Pharmaceutical Drugs Market Players Focus On Digital Solutions To Mitigate Long-Term Risks In Terms Of The COVID-19 Impact

Segments covered: By Type – 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, Respiratory Diseases Drugs; By Distribution Channel – Hospital Pharmacies, Retail Pharmacies/ Drug Stores, Others; By Route Of Administration – Oral, Parenteral, Others; By Drug Classification – Branded Drugs, Generic Drugs; By Mode Of Purchase – Prescription-Based Drugs, Over-The-Counter Drugs

LONDON, Aug. 18, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s pharmaceutical market analysis report, in efforts to drive efficiency in operations and adapt to the changing dynamics of the industry, pharma companies are shifting focus towards digital and analytics-led solutions to mitigate long-term risks. For example, companies are using digital platforms to maintain stock of their essential medications and other medical supplies.

Automating manufacturing processes and warehouses are playing an important role as the need for increased data availability rises. Automation will also come in handy to cope with a reduced workforce as a result of government lockdowns and social distancing measures. Fully automated facilities will also reduce the risk of future disruptions due to infectious diseases. Digital tools will also enable some key business processes—such as auditing or product release—to be done remotely, potentially decreasing the risk of disruption while improving efficiencies.

Pharmaceutical companies have to be highly responsive during a health pandemic. Many industry operations leaders are working to enable a steady stream of supply of key medicines across borders, manage workforce safety, and handle evolving government restrictions. Simultaneously, these companies are developing effective vaccines and therapeutics to fight COVID-19. Most pharma companies are actively taking part in responding to the crisis and stabilizing the situation.

In April 2020, Sermo conducted a COVID-19 HCP survey on 110 Japanese physicians’ expectations on the usage of remote working digital tools post-crisis, relative to pre-crisis. According to the survey respondents, the following technologies are being used more since COVID-19: telemedicine for physical health consultation (53%), video conferencing (Skype or Zoom) for professional use (59%), remote leaning (education online/apps) for nurses and practice staff (33%), and remote working tools (for example, wearables, sensors, devices) allowing measuring of patient vitals (70%). 100% of the respondents said that clinical decision support tools such as those driven by artificial intelligence (AI) were being used about the same since COVID-19.

The Business Research Company’s report titled Pharmaceutical Drugs Market - By Segments (Musculoskeletal Disorders Drugs, Cardiovascular Drugs, Oncology Drugs, Anti-Infective Drugs, Metabolic Disorder Drugs, Central Nervous System Drugs, Genito-Urinary Drugs, Respiratory Diseases Drugs, Gastrointestinal Drugs, Hematology Drugs, Dermatology Drugs, Ophthalmology Drugs), And By Region, Opportunities And Strategies – Global Forecast To 2030 covers major pharmaceutical drugs companies, pharmaceutical drugs market share by company, pharmaceutical drugs manufacturers, pharmaceutical drugs market size, and pharmaceutical drugs market forecasts. The report also covers the global pharmaceutical drugs market and its segments.

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The global pharmaceutical drugs market is highly fragmented, with large number of small players. The top ten competitors in the market made up to 34.25% of the total market in 2020. Major players in the market Johnson & Johnson, Novartis AG, F. Hoffmann-La Roche AG, Merck & Co., Inc., Pfizer Inc., Sanofi S.A., Gilead Sciences, Inc., AbbVie Inc., GlaxoSmithKline Plc., and AstraZeneca Plc.

The pharmaceutical market size 2020 was $975.04 billion and this global pharmaceutical market 2020 is expected to grow 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%.

North America has the largest pharmaceutical market share, accounting for 44.2% of the total in 2020. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the pharmaceutical drugs market will be the South America and Africa where growth will be at CAGRs of 9.1% and 8.2% respectively during 2020-2025. These will be followed by Middle East and Asia Pacific, where the markets are expected to grow at CAGRs of 8.1% and 6.8% respectively.

Pharmaceutical Drugs Market Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives an in-depth analysis of the impact of COVID-19 on the market.

The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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