Today the global pharmaceutical market is worth $934.8 billion and is growing at 5.8%, according to the Pharma market research report. There are many accelerated paces when compared to 5.2% for the years before 2017. It is still a lot slower than the larger healthcare segments. There are medical equipment and healthcare services, which also has seen steady growth at 7% year after year. There are many factors which can affect the market size of the pharmaceutical market sizes.
Disease prevention: This is one aspect where the population size, age, genetic inheritance and behaviour is affected by chronic disease.
Affordability: The price of the actual drug and the income.
Consumer attitudes: This includes the willingness to use alternatives medicines instead of taking drugs.
Government policies: This affects the significant barrier to the launch of the new treatments.
Supply factor: This includes the availability of appropriate treatment.
There are many current and on-going political, economic, social, technological, legal and environmental factors which can influence growth where the healthcare market plays a very important role. Factors like reduced taxes and lowered drugs play a very important role in the healthcare market. Also, with the GDP growth of over 6% in China and India, there is a widespread population ageing and sedentary lifestyle leading to increased chronic disease prevalence. PESTEL analysis looks into the political, economical, social, technological, environment, legal analysis for a better understanding of the pharmaceutical markets.
Restrains and drives
With the current growth in the Pharma market companies is looking into restricted R&D investment. Despite the huge potential for any effective, safe new drug which can be helped in treating Alzheimer’s. Although a high failure rate was seen, which led to the falling of the investment, with the restraining launches of high priced new breakthrough drugs, there are many boosted markets in the early years. Most pharmaceutical industry growth has not been coming from the increased size of the global ageing populations, which boosts for a long term treatment from chronic disease and other healthcare which is emerging economics.
Pharmaceutical markets are very important all over the world for their musculoskeletal drugs. There are many treatments for diseases such as rheumatoid, osteoarthritis, carpal tunnel syndrome, tendonitis, rotator cuff tear, and others. There are many major drugs in this segments, which is accounted for 14% of the global total in 2017.
Drugs for treating metabolic disorders and diabetes are the fastest-growing segments for a global Pharma market in 2021. It is anti-diabetic drugs which are the largest subsegment of the global pharmaceutical industry which can help with the lower endpoint benchmark for cancer drugs which can have a rate of innovation.