by The United States pharmaceuticals market consists of prescription and OTC drugs used for the treatment and prevention of various diseases. Pharmaceutical drugs are considered as an integral part of the healthcare system in the country owing to their effectiveness in curing life-threatening illnesses.
Factors such as the rising prevalence of chronic diseases, increasing healthcare expenditure, robust pipeline of innovative drugs, and growth of the geriatric population are fueling the demand for United States Pharmaceuticals Market.
United States pharmaceuticals market 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 market are Johnson & Johnson, Pfizer, AbbVie, Merck, Bristol-Myers Squibb, Amgen, Eli Lilly, Novartis. These players are focusing on enhancing their product portfolio through research and development activities. For instance, in 2022, Johnson & Johnson received FDA approval for its pneumococcal conjugate vaccine that prevents infections caused by pneumococcal bacteria.
The market provides several opportunities for players in the form of an increasing focus on specialty drugs, emergence of biopharmaceuticals, and growth potential in medical cannabis. Major players are investing heavily in developing specialty drugs to treat complex conditions. Moreover, the development of advanced biopharmaceuticals for the treatment of cancer, immunological disorders is expected to drive future growth.
Globally, the US pharmaceuticals market dominates owing to the presence of major innovator companies and rising healthcare spending. Additionally, the growing geriatric population susceptible to chronic diseases augments the regional market growth. However, rising generics penetration and biosimilar competition are expected to moderately impact the market in the coming years.
Market Drivers
The rising prevalence of chronic and life-threatening diseases such as cardiovascular disorders, diabetes, cancer and respiratory diseases have significantly contributed to the growth of the US pharmaceuticals market. As per estimates, around half of the Americans suffers from at least one chronic health condition requiring long-term treatment. Another key growth driver is the rapid rise in the geriatric population susceptible to various age-related health issues. According to the WHO, the population of Americans aged 65 years or older is projected to double from 52 million to over 95 million between 2018 and 2060.
PEST Analysis
Political: The pharmaceutical industry in the United States is regulated by the Food and Drug Administration which determines the approval processes for new drugs and therapies. Stringent regulations and policies could impact the research and development activities of companies.
Economic: The US has a large healthcare expenditure which is one of the major drivers of the pharmaceutical industry growth. However, increasing healthcare costs and price regulations imposed by the government pose economic challenges.
Social: Aging population and growing lifestyle diseases have increased the demand for new drugs and medical innovation. However, high drug prices remain a social concern in the country.
Technological: The industry is investing heavily in innovative technologies like artificial intelligence, nanotechnology and digital solutions to develop novel drugs, improve manufacturing processes and enable better disease management and patient outcomes. Advancements in biotechnology are opening new opportunities.
Geographical Concentration
The United States pharmaceuticals market is primarily concentrated in regions with higher healthcare infrastructure and spending such as the West and Northeast regions. States like California, New York, Pennsylvania, New Jersey among others account for around 50% of the total market value due to presence of major pharmaceutical firms, availability of specialized healthcare services and large patient pools suffering from chronic diseases.
Fastest Growing Region
The Southern region of the United States comprising states such as Texas, Florida and North Carolina is expected to witness the fastest market growth during the forecast period. This can be attributed to expanding healthcare facilities, rising affordability, growing elderly population, increasing health awareness and presence of prominent generic drug manufacturers gaining from patent expiries of blockbuster drugs in these states.
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’s growth between 2024 and 2031.
:- Accurate calculation of the size of the United States Pharmaceuticals and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- United States Pharmaceuticals 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 vendors
FAQ’s
Q.1 What are the main factors influencing the United States Pharmaceuticals?
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 companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the United States Pharmaceuticals’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: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
