Mid-Size Pharmaceutical Market Research Report and Outlook by 2028

The mid-sized pharmaceutical sector is projected to expand significantly, with its market value anticipated to rise from US$ 651,349.9 million in 2021 to US$ 1,000,584.3 million by 2028. This growth represents a compound annual growth rate (CAGR) of 6.4% over the period from 2021 to 2028.

Several factors are propelling this market expansion, including the increasing incidence of chronic diseases and a surge in the number of product launches and approvals. However, intense competition among industry players poses challenges to the growth of the mid-sized pharmaceutical market.

Key segments that define the global pharmaceutical landscape include revenue, therapeutic areas, research and development (R&D) spending, and market reach. The mid-sized pharmaceutical category is one of three primary classifications within the industry, focusing on the creation of generic medications and therapies for rare diseases. Companies in this segment typically generate revenues ranging from US$ 1 billion to US$ 10 billion. The rising prevalence of chronic conditions, a rapidly growing elderly demographic, and an increase in product launches and approvals are expected to further support the growth of the mid-sized pharmaceutical market.

The aging population and evolving social behaviors are contributing to a consistent rise in common and expensive long-term health issues. Urbanization is leading to more sedentary lifestyles, which in turn is increasing obesity rates and the prevalence of diseases such as diabetes. The World Health Organization (WHO) forecasts that the incidence of chronic diseases will rise by 57% by 2026, with developing countries facing the most significant impact due to their higher population growth rates. The escalating demand for healthcare systems, driven by the rising occurrence of chronic illnesses, has become a pressing concern.

Diabetes stands out as one of the most significant global health challenges of the 21st century. Each year, a growing number of individuals are diagnosed with this condition, leading to serious health complications. The International Diabetes Federation (IDF) reported that approximately 46 million people in North America had diabetes in 2019, with projections indicating this number could rise to 62 million by 2045, marking a 35% increase over the forecast period. The COVID-19 pandemic has further highlighted the vulnerabilities of healthcare systems worldwide, emphasizing the need for preparedness against such outbreaks. Consequently, the rising prevalence of chronic diseases is a significant driver of growth in the mid-sized pharmaceutical market.

The mid-sized pharmaceutical market is categorized by product type into prescription medications and over-the-counter (OTC) drugs. In 2021, the OTC segment commanded a larger share of the market and is expected to achieve a higher CAGR of 6.7% during the forecast period.

When examining drug development methods, the market is divided into in-house and outsourced development. The outsourced segment held a larger market share in 2021 and is projected to grow at a CAGR of 6.7% from 2021 to 2028.

In terms of formulation types, the mid-sized pharmaceutical market includes tablets and capsules, injectables, sprays, and other forms. The tablets and capsules segment was the largest in 2021 and is expected to experience the highest CAGR of 7.1% during the forecast period.

Therapeutically, the mid-sized pharmaceutical market is segmented into areas such as cardiovascular diseases, pain management, diabetes, cancer, and other conditions. The diabetes segment held the largest market share in 2021, while the cancer segment is anticipated to grow at the highest CAGR of 7.0% from 2021 to 2028.

In preparing the report on the mid-sized pharmaceutical market, several key secondary sources were utilized, including the World Health Organization (WHO), the Economic Co-operation and Development (OECD), the Brazilian Ministry of Economy, GLOBOCAN, the Centers for Disease Control and Prevention (CDC), the United Nations International Children's Emergency Fund (UNICEF), and the US Census Bureau.