Global pharmaceutical market
In 2006, the United States pharmaceutical market accounted for half of the world’s market, with other established markets only accounting for about 37 percent. More recently, the gap between the American market and other markets has shrunk. In 2017, the U.S. market accounted for 45 percent, emerging markets accounted for 22 percent, and Europe totaled 21 percent of the global pharmaceutical market.
Revenue generated by the pharmaceutical market has continued to rise in North America, generating almost 450 billion euros in 2016. The Asian, African, and Australasian market has experienced even larger growth, from 172 billion euros in 2010 to nearly 300 billion euros in 2016.
In the United States, the pharmaceutical market makes up a small part of overall healthcare spending. Growth in drug expenditures in the United States has also slowed likely due to increased costs for consumers, new generic medication, conversion to over the counter drugs, and safety concerns. A large portion of pharmaceutical expenditure is dedicated to oncologics, respiratory agents, lipid regulators, antidiabetics, and antipsychotics. The world’s pharmaceutical market reached some 1.1 trillion U.S. dollars of revenue in 2016.