Global spending on medicine continues to grow. As of 2019, approximately 1.25 trillion U.S. dollars had been spent on medicines, up from just 887 billion U.S. dollars in 2010. That number is expected to increase to 1.59 billion by the year 2024. Spending on medicines has increased everywhere globally. However, the United States takes the lead in total medicines spending globally and is expected to remain the top country for medicines spending through 2024.
Global pharmaceutical industry
Globally the pharmaceutical industry is a growing industry fueled by aging populations and new drugs to treat rare and specialty diseases. Regionally, the pharmaceutical industry generates the most revenue through the North American and European markets. Within all markets globally the top therapeutic class is oncology, followed by antidiabetics.
Top pharmaceutical companies
There are several large pharma companies that participate in the global pharmaceutical industry. As of 2019, U.S.-based pharmaceutical company Johnson & Johnson was the top pharmaceutical company, followed by Swiss company Novartis, based on market capitalization. Among pharmaceutical companies, some have produced more new drugs than others. The U.S. and Europe are responsible for the largest number of new pharmaceutical substances from 2014 to 2018.
Global spending on medicines in 2010, 2019, and a forecast for 2024
(in billion U.S. dollars)
* Value for 2024 is an average of the high and low forecast values (1,600 bn and 1,570 bn).
Figures for 2010 were taken from a previous report by the same source.
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IQVIA. (March 5, 2020). Global spending on medicines in 2010, 2019, and a forecast for 2024 (in billion U.S. dollars) [Graph]. In Statista. Retrieved July 11, 2020, from https://www.statista.com/statistics/280572/medicine-spending-worldwide/
IQVIA. "Global spending on medicines in 2010, 2019, and a forecast for 2024 (in billion U.S. dollars)." Chart. March 5, 2020. Statista. Accessed July 11, 2020. https://www.statista.com/statistics/280572/medicine-spending-worldwide/
IQVIA. (2020). Global spending on medicines in 2010, 2019, and a forecast for 2024 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: July 11, 2020. https://www.statista.com/statistics/280572/medicine-spending-worldwide/
IQVIA. "Global Spending on Medicines in 2010, 2019, and a Forecast for 2024 (in Billion U.S. Dollars)." Statista, Statista Inc., 5 Mar 2020, https://www.statista.com/statistics/280572/medicine-spending-worldwide/
IQVIA, Global spending on medicines in 2010, 2019, and a forecast for 2024 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/280572/medicine-spending-worldwide/ (last visited July 11, 2020)
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