GlobalData Plc, a leading provider of market intelligence and analytics, has released an in-depth report analyzing key trends and developments in the global healthcare and pharmaceutical industry. The report, titled “Healthcare Expenditure and Pharmaceutical Sales by Region, Patent Expiries, New Technologies and Mergers and Acquisitions – Overview of 2022 and Outlook for 2023,” offers valuable insights into the current landscape and future prospects of the sector.
Healthcare expenditure and pharmaceutical sales are crucial indicators of the overall health and growth of the industry. This report provides a comprehensive analysis of these factors, along with a detailed assessment of patent expiries, new technologies, and mergers and acquisitions in the pharmaceutical sector.
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Key Findings from the Report:
Healthcare Expenditure: The report reveals that healthcare expenditure has been steadily rising across all regions, driven by factors such as population growth, increasing prevalence of chronic diseases, and advancements in medical technology. The total healthcare expenditure in 2023 was valued at $10.2 trillion in 2023.
Pharmaceutical Sales: The global pharmaceutical sales have witnessed significant growth in recent years, reaching unprecedented levels. The report identifies the increasing demand for innovative drugs, coupled with the rising geriatric population driving the growth of pharmaceutical sales. The total pharmaceutical sales market size valued at $1.5 trillion in 2023.
Patent Expiries: The healthcare expenditure and pharmaceutical sales industry faces a significant challenge with the expiration of patents for several blockbuster drugs. The report highlights the impact of patent expires on the market dynamics, including the rise of generic competition and subsequent decline in sales for branded drugs. This trend necessitates a focus on research and development (R&D) to introduce new drugs and maintain market dominance.
New Technologies: The report showcases the emergence of cutting-edge technologies such as artificial intelligence (AI), machine learning, and precision medicine in the pharmaceutical sector. These technologies are revolutionizing drug discovery, clinical trials, and personalized healthcare. Companies that embrace these advancements are expected to gain a competitive edge in the market.
Mergers and Acquisitions: The healthcare expenditure and pharmaceutical sales pharmaceutical industry has witnessed a flurry of mergers and acquisitions in recent years. The report provides insights into key M&A activities and their implications on market dynamics. Consolidation within the industry is driven by factors such as the pursuit of synergies, diversification of product portfolios, and expansion into new geographic markets.
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Key Highlights
- The Covid-19 pandemic, the Russia-Ukraine war, rising domestic debts, higher inflation, and tighter monetary policy have converged to weaken the global economy. Going forward, we see additional risks emanating from geopolitical tensions in Asia and the Middle East, which could plunge the global economy into a deeper recession.
- Global economic growth is projected to stay at 1.7% in 2023.
- Global healthcare spending is projected to grow 5.1% to $10.2 trillion in 2023, and 5.2% in 2024.
- Global pharmaceutical sales are projected to grow 4.2% to $1.5 trillion in 2023 and 4.3% in 2024, driven by new product entries, and continued spending on COVID-19 vaccines and therapeutics.
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About Us
GlobalData Plc is a leading provider of market intelligence and analytics, offering a wide range of services to clients in various industries. With a team of experienced analysts and advanced data analytics tools, GlobalData Plc delivers actionable insights and strategic recommendations to help businesses thrive in today’s competitive market.
GlobalData Plc remains committed to providing comprehensive market intelligence and analytics to empower pharmaceutical companies, healthcare organizations, and investors in making informed business decisions. With a robust database and advanced analytics capabilities, GlobalData Plc is well-positioned to assist clients in navigating the complex and evolving landscape of the global healthcare and pharmaceutical industry.
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