Increasing Prevalence of Chronic Diseases Drives Mid-Size Pharaceutical Market Growth

According to our latest study on "Mid-Size Pharmaceutical Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Drug Development Type, Formulation, and Therapy Class," the global mid-size pharmaceutical market is expected to grow from US$ 6,51,349.9 million in 2021 to US$ 10,00,584.3 by 2028; it is estimated to grow at a CAGR of 6.4% from 2021 to 2028. Rising geriatric population across the world and increasing chronic disorders prevalence drive the market growth. Moreover, increased urbanization and surged government expenditures on the healthcare sector are expected to boost the market growth in the coming years. However, the industry faces many challenges, including regulatory hurdles, escalating R&D costs, and competition from generic drugs and biosimilars, which hamper the growth of the mid-size pharmaceutical market.

The aging population and changing social behavior contribute to the steady increase in common and costly long-term health problems. With the accelerating urbanization, people are adopting a sedentary lifestyle, which boosts the rates of obesity and cases of illnesses, such as diabetes. According to the World Health Organization, the prevalence of chronic diseases is projected to increase by 57% by 2026. Emerging markets will be hit hardest, as population growth is expected to be the strongest in developing countries. Increasing demand for health care systems due to the rising incidence of chronic illnesses has become a major concern.

Diabetes is one of the biggest global health problems of the 21st century. Every year, many people develop this condition, causing life-changing complications. According to the International Diabetes Federation (IDF), the number of people with diabetes in North America was about 46 million in 2019 and is projected to increase to 62 million by 2045. The increase in disease prevalence would be about 35% during the predicted period. Pandemics such as COVID-19, have tested the rate at which infections unfold throughout the globe. Pandemics exert periodic and enormous disruptive strains on fitness systems. Healthcare establishments across the world want to be geared up to collectively comprise outbreaks once they occur. Thus, the increasing prevalence of chronic disorders boosts the mid-size pharmaceutical market growth.

DAIICHI SANKYO COMPANY, LIMITED; Eisai Co., Ltd.; Bausch Health Companies Inc.; Regeneron Pharmaceuticals, Inc; Sun Pharmaceutical Industries Ltd; Alexion Pharmaceuticals, Inc.; Mallinckrodt; Endo Pharmaceuticals Inc.; Les Laboratories Servier; and UCB S.A. are a few leading companies operating in the global mid-size pharmaceutical market.

The report segments the mid-size pharmaceutical market as follows:

Based on type, the mid-size pharmaceutical market is bifurcated into prescription and over-the-counter.

In 2021, the over-the-counter segment held a larger share of the market. Moreover, the same segment is anticipated to register a higher CAGR during the forecast period. Based on drug development type, the mid-size pharmaceutical market is bifurcated into in-house and outsource. The outsource segment held a larger share of the market in 2021 and is anticipated to register a higher CAGR during the forecast period. Based on formulation, the global mid-size pharmaceutical market is segmented into tablets & capsules, injectables, sprays, and other formulations. In 2021, the tablets & capsules segment held the largest share of the market and is anticipated to register the highest CAGR during the forecast period. Based on therapy area, the market is segmented into cardiovascular diseases, pain management, diabetes, cancer, and other conditions. In 2021, the diabetes segment held the largest share of the market. However, the cancer segment is anticipated to register the highest CAGR during the forecast period. Based on geography, the mid-size pharmaceutical market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The North American market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into France, Germany, the UK, Spain, Italy, and the rest of Europe. The APAC mid-size pharmaceutical market is subsegmented into China, India, Japan, Australia, South Korea, and the rest of APAC. The market in MEA is further segmented into Saudi Arabia, the UAE, South Africa, and the rest of the MEA. The South & Central America mid-size pharmaceutical market is segmented into Brazil, Argentina, and the rest of SAM.

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