Pharmaceuticals Market to Grow at a CAGR of 8.4% over 2025 to 2032; Rising Incidence of Chronic Conditions to Drive Market Growth

The global pharmaceuticals market size was valued at USD 1,872.03 billion in 2024. The market is projected to grow from USD 1,999.24 billion in 2025 to USD 3,518.90 billion by 2032, exhibiting a CAGR of 8.4% during the forecast period.  Fortune Business Insights™ presents this information in its report titled “Pharmaceuticals Market Size, Share & Industry Analysis, By Type (Drugs {Prescription & OTC} and Vaccines {Bacterial & Viral}), By Disease Indication (Oncology, Diabetes, Infectious, Cardiovascular, Neurology & Psychiatry, Respiratory, Renal, Obesity, Autoimmune, Ophthalmic, Gastrointestinal, Dermatology, Hematology/Blood, Liver/Hepatology, Genetic, Hormonal/Endocrine, Women’s Health, Reproductive, Allergies, and Others), By Drug Type (Biologics & Biosimilars {Antibodies [Monoclonal Antibodies (mAbs), Bispecific Antibodies, Antibody-Drug Conjugates (ADCs), and Others], Vaccines, Peptides/Peptide-Drug Conjugates (PDCs), Others}, and Small Molecules/Conventional Drugs), By Route of Administration (Oral, Parenteral, Topical, Inhalation, and Others), By Age Group (Pediatric and Adults), By Distribution Channel (Hospitals Pharmacies, Drug Stores & Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2025-2032”.

Pharmaceuticals strengthen both health and economies by preventing and treating chronic diseases. Market growth is driven by innovation, advanced technologies, and increasing disease burden worldwide.

Pfizer Inc. Expanded the Approved Use of its RSV Vaccine to include the Prevention of RSV-related LRTD  

In April 2025, Pfizer Inc. announced an amendment to the marketing authorization for its RSV vaccine, ABRYSVO, extending its indication to include the prevention of lower respiratory tract disease (LRTD) caused by RSV.

High Burden of Chronic Diseases to Impel Market Growth

One of the key drivers of the pharmaceuticals market growth is the increasing burden of chronic conditions linked to obesity, sedentary lifestyles, and unhealthy diets. Rising cases of non-communicable diseases (NCDs) have fueled demand for effective medications. According to the ACS, an estimated 316,950 breast cancer cases are expected in the U.S. in 2025. Managing such diseases imposes a heavy economic burden, with global costs projected to reach USD 47 trillion by 2030, as per NCBI, 2024.

However, stringent regulatory approval processes for the launch of complex drugs are likely to witness the expansion of the industry.

Industry Participants Focus on Partnerships to Expand their Facility

The global pharmaceuticals market is shaped by both leading and emerging players. Industry players such as Johnson & Johnson Services Inc., AstraZeneca, Pfizer Inc., and Novartis AG dominate through global reach and research collaborations, while firms such as F. Hoffmann-La Roche Ltd pursue strategic initiatives to sustain competitiveness.

List of Key Players Mentioned in the Report

• Merck & Co., Inc. (U.S.)
• Pfizer Inc. (U.S.)
• Johnson & Johnson (U.S.)
• AbbVie Inc. (U.S.)
• AstraZeneca (U.K.)
• F. Hoffmann-La Roche Ltd (Switzerland)
• Novartis AG (Switzerland)
• Bristol-Myers Squibb Company (U.S.)
• Eli Lilly and Company (U.S.)
• Sanofi (France)
• Novo Nordisk A/S (Denmark)
• GSK plc. (U.K.)
• Amgen Inc. (U.S.)
• Gilead Sciences, Inc. (U.S.)
• Takeda Pharmaceutical Company Limited (Japan)

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

Key Industry Development

• September 2024-  Sanofi’s phase HERCULES trial of Tolebrutinib reported a 31% delay in confirmed disability progression among patients with non-relapsing secondary progressive multiple sclerosis. 

Further Report Findings

• The market in North America, which stood at USD 838.24 billion in 2024, is set to retain its lead, driven by strong players, numerous product approvals, and rising chronic disease cases. Holding the largest pharmaceuticals market share, the U.S. market benefits from supportive regulations, expanding product approvals, and robust R&D investments in advanced therapies.
• Europe will remain the second-largest market, supported by treatment options and the continuous introduction of new pharmaceuticals across the region.

Table of Segmentation