May 24, 2024
United States Pharmaceuticals Market

United States Pharmaceuticals Market Is Trending towards Sustained Growth by Focus on Specialty Drugs

The United States pharmaceuticals market comprises prescription drugs, over-the-counter drugs, generics, biosimilars, and biologics that provide treatment for various therapeutic areas such as cardiology, oncology, diabetology, gastroenterology, and neurology. The pharmaceutical drugs industry has experienced significant growth over the past few years owing to a rise in chronic and lifestyle diseases, an aging population, technological advancements, and increased public awareness about healthcare treatments. The biologics and biosimilars segment is one of the largest and fastest-growing segments within the pharmaceuticals industry due to their high efficacy, targeted approach, and minimal side effects.

Global United States Pharmaceuticals Market Size Is Estimated To Be Valued At US$ 599.47 Bn In 2024 And Is Expected To Exhibit A CAGR Of 8.6% Over The Forecast Period 2024-2031.

Key Takeaways

Key players operating in the United States pharmaceuticals Johnson & Johnson, Pfizer, Abbvie, Merck, Bristol-Myers Squibb, Amgen, Eli Lilly, Novartis. Market are the companies are focusing on developing specialty drugs to treat chronic and complex diseases along with fast-track drug approval pathways.

The demand for pharmaceutical drugs has increased significantly over the past few years owing to rising incidences of chronic diseases such as cancer, diabetes, cardiovascular diseases, and neurological disorders among the growing geriatric population. Various initiatives undertaken by healthcare organizations and the government to spread awareness about treatment options has also augmented the market growth.

The pharmaceutical industry players are expanding their global footprint through mergers and acquisitions of regional and local pharmaceutical companies. The industry is also witnessing partnerships and licensing agreements between innovator companies and biosimilars manufacturers to commercialize their products in international markets.

Market Key Trends

One of the key trends being observed in the United States pharmaceuticals market is the strong focus of industry players on specialty drugs and indications. Specialty drugs, which are often biologics and biosimilars, target niche therapeutic areas and have high treatment and development costs. However, they have greater efficacy and fewer side effects. Many large pharmaceutical companies are making significant investments in research and development of specialty drugs to treat cancer, orphan diseases, and other complex conditions. This focus on specialty drugs is expected to drive sustained market growth over the forecast period.

Porter’s Analysis

Threat Of New Entrants: High capital requirements for R&D and clinical trials pose a significant barrier for new companies.

Bargaining Power Of Buyers: Large purchasers like group purchasing organizations, pharmacy benefit managers, and distributor organizations have significant bargaining power over drug prices in the US.

Bargaining Power Of Suppliers: Due to specialized knowledge, skills, and facilities needed for manufacturing active pharmaceutical ingredients, suppliers have moderate bargaining power.

Threat Of New Substitutes: Therapeutically similar drugs can pose substitution threats to existing drugs.

Competitive Rivalry: The US pharmaceutical industry is characterized by intensive competition between many large, well-established companies.

Geographical Regions

The North American region currently accounts for over 45% of the global pharmaceutical market value primarily driven by the United States. The US market alone is valued at over $350 billion in annual spending and remains the single largest national market globally. However, increasing price pressures may curb growth going forward.

Asia Pacific region is projected to be the fastest growing geographical market for pharmaceuticals over the forecast period driven by rising incomes, increasing health awareness, and lower manufacturing costs in countries like China and India. China in particular is expected to surpass major European countries to become the second largest pharmaceutical market worldwide by 2024.

What are the key data covered in this United States Pharmaceuticals Market report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the United States Pharmaceuticals Market’s growth between 2024 and 2031.

:- Accurate calculation of the size of the United States Pharmaceuticals  Market and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behavior

:- United States Pharmaceuticals  Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of United States Pharmaceuticals  Market vendors

FAQ’s

Q.1 What are the main factors influencing the United States Pharmaceuticals market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top United States Pharmaceuticals Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the United States Pharmaceuticals market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:

  1. Source: CoherentMI, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it