Pharmaceuticals - G7

The Pharmaceuticals market is expected to reach a projected revenue of US$813.30bn in 2024.
among the various markets, the largest market is Oncology Drugs, which is projected to have a market volume of US$136.00bn in the same year.
Looking ahead, the market is anticipated to experience an annual growth rate of 4.65% (CAGR 2024-2029), resulting in a market volume of US$1,021.00bn by 2029.
When it comes to global comparison, United States is predicted to generate the highest revenue, with an estimated US$630.30bn in 2024.
This signifies the significant presence of the Pharmaceuticals market in the G7 country.
In Japan, the pharmaceutical market is driven by an aging population and a high demand for innovative healthcare solutions.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

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Analyst Opinion

The global Pharmaceuticals market has been growing steadily over the years, and the G7 countries have been at the forefront of this growth.

Customer preferences: Customers in the G7 countries have been increasingly demanding personalized healthcare solutions. They are looking for drugs that are tailored to their specific needs and are more effective in treating their illnesses. This has led to an increase in the development of specialized drugs and personalized medicine.

Trends in the market: The Pharmaceuticals market in the G7 countries has been witnessing a shift towards specialty drugs. Specialty drugs are high-cost drugs that are used to treat complex and chronic medical conditions such as cancer, autoimmune diseases, and rare genetic disorders. The demand for these drugs has been increasing due to the rise in the prevalence of these diseases.Another trend in the Pharmaceuticals market in the G7 countries is the growing focus on research and development. The pharmaceutical companies are investing heavily in R&D to develop new drugs and treatments. This has led to the development of innovative drugs that are more effective in treating diseases and have fewer side effects.

Local special circumstances: The Pharmaceuticals market in each of the G7 countries has its own unique characteristics. For example, in the US, the market is heavily regulated by the FDA, which has a significant impact on the development and approval of new drugs. In Japan, the market is dominated by domestic companies, and there is a strong focus on the development of generic drugs.

Underlying macroeconomic factors: The growth of the Pharmaceuticals market in the G7 countries is driven by several macroeconomic factors. These include the aging population, the rise in chronic diseases, and the increasing healthcare expenditure. The aging population has led to an increase in the prevalence of chronic diseases such as cancer and diabetes, which has in turn led to an increase in the demand for drugs.In conclusion, the Pharmaceuticals market in the G7 countries is witnessing a shift towards specialty drugs, a growing focus on research and development, and a demand for personalized healthcare solutions. The market in each country has its own unique characteristics, and the growth is driven by macroeconomic factors such as the aging population and the rise in chronic diseases.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.