydrochloride (Pataday Twice Daily Relief and Pataday Once Daily Relief ) for temporary relief from itching and red eyes due to pollen, ragweed. and grass.
The major players in the global pharmaceutical drugs market are Novartis AG, Sanofi SA, Pfizer Inc., Gilead Sciences, Inc., Johnson & Johnson.
The Global TBRC Pharmaceutical Drugs Market report is segmented by Type into Cardiovascular Drugs, Dermatologic Drugs, Gastrointestinal Drugs, Genitourinary Drugs, Hematologic Drugs, Anti-Infection Drugs, Metabolic Disorders Drugs, Musculo-Disorders Drugs. skeletal drugs, central nervous system drugs, oncology drugs, ophthalmology drugs, drugs for respiratory diseases, by distribution channel in hospital pharmacies, retail pharmacies / pharmacies, others, by oral route, parenteral, others , by classification of drugs into branded drugs, generic drugs.
Global Pharmaceutical Drugs Market Report 2021 – By type (cardiovascular drugs, dermatological drugs, gastrointestinal drugs, genitourinary drugs, hematological drugs, anti-infective drugs, metabolic disorders drugs, musculoskeletal disorders drugs, central nervous system drugs, oncological drugs, ophthalmological drugs, respiratory disease drugs), By distribution channel (hospital pharmacies, retail pharmacies / pharmacies), by administration route (oral, parenteral), by drug classification (brand-name drugs, generic drugs), by mode of purchase ( Prescription Drugs, Over-the-Counter Drugs), COVID-19 Impact And Recovery is part of a series of new reports from The Business Research Company that provides an overview of the pharmaceutical drugs market, a forecast for the size and growth of the pharmaceutical drug market for the entire market, segments of Pharmaceutical drugs market and geographies, pharmaceutical drugs market trends, pharmaceutical drugs market drivers, restraints, revenue, profiles and market share of key competitors.
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