Pharmaceuticals - United States

United States

The projected revenue for the Pharmaceuticals market in the United States is expected to reach €584.50bn in 2024.
Among the various markets, Oncology Drugs is anticipated to be the largest, with a projected market volume of €96.36bn in the same year.
Looking ahead, the market is expected to experience a steady annual growth rate of 4.87% from 2024 to 2029, resulting in a market volume of €741.50bn by 2029.
It is worth noting that in global comparison, United States is expected to generate the highest revenue in the Pharmaceuticals market, with €584.50bn in 2024.
The pharmaceutical market in the United States is experiencing a surge in demand for personalized medicine and targeted therapies.

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. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. 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.

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Analyst Opinion

The United States has a thriving pharmaceutical market that is constantly evolving to meet the changing needs of patients.

Customer preferences: Consumers in the US pharmaceutical market are increasingly seeking out personalized and targeted treatments for their medical conditions. This has led to a rise in the demand for precision medicine, which involves tailoring treatments to specific genetic and biological characteristics of individual patients. Additionally, there is a growing interest in natural and alternative remedies, which has led to an increase in the sales of dietary supplements and herbal medicines.

Trends in the market: One of the major trends in the US pharmaceutical market is the increasing focus on research and development of specialty drugs. These are medications that are used to treat rare or complex medical conditions and often come with a high price tag. The development of new specialty drugs has been driven by advances in biotechnology and personalized medicine. Another trend is the rise of telemedicine, which has become increasingly popular due to the COVID-19 pandemic. This involves using technology to provide medical consultations and treatment remotely.

Local special circumstances: The US pharmaceutical market is heavily regulated by the Food and Drug Administration (FDA), which sets strict standards for the safety and efficacy of drugs. This has led to a highly competitive market, with companies investing heavily in research and development to bring new drugs to market. Additionally, the United States have a complex healthcare system that is largely driven by private insurance, which can impact the availability and affordability of certain medications.

Underlying macroeconomic factors: The US pharmaceutical market is influenced by a number of macroeconomic factors, including changes in government healthcare policies and regulations, advances in technology, and shifting consumer demographics. Additionally, the COVID-19 pandemic has had a significant impact on the market, with increased demand for certain medications and disruptions in supply chains. Overall, the US pharmaceutical market is expected to continue to grow in the coming years, driven by innovation and increasing demand for personalized treatments.

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.