Pharmaceuticals Market 2020-2027 | Worldwide Growth, Revenue, Size, Industry Share, Statistics & Facts and Forecast

Posted on Sep 20 2022 11:28 AM

"Impact of COVID-19 on Pharmaceuticals Market Size, Share & Industry Analysis, By Type (Drugs (Prescription Drugs and OTC Drugs), Vaccines), By Indication (Anti-viral, Anti-infective, Anti-hypertensive, Oncology, Respiratory Disease, Cardiovascular Disorders, Neurology Disorders, Diabetes, and Others) By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2020-2027"

The global pharmaceuticals market size is set to decline marginally in 2020, from the pre-coronavirus outbreak projection of USD 1,316.0 billion to USD 1,310.0 billion, exhibiting a CAGR of 4.0% for the current year. Fortune Business Insights™ has revised its analysis of this market and brought out a special report, titled “Impact Of Covid-19 On The Pharmaceuticals Market”, to study the short- and long-term effects of the pandemic on the growth of this market. According to Johns Hopkins University in the US, the global tally of confirmed COVID-19 cases has risen to 2.7 million, with the death toll standing at around 190,000 as of April 24, 2020. With most countries facing a treatment-deficit for this infection, pharmaceutical companies have diverted all their investment energies towards developing quick and effective drugs to cure affected people.

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Highlights of the report include:

  • Thorough assessment of the drivers and restraints created by the COVID-19 outbreak that will shape the future of this market;
  • Comprehensive evaluation of the various market segments and the extent of impact each segment is likely to face due to this pandemic;
  • Forecasting of emerging opportunities for players in this market and their response to this outbreak; and
  • In-depth study of the regional developments of this outbreak shaping the market.

Growing Preference for Telemedicine to Create Several Avenues for Expansion

The COVID-19 outbreak has forced governments to impose nationwide lockdowns and social distancing norms, choking economic activity and shutting down businesses. Fear of getting infected has led people to avoid crowded places and healthcare facilities in particular. As a result, there is a paradigmatic shift in preference from physical interface to virtual interaction with health and medical professionals. For example, in March, Boston Medical Center in the US launched a telemedicine site and within two days it managed to get 1500 patients onboard. Similarly, the University of South California has been actively promoting the telemedicine route for seeking medical advice.

In India, the Medical Council of India and the NITI Aayog prepared telemedicine guidelines for doctors to prescribe mild drugs such as paracetamol and provide tele-consultation services to patients. Thus, the spread of the coronavirus has spiked the adoption of telemedicine, which is likely to mitigate some of the negative effects that the pharmaceutical industry is being expected to bear.

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North America to Lead the Market Share as COVID-19 Cases Skyrocket in the US

In 2018, North America accounted for 47.0% of the global market, thereby dominating the pharmaceuticals market share. In 2020 as well, the region is expected to lead the market on account of skyrocketing number of infected people in the US. According to the Centers for Disease Control and Prevention (CDC), as of April 22, confirmed coronavirus cases in the US were at 828,441 and the death tally stood at 46,379.

Pharmaceutical giants based in the US have, therefore, spurred into action to develop treatments and vaccines for the infection, whilst continuing their development of medication for other co-morbid diseases such as diabetes and cancer. Thus, the market in North America is likely to remain steady, since the US and Canadian governments have poured massive amounts of funds into biomedical research and development activities.

List of Companies Covered in the Report:

  • Pfizer, Inc.
  • Novartis AG
  • Hoffmann-La Roche Ltd.
  • Johnson & Johnson Services Inc.
  • Merck & Co.
  • Sanofi
  • GlaxoSmithKline
  • AbbVie
  • Takeda Pharmaceuticals Ltd.
  • AstraZeneca

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Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Major Factors Driving the Impact of COVID-19
    • Impact of COVID-19 on the Supply Chain
    • Opportunities Offered by the Impact of COVID-19
  • Short-term Impact
  • Long-term Impact
    • Steps Being Taken to Minimize Impact of COVID-19
  • By Major Companies
  • By Government
  • By Industry
    • Key Industry Developments – In Response to the COVID-19 Impact
    • Regulatory and Reimbursement Changes – In Response to the COVID-19 Impact
  • Global Pharmaceuticals Market Analysis, Insights and Forecast, 2016-2027
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Type
  • Drugs
    • Prescription Drugs
    • OTC Drugs
  • Vaccines
    • Market Analysis, Insights and Forecast – By Indication
  • Anti-viral
  • Anti-infective
  • Anti-hypertensive
  • Oncology
  • Respiratory Disorders
  • Cardiovascular Disorders
  • Neurology Disorders
  • Diabetes
  • Others

TOC Continued.....

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