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US Pharmaceutical Market is expected to reach US$ 1,285.79 billion by 2030

The US pharmaceutical market is estimated to value US$ 1,285.79 billion by 2030 | Regional share, trends, growth analysis

By The Insight Partners

According to our new research study on “US Pharmaceutical Market Size Forecast to 2030 – Country Analysis – by Product,” the US pharmaceutical market forecast is expected to grow from US$ 846.72 billion in 2022 to US$ 1,285.79 billion by 2030; the US pharmaceutical market size is estimated to record a CAGR of 5.36% during 2022–2030. The US pharmaceutical market growth is driven by rising workplace-associated disorders, rise in pharmaceutical production capacity, increased approvals of generic drugs, and escalating R&D investments in the pharmaceutical sector. However, the high cost of drug development and marketing approval hinders the US pharmaceutical market trends at present.

Pharmaceutical is a broad segment that consolidates a group of chemicals classified based on their pharmacological effect and therapeutic use. For instance, alkaloids were the first pure pharmaceuticals derived from plants; they include quinine, nicotine, cocaine, atropine, and morphine. Similarly, some drugs are made of animal origin, which includes glandular extracts containing hormones. Drugs or medicines from animal origins are biological, biosimilar, and vaccines. These pharmaceutical products diagnose, treat, and prevent chronic diseases such as cancer, diabetes, and genetic disorders.

US Pharmaceutical Market, by Product – 2022 and 2030

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/sample/TIPRE00034731

Increasing Geriatric Population

Since 2009, the elderly population has increased by 36% (with the addition of 14.4 million) in the US. As per the report 2020 Profile of Older Americans, 54.1 million people in the US were aged 65 and above in 2019, of which 30 million were women and 24.1 million were men. According to the 2020 population statistics by the US Census Bureau, the geriatric population reached 55.8 million, i.e., 16.8% of the national population; nearly 1 in 6 people in the country were aged 65 and above in 2020. Further, 16% of the total population that was aged 65 and above in 2019 is expected to increase to 21.6% by 2040 which is expected to aid the US pharmaceutical market trends at present.

With growing age, people are more likely to experience several health conditions simultaneously. Aging is characterized by the development of many complex health issues, commonly known as geriatric syndromes. Common conditions diagnosed in older age are cataracts and refractive errors, hearing loss, back and neck pain, chronic obstructive pulmonary disease, osteoarthritis, depression, dementia, and diabetes, among others. Senior citizens regularly require healthcare services and medications, owing to which the pharmaceutical industry witnesses a notable demand. Thus, increasing life expectancy contributes to the growth of the US pharmaceutical market forecast in the future years.

Key External Drivers

Advantages Offered by Continuous Manufacturing Process

Batch manufacturing has been the most common and traditionally used mode of manufacturing in the pharmaceutical industry for more than a century. However, with the rising demand for biologics and increasing trend of contract manufacturing, flexible manufacturing alternatives such as CM processes are being embraced  and gaining importance lately.

In December 2022, as part of launching a suite of R&D analytical solutions, the US Pharmacopeia (USP) opened the USP Advanced Manufacturing Technology Lab in Richmond, Virginia. The analytical lab services will support the efforts of drug manufacturers striving to adopt advanced manufacturing technologies, including pharmaceutical continuous manufacturing (PCM), as one way to support increased geographic diversity in pharmaceutical manufacturing and support medicines supply chain resilience.

Continuous pharmaceutical manufacturing involves the process of extracting the drug from its base ingredients to final product without being halted during the production activity. According to the Food and Drug Administration (FDA), the pharmaceutical manufacturing industry ends up wasting up to US$ 50 billion every year on average and inefficient processes. CM serves to be a potential solution for this problem, as well as provides various other advantages, including more time-efficiency, reduced energy needs, and increased productivity.

Furthermore, the risk of human error is reduced in the continuous process due to a fewer number of people are involved in the manufacturing process. Thus, the advantages offered by CM over batch manufacturing procedure are anticipated to drive the growth of the US pharmaceutical market report over the coming years.

US Pharmaceutical Market Share: Competitive Landscape and Key Developments

Johnson & Johnson, Merck & Co Inc, Abbott Laboratories, Amgen Inc, Eli Lilly and Company, Bristol-Myers Squibb Company, Bayer AG, Takeda Pharmaceuticals, Zoetis Inc, Moderna Inc, AbbVie Inc,  Pfizer Inc, Gilead Sciences Inc, and Regeneron Pharmaceuticals Inc are a few of the key companies operating in the US pharmaceutical market. Leading players in the US pharmaceutical market report focus on expanding and diversifying their market presence and clientele, tapping prevailing business opportunities.

The report segments the US pharmaceutical market analysis as follows:

The US pharmaceutical market analysis, by product, is segmented into vaccines, biologicals & biosimilars, and small molecules. The small molecules segment is further bifurcated into generic and branded. The small molecules segment held the largest market share in 2022. The biologicals & biosimilars segment is expected to register the highest CAGR during the forecast period.

In the US pharmaceutical market, biosimilars treat patients with cancers, kidney diseases, diabetes, and other autoimmune diseases such as rheumatoid arthritis and Crohn's disease. Biologics are the most expensive medicines in the US pharmaceutical market outlook, costing tens of thousands of dollars yearly per patient. Biosimilars are expected to be priced 15–30% lower than their reference product. In 2020 alone, biosimilars saved US$ 7.9 billion, with savings expected to grow significantly in the next few years as more biosimilars enter the market. According to Cardinal Health, it is expected that biosimilars are expected to reduce the US pharmaceutical market drug expenditure by US$ 133 billion by 2025. The recognition of biosimilars as efficacious and safe agents by patients, specialists, primary care clinicians, and other healthcare professionals is propelling the demand for biosimilars. In addition, biosimilars help improve the quality of life among millions of patients while saving billions of dollars for healthcare systems per year. They have come up as potent and cost-effective options for treating many diseases—including chronic skin conditions such as psoriasis; bowel diseases such as Crohn’s disease, irritable bowel syndrome, and colitis; diabetes; autoimmune disease; cancer; kidney conditions; and arthritis. During 2017–2018, the National Health Service (NHS) saved US$ 401.10 million by switching from 10 expensive medicines to better-value and equally effective alternatives such as biologics, with an expectation of even more savings in the future. The potential savings from using biosimilars can also be used to fund other new treatments. With the high prevalence of chronic diseases, the demand for biosimilars in treating life-threatening illnesses has surged rapidly over the last five years. Such  factor has assisted the US pharmaceutical market growth in the recent past and is expected to follow a similar trend during the forecast  period.

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