Twopip Research

Mid-Size Pharmaceuticals Global Market Report 2024

The mid-size pharmaceuticals market size has grown strongly in recent years. It will grow from $678.75 billion in 2023 to $727.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be ascribed to several factors, including the expansion of the generic drug market, the expiration of patents for blockbuster drugs, initiatives to contain healthcare costs, the growth of biotechnology, and regulatory changes that foster innovation. The mid-size pharmaceuticals market size is expected to see strong growth in the next few years. It will grow to $935.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated growth in the forecast period can be linked to several factors, including the increasing adoption of value-based care models, streamlined regulatory pathways, rising health awareness and patient empowerment, a growing demand for generic and biosimilar drugs, and the emergence of digital therapeutics. Noteworthy trends expected in the forecast period encompass a heightened emphasis on patient-centric approaches, the widespread adoption of artificial intelligence (AI), global market expansion strategies, initiatives focused on environmental sustainability, and the increased utilization of telemedicine and remote patient monitoring.The anticipated growth in the mid-size pharmaceuticals market is expected to be propelled by the increased prevalence of chronic diseases. Chronic diseases, characterized as long-term medical conditions requiring ongoing management and treatment, generate substantial demand for medications. Mass spectrometry techniques play a crucial role in identifying, quantifying, and analyzing biomarkers and metabolites associated with these chronic diseases. The projected rise in the prevalence of chronic diseases, as highlighted by data from the National Library of Medicine in January 2023, indicates a substantial increase in the number of individuals aged 50 and older with at least one chronic disease, from 71.522 million in 2020 to an estimated 142.66 million in 2050 - an increase of 99.5%. Consequently, the surge in chronic diseases is a significant driver behind the growth of the mid-size pharmaceuticals market.The increasing expenditure on healthcare is expected to contribute to the growth of the mid-size pharmaceutical market. Healthcare encompasses the organized provision of medical care, preventive services, diagnostic testing, treatment, and support services, with the overarching goal of maintaining and improving overall health. Higher healthcare spending often translates into increased investment in research and development within the pharmaceutical industry. Mid-sized pharmaceutical companies stand to benefit from this heightened investment, enabling them to develop and introduce new drugs to the market. For example, data from the Economic Survey of 2022 reveals that India's public expenditure on healthcare reached 2.1% of GDP in 2021–22. Furthermore, a survey conducted by Willis Towers Watson Public Limited Company indicates a global average growth in healthcare benefit costs, which increased to 8.8% in 2022 and is projected to further rise to 10% in 2023. This increased healthcare expenditure is poised to drive the growth of the mid-size pharmaceutical market.Technology advancements stand out as a prominent trend gaining momentum in the mid-size pharmaceuticals market. Leading companies in this market are leveraging technology to maintain their competitive positions. For example, in May 2023, Google Cloud, the suite of cloud computing services offered by Google, introduced A.I.-powered tools aimed at accelerating drug discovery and precision medicine. One such tool, the Target and Lead Identification Suite, assists businesses in anticipating and understanding protein structure, a critical aspect of drug research. Another tool, the Multiomics Suite, enables researchers to ingest, store, analyze, and share large volumes of genetic data.Major companies in the mid-size pharmaceuticals sector are strategically focusing on product development and launches, particularly in the area of precision medicine platforms, to sustain their market positions. A precision medicine platform is an advanced technology or system designed to customize medical treatment and interventions based on the specific characteristics of individual patients. In February 2023, C4X Discovery Holdings PLC, a mid-size pharmaceutical company based in the UK, unveiled its innovative precision medicine platform, PatientSeek. This platform identifies patients who are most likely to benefit from a specific medication based on their genetic makeup. The launch of PatientSeek follows successful validation in patient stratification, where a subgroup of patients responding positively to treatment was identified during a retrospective analysis of a Phase 3 clinical trial for Parkinson's disease. This development showcases the potential of precision medicine in optimizing treatment outcomes by leveraging genetics for targeted and effective medication strategies.In March 2023, Sun Pharmaceutical Industries Limited, an India-based pharmaceutical company, acquired Concert Pharmaceuticals for $576 million. This strategic acquisition enables Sun Pharmaceutical Industries Limited to incorporate Concert's innovative medicines, including deuruxolitinib - a novel, deuterated, oral JAK1/2 inhibitor - into its pipeline. Deuruxolitinib holds potential for treating adult patients with moderate to severe alopecia areata, expanding Sun Pharmaceutical's portfolio and strengthening its position in the mid-size pharmaceuticals market. Concert Pharmaceuticals Inc., the acquired entity, is a US-based late-stage clinical mid-sized biopharmaceutical company dedicated to developing innovative medicines with unique therapeutic properties.Major companies operating in the mid-size pharmaceuticals market report are Baxter International Inc., Teva Pharmaceutical Industries Ltd., Otsuka Pharmaceutical Co Ltd., Arkema Inc., Astellas Pharma Inc., Daiichi Sankyo Co. Ltd., Alexion Pharmaceuticals Inc., UCB S.A., Sun Pharmaceutical Industries Ltd., Eisai Co. Ltd., Wuxi AppTec co. Ltd., Les Laboratoires Servier S.A., Hospira Inc., Perrigo Co PLC, Aurobindo Pharma Limited, Cipla Limited, Hikma Pharmaceuticals, Endo International PLC, Taisho Pharmaceutical Holdings Co. Ltd., BioMarin Pharmaceutical Inc., Mallinckrodt PLC, Exelixis Inc., Mylan Pharmaceuticals Inc., Neurocrine Biosciences Inc., Kyowa Kirin Co. Ltd., Emergent BioSolutions Inc.North America was the largest region in the mid-size pharmaceutical market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mid-size pharmaceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mid-size pharmaceuticals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.The primary modes of drug development for mid-sized pharmaceutical firms include in-house and outsourced approaches. In-house activities refer to functions conducted internally within the organization by its own employees or departments, rather than being outsourced to external parties or contractors. In the context of mid-sized pharmaceuticals, in-house activities encompass a range of functions such as research and development, manufacturing, quality control, regulatory affairs, sales and marketing, and other operational aspects of the pharmaceutical business. These companies typically offer prescription and over-the-counter medications in various forms, including tablets, capsules, injectables, sprays, and others, catering to the treatment of conditions such as cardiovascular diseases, pain management, diabetes, cancer, and more.The mid-size pharmaceuticals market research report is one of a series of new reports that provides mid-size pharmaceuticals market statistics, including the mid-size pharmaceuticals industry's global market size, regional shares, competitors with a mid-size pharmaceuticals market share, detailed mid-size pharmaceuticals market segments, market trends, and opportunities, and any further data you may need to thrive in the mid-size pharmaceuticals industry. This mid-size pharmaceuticals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.The mid-sized pharmaceuticals market consists of revenues earned by entities providing pharmaceutical services such as drug development, research activities, generic drug manufacturing, and contract manufacturing. The market value includes the value of related goods sold by the service provider or included within the service offering. The mid-sized pharmaceuticals market consists of the sales of goods such as prescription drugs, over-the-counter medications, generic drugs, and other pharmaceutical products targeting specific therapeutic areas or niche markets. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.This product will be delivered within 3-5 business days.