Pharmaceutical Drugs Global Market Report 2021: COVID 19 Impact and Recovery to 2030

New York, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pharmaceutical Drugs Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06027764/?utm_source=GNW
04 billion in 2020 to $981.73 billion in 2021 at a compound annual growth rate (CAGR) of 0.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1280.42 billion in 2025 at a CAGR of 7%.

The pharmaceutical drug market consists of sales of goods and related services by entities (organizations, sole traders and partnerships) that produce and sell pharmaceutical drugs used to treat various diseases.This industry includes establishments that produce drugs such as cardiovascular drugs, gastrointestinal drugs, genito-urinary drugs, hematology drugs and other drugs used to treat cardiovascular diseases, rare genetic disorders, infections, metabolic disorders, cancers, respiratory diseases and others.

The pharmaceutical drug market is segmented into cardiovascular drugs; dermatology drugs; gastrointestinal drugs; genito-urinary drugs; hematology drugs; anti-infective drugs; metabolic disorders drugs; musculoskeletal disorders drugs; central nervous system drugs; oncology drugs; ophthalmology drugs; and respiratory diseases drugs.

North America was the largest region in the global pharmaceutical drugs market, accounting for 44% of the market in 2020.Asia Pacific was the second largest region accounting for 27% of the global pharmaceutical drugs market.

Africa was the smallest region in the global pharmaceutical drugs market.

Early Rx-to-OTC switch, or switching the product from prescription to non-prescription status, is a key trend in the dermatology drugs market.Traditionally, the Rx-to-OTC status conversion was generally observed at a phase nearing the patent expiry or after.

However, forward-thinking companies are now looking at switching from Rx-to-OTC well in advance of the patent expiry of the drug.This helps the manufacturer to capitalize on the market opportunities for the product.

Early Rx-to-OTC switching also provides an additional benefit as a way to recover all the expenses incurred on the product by the company. For example, in 2020 FDA has switched three prescription drugs to OTC including Voltaren for arthritis pain, olopatadine hydrochloride 0.1% and 0.2%(Pataday Twice Daily Relief and Pataday Once Daily Relief) for temporary relief of itchy and red eyes due to pollen, ragweed and grass.

Interest rates globally are forecasted to rise in most of the developing and developed economies, during the forecast period; this is expected to limit new investments in the market.Most countries across the world are raising interest rates to control inflation and also to limit the flow of capital out of the country.

This is likely to affect new investments in terms of expansion, research and development of new products. For instance, the US interest rates are expected to rise up to 3.5% by 2021. These factors are expected to have a negative impact on the market as borrowing money becomes expensive, thereby affecting the pharmaceuticals market growth.

The rise in sedentary jobs, busy lifestyles and changing consumer preferences are affecting the disease profile of the world population, especially non-communicable diseases such as cancer, diabetes and cardiovascular diseases.Long working hours, less physical activity, and unhealthy eating and drinking habits are major causes of chronic diseases such as diabetes.

According to the World Health Organization, chronic disease prevalence is expected to rise by 57% globally, by the year 2020. China and India together had about 193.4 million diabetic patients in 2019 and India is expected to have about 101 million diabetic patients by 2030, thereby increasing the need for biologics drugs for diabetic patients. These factors are expected to increase the patient pool globally, thereby driving the pharmaceutical drugs market during the forecast period.
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