Ethical Pharmaceuticals Market is Poised for Strong Growth Through 2031 owing to growing need for specialized therapies
Ethical pharmaceuticals, also known as prescription-only medicines, are manufactured and marketed for medical purposes to treat or prevent diseases in humans or animals under medical supervision. Some of the key therapeutic areas of ethical pharmaceuticals include cardiovascular, CNS, diabetes, oncology, pain management and others. The rising prevalence of chronic diseases such as cancer, cardiovascular disease, diabetes and neurological disorders are fueling the demand for ethical pharmaceuticals globally as they help in providing timely diagnosis and effective treatment. Furthermore, technological advancements in drug discovery and drug delivery systems to increase efficacy and reduce adverse effects are supporting the growth of the market. Most of the ethical pharmaceutical products are novel biologics and targeted therapies that offer superior clinical outcomes compared to conventional drugs.
The Global Ethical Pharmaceuticals Market is estimated to be valued at US$ 4.76 BN in 2024 and is expected to exhibit a CAGR of 10 % over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in The
Global Ethical Pharmaceuticals Market are Amgen Inc, AbbVie Inc,
Johnson & Johnson, Eli Lilly and Company, Merck & Co., Inc,
GlaxoSmithKline plc, Sanofi, Novartis AG, Abbott Laboratories, Otsuka Holdings,
F. Hoffmann-La Roche Ltd, Teva Pharmaceutical Industries Ltd., Pfizer Inc,
Takeda Pharmaceutical Company. Key players are focusing on developing novel
drug formulations and strengthening their product pipelines through mergers,
acquisitions and partnerships.
There is a growing need for specialized therapies such as personalized medicine
and precision medicine globally. Industry players are exploring opportunities
in developing tailored therapies for cancer, rare diseases and other
therapeutic areas. The rising healthcare spending in emerging economies of Asia
Pacific and Latin America along with increasing access to healthcare insurance
is expected to generate strong demand for new and innovative ethical medicines.
Global pharmaceutical companies are expanding their manufacturing and
distribution network across high potential markets through joint ventures and
strategic collaborations with regional and local players. North America is
expected to retain its leading position as the largest market for ethical
pharmaceuticals driven by the availability of advanced healthcare facilities
and high healthcare spending. However, Asia Pacific is anticipated to witness
the fastest growth during the forecast period supported by growing economies,
improving healthcare infrastructure and rapid urbanization.
Market Drivers
The increasing prevalence of chronic diseases across both developed and
developing economies is one of the major drivers of the global ethical
pharmaceuticals market. According to the WHO, chronic diseases accounted for
over 70% of all deaths globally in 2020. Diseases such as cancer, diabetes,
cardiovascular disorders are on the rise necessitating effective treatment
options. Ethical pharmaceutical companies are engaging in R&D to develop
novel drugs for the treatment and management of chronic diseases.
Continuous advancements in drug delivery technologies are further propelling
the growth of the market. Novel delivery forms such as orally disintegrating
tablets, transdermal patches, long-acting injectables improve patient
convenience and compliance. Technological developments in biologics and
targeted therapies are also supporting market growth by increasing efficacy and
access to personalized treatment protocols.
Market Restrains
Stringent regulations pertaining to the clinical development, manufacturing and
marketing approval for ethical pharmaceuticals can negatively impact market
revenues. The approval process is time-consuming requiring extensive data on
drug safety, efficacy and quality.
High costs associated with drug discovery, clinical trials and regulatory
approvals pose a major challenge. It takes over a decade and billions of
dollars to bring a new drug to the market. This high entry barrier restricts
smaller players with limited financial resources from entering the market.
Additionally, expiry of drug patents resulting in cheaper generic competition
further restrains the growth potential of innovative ethical drugs.
Segment Analysis
The global ethical pharmaceuticals market can be segmented based on types of
drugs into prescription drugs and OTC drugs. Within prescription drugs, the
oncology segment dominates owing to the increasing prevalence of cancer
worldwide coupled with the availability of novel targeted therapies. The
oncology segment is followed by cardiovascular, central nervous system, and
others. Within OTC drugs, the pain management segment is the largest owing to a
large patient pool seeking analgesic drugs for arthritis and other conditions
without a prescription.
Regional Analysis
In terms of regions, North America is the largest market for ethical
pharmaceuticals due to superior healthcare infrastructure and availability of funds
for research. However, Asia Pacific is expected to grow the fastest during the
forecast period owing to rising healthcare expenditure, a growing middle-class
population, and expansion activities by major players in emerging countries.
Countries like China and India are expected to drive the growth of the Asia
Pacific market during the forecast period.
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