Largest pharmaceutical companies by market capitalization in the UK 2024
AstraZeneca was the leading pharmaceutical company in the United Kingdom (UK) as of October 15, 2024, with a market capitalization amounting to approximately 242.15 billion U.S. dollars. GlaxoSmithKline followed as the second-largest pharma company in the country, with market capitalization of nearly 80 billion U.S. dollars. Examining the United Kingdom’s standing within total pharmaceutical spending worldwide, the country was among the leading national pharmaceutical markets in 2023.
How has the United Kingdom's pharmaceutical industry evolved?
The expenditure on pharmaceutical research and development in the United Kingdom more than doubled between 2002 and 2021. In recent times, pharmaceutical companies have made significant investments in research and development (R&D) to develop novel drugs and therapies. As people age and chronic diseases become more prevalent, there is a greater demand for pharmaceutical products. This demographic shift has led to increased sales volumes for many pharmaceutical companies. As a result, the revenues from pharmaceutical manufacturing in the United Kingdom rose steadily in recent years.
What is the outlook for the global pharmaceutical sector?
The global pharmaceutical sector is expected to grow annually, driven by aging populations, the rise in chronic diseases, and improving access to healthcare in developing regions. Between 2023 and 2027, the projected growth of the pharmaceutical market in Latin America is anticipated to achieve a compound annual rate of 22 percent. The United Kingdom's pharmaceutical sector is expected to grow annually by 10.6 percent in the given period. Also, it is interesting to note that China is expected to have the lowest growth.
