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Impact of COVID-19 on Pharmaceuticals Market to Hit $2,151.1 Billion by 2027; Increasing Demand for Advanced Healthcare Services to Accelerate Growth

January 11, 2021 | Healthcare

The global pharmaceuticals market size is expected to reach USD 2,151.1 billion by 2027 owing to the growing demand for advanced healthcare facilities to expedite vital pharmaceutical processes amid the widespread effect of the COVID-19 pandemic that is driving the adoption of modern technologies such as automation across the globe. Fortune Business Insights, in its latest report, titled, “Impact of COVID-19 on Pharmaceuticals Market Size, Share & Industry Analysis, By Type (Drugs (Prescription Drugs and OTC Drugs), Vaccines), By Indication (Anti-viral, Anti-infective, Anti-hypertensive, Oncology, Respiratory Disease, Cardiovascular Disorders, Neurology Disorders, Diabetes, and Others) By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2020-2027.”, observes that the market stood at USD 1,230.2 billion in 2019 and is projected to exhibit a CAGR of 7.0% between 2020 and 2027.


Kool-ex Announces Partnership with IndoSpace to Build Advanced Pharmaceuticals Distribution Centers


In September 2020, Kool-ex, a leading pharma cold chain transportation expert, announced its partnership with Indospace, India’s leading logistics and industrial real estate developer. The partnership is aimed at developing GDP/GWP compliant, temperature controlled, and customized distribution centers across the country.  The companies have planned to further develop three advanced warehouses in the first phase by 2021.


By offering complete pharmaceutical solutions with Tessol, the distribution centers will be fully equipped to handle end to end supply chain operation of the COVID-19 vaccine. Such initiatives by the major pharma players amid the novel coronavirus will drive the global market for pharmaceuticals in the forthcoming years.


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


Increasing Adoption of Cognitive Technologies in Healthcare to Augment Growth


The evolving patient demand is propelling the pharmaceutical companies to adopt advanced technologies such as automation, machine learning, and artificial intelligence (AI). According to the report by Deloitte, leading pharmaceutical companies globally have automated up to 95% of the regulatory filing required for the drug launches. The companies have enhanced their supply chain management through the incorporation of predictive analytics, digital tools, and accurate tracking systems. Therefore, the growing adoption of cognitive technologies is expected to contribute to the global pharmaceuticals market growth during the forecast period.


Partnership between Prominent Companies to Expand Their Product Portfolio & Boost Sales Revenue


The global pharmaceuticals market comprises several small, medium, and large companies that are focusing on maintaining a stronghold by establishing partnership with other companies. Additionally, they are adopting strategies such as merger and acquisition, collaboration, and facility expansion that will favor the market growth.


List of the Companies Profiled in the Global Market for Pharmaceuticals:



  • GlaxoSmithKline plc. (London, U.K)

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

  • Novartis AG (Basel, Switzerland)

  • Johnson & Johnson Services Inc. (New Jersey, U.S.)

  • Merck & Co., Inc. (New Jersey, U.S.)

  • Pfizer (New York, U.S.)

  • AstraZeneca (Cambridge, U.K.)

  • Sanofi (Paris, France)

  • Novo Nordisk A/S (Copenhagen, Denmark)

  • Other Players


Further Report Findings:



  • North America stood at USD 501.7 billion in 2019 and is expected to hold the highest position in the global pharmaceuticals market. This is ascribable to factors such as the growing focus on introducing innovative pharmaceutical products by the established companies amid COVID-19 in the region between 2020 and 2027. Additionally, advancement in the healthcare sector is likely to favor the market growth in the region.

  • On the other hand, Europe is expected to hold the highest position in the market owing to the higher sales of drugs and vaccines on account on the increasing prevalence of chronic diseases in the region.

  • The others segment, based on indication, is expected to remain at the forefront backed by the growing rate of infectious diseases such as the novel coronavirus that is likely to drive the demand for advanced pharmaceuticals globally.


Table of Segmentation:











































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD billion)



Segmentation



By Type



  • Drugs

    • Prescription Drugs

    • OTC Drugs



  • Vaccines



By Indication



  • Anti-viral

  • Anti-infective

  • Anti-hypertensive

  • Oncology

  • Respiratory Disease

  • Cardiovascular Disorders

  • Neurology Disorders

  • Diabetes

  • Others



By Distribution Channel



  • Hospital Pharmacy

  • Retail Pharmacy

  • Online Pharmacy



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • The Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)


Impact of Covid-19 on the Pharmaceuticals Market
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  • 2016-2018
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