The Altapharma market encompasses prescription and over-the-counter medicines for acute and chronic diseases. Key products include vaccines, pain relievers, diabetes medications, and cancer drugs. Rapid growth in non-communicable diseases drives demand for effective treatments.
Increasing awareness of modern medicine: Widespread health campaigns have educated populations about effective disease management using pharmaceuticals. This has boosted demand significantly over the past decade.
Aging populations: As lifespans increase globally, the percentage of elderly people grows correspondingly. Older demographics statistically suffer more illnesses and health issues, requiring more medical care and prescription medications. This demographic shift acts as a sustained tailwind for the Altapharma industry.
Market key trends:
The Altapharma market Size has been witnessing a rise in generics consumption globally. The patents of many blockbuster drugs have expired in the past decade, enabling generic manufacturers to produce low-cost versions. This has provided increased access to affordable treatment options for patients. Moreover, the elder population susceptible to chronic diseases has been growing substantially. This is expected to fuel demand for generic drugs over the coming years.
Strengths: Large customer base due to growing prevalence of diseases, Established distribution and supply chain networks
Weaknesses: Heavy reliance on blockbuster drugs, Rising R&D costs for new drug development
Opportunities: patent cliffs of major drugs, Increasing healthcare expenditure in developing nations
Threats: Price controls and regulations, High entry barriers for new players
The global Altapharma market size is expected to reach US$ 179.19 billion in 2023 and expected to grow at a CAGR of 8.6% during 2023 – 2030, due to increasing aging population and rising prevalence of chronic diseases globally.
The United States represents the largest and fastest growing regional market. Rise in unhealthy lifestyle, growing expenditure on pharmaceutical R&D and presence of major players are driving market growth in the region.
Europe also holds a significant share aided by speedy drug approval process, wide acceptance of biosimilars and generics. Asia Pacific is poised to witness high growth led by expansion of healthcare infrastructure and uptake of low-cost drugs in populous nations like China and India.
Key players operating in the Altapharma market include Pfizer, Roche, Johnson & Johnson , Novartis, Merck & Co, GlaxoSmithKline, Sanofi, AbbVie, Amgen, AstraZeneca, Bristol-Myers Squibb, Eli Lilly, Teva Pharmaceutical, Bayer , Novo Nordisk, Allergan, Gilead Sciences, Boehringer Ingelheim, Takeda Pharmaceutical.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it