World pharmaceutical market: changes in revenue by region 2023

This statistic shows the change in revenue on the global pharmaceutical market in 2023, by region. In that year, the Latin American pharmaceutical market reported an increase of just over nine percent compared to the previous year. 

Global pharmaceutical market

During 2023, the pharmaceutical market has experienced the largest growth in North America. The North American industry reported around 12 percent of increase in market revenue from 2022 to 2023 while the EU’s revenues increased by nearly 10 percent. Emerging markets consist of 22 percent of the industry’s market value in 2023, in comparison to only 13 percent in 2006. Countries like China are rapidly reforming the medical industry. China’s five-year plan (2011-2015) intended to overhaul the health care system and increase insurance coverage. Government stimulus, increased health awareness, and improved R&D capabilities are expected to drive China’s pharmaceutical industry growth. An increasingly large as well as aging population has also helped to expand the healthcare system. The country generated some 112 billion U.S. dollars in pharmaceutical industry revenue in 2023. 

In 2023, the North American pharmaceutical market generated over 700 billion U.S. dollars in revenue while Asia, Africa and Australasia, collectively, accounted for around 360 billion dollars in total. As of 2022, the global pharmaceutical market was worth some 1.6 trillion U.S. dollars based on invoice spending.