Pharmaceuticals - NAFTA

NAFTA

In 2024, the projected revenue in the Pharmaceuticals market is expected to reach a staggering US$664.40bn.
Within this market, the largest market is Oncology Drugs, which is projected to have a market volume of US$119.90bn in the same year.
Looking ahead, the revenue is anticipated to grow at an annual rate of 5.98% from 2024 to 2028, resulting in a market volume of US$838.00bn by 2028.
When compared globally, United States is expected to generate the highest revenue, with an estimated US$636.90bn in 2024.
This showcases the significant presence and influence of the pharmaceutical industry in the NAFTA region.
The pharmaceutical market in the United States is highly competitive, with a focus on innovation and research and development.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

The demand for Pharmaceuticals in NAFTA has been increasing over the years due to various factors that have been shaping the market.

Customer preferences: Customers in NAFTA have been increasingly demanding for high-quality and affordable pharmaceutical products. The aging population in the region has also been a major driver of growth in the market. The increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and diabetes has also contributed to the growth of the market.

Trends in the market: There has been a trend towards the development of innovative drugs in the market. This has been driven by the need to address the increasing prevalence of chronic diseases. The market has also been witnessing an increase in the adoption of generic drugs due to their affordability. The increasing use of digital technology in the pharmaceutical industry has also been a major trend in the market.

Local special circumstances: The pharmaceutical market in Mexico has been growing due to the increasing demand for affordable drugs. The government has also been implementing policies to encourage the growth of the pharmaceutical industry in the country. In Canada, the focus has been on the development of innovative drugs and the adoption of digital technology in the industry. The US pharmaceutical market has been driven by the increasing demand for specialty drugs.

Underlying macroeconomic factors: The growth of the pharmaceutical market in NAFTA has been driven by various macroeconomic factors. The increasing prevalence of chronic diseases has been a major driver of growth in the market. The aging population in the region has also contributed to the growth of the market. The increasing use of digital technology in the pharmaceutical industry has also been driven by the need to improve efficiency and reduce costs. The implementation of favorable government policies has also encouraged the growth of the pharmaceutical industry in the region.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.