Impact of COVID-19 on Pharmaceuticals Market to Touch USD 2,401.22 Billion by 2029; Rising Healthcare Investments to Propel Market Progress

The global pharmaceuticals market size is expected to exhibit strong growth by reaching USD 2,401.22 billion by 2029. Fortune Business Insights™ in its report titled “Impact of COVID-19 on Pharmaceuticals Market Size, Share & Industry Analysis, By Type (Drugs (Oncology, Diabetes, Infectious Diseases, Cardiology, Neurology, Respiratory, Hypertension, and Others), and Vaccines (Viral Diseases and Bacterial Diseases)), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2022-2029” observes that the market in 2021 stood at USD 1,494.67 billion and touched USD 1,585.05 billion in 2022. The market is expected to exhibit a CAGR of 6.1% during 2022-2029. Rising healthcare investments and rapid digital technology adoption may bolster market growth.

Sanofi Entered into a Strategic Agreement for the Acquisition of Amunix Pharmaceuticals, Inc. to Expand Market Reach

Sanofi entered into a strategic agreement to acquire Amunix Pharmaceuticals Inc. in December 2021. This agreement was undertaken to elevate the industry’s overall growth prospects and enhance its market reach globally.

Supply Chain Disruptions Slightly Hampered Market Growth During the Pandemic

This industry was slightly affected during the COVID-19 pandemic due to manufacturing restrictions, thereby disrupting the supply chain. The alarming spike in COVID-19-infected patients bolstered the demand for effective drugs and medical equipment. Moreover, supply chain disruptions slightly affected this industry during the pandemic’s inception. However, manufacturers opted for industrial automation, part-time shifts, and reduced capacities to enhance their efficiency and earnings and satisfy demands. This factor facilitated the industry’s growth during the pandemic.

Increasing Prevalence of Infectious Disorders to Elevate Market Growth

Pharmaceuticals consist of drugs that are adopted for medical purposes. The increasing prevalence of infectious diseases may fuel the product demand. For example, in 2022, the American Cancer Society anticipated that 1.9 million new cancer cases were diagnosed in the U.S. Moreover, increasing per-capita incomes and rapidly evolving health infrastructure may enhance pharmaceutical demand. Moreover, the rising adoption of numerous drugs for therapeutic areas may elevate Research & Development (R&D) investments. These factors may boost the impact of COVID-19 on pharmaceuticals market growth.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/impact-of-covid-19-on-pharmaceuticals-market-102685

Major Companies Enter into Collaborations to Bolster their Product Offerings

The prominent companies operating in the market enter into collaborations to bolster their product offerings. For example, Novo Nordisk A/S collaborated with Gilead Sciences, Inc. to clinically study Novo Nordisk’s semaglutide efficacy in March 2021. This strategy may enable companies to produce the best pharmaceutical products, thereby bolstering their brand image. Furthermore, companies deploy mergers, automation, research & development, and acquisitions to bolster their market position.

Notable Industry Development

• June 2022- Novartis AG received European Commission’s approval for Tabrecta’s monotherapy for advanced non-small cell lung cancer treatment.

List of Key Players Profiled in the Report

• Pfizer Inc. (U.S.)


• Johnson & Johnson Services Inc. (U.S.)


• GSK plc. (U.K.)


• Novartis AG (Switzerland)


• Merck & Co., Inc. (U.S.)


• Sanofi (France)


• F. Hoffmann-La Roche Ltd. (Switzerland)


• AstraZeneca (U.K.)


• Novo Nordisk A/S (Denmark)

Further Report Findings

• The market in North America stood at USD 610.29 billion in 2021 and is expected to gain a huge portion of the global impact of COVID-19 on pharmaceuticals market share in the upcoming years.


• Furthermore, technological advancements in clinical trials and the launch of several products by manufacturers to satisfy consumer demands are likely to foster the adoption of pharmaceuticals.

• In Europe, the increasing awareness regarding diagnosis and treatment procedures may foster the industry’s growth in the coming years.

Table of Segmentation