New York, July 15, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Mid-Size Pharmaceutical Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Drug Development Type, Formulation, Therapy Class, and Geography,” the report highlights trends prevailing in the market and factors driving its growth. The mid-size pharmaceutical market growth is attributed to the increasing prevalence of chronic diseases, increasing elderly population, and rising number of products launches and approvals. However, cutthroat competition among market players and unfavorable reimbursement scenarios hinder the market growth.
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Mid-Size Pharmaceutical Market Report Scope & Strategic Insights:
|Market Size Value in||US$ 651.3 Billion in 2022|
|Market Size Value by||US$ 1000.5 Billion by 2028|
|Growth rate||CAGR of 6.4% from 2022 to 2028|
|No. of Pages||203|
|No. of Charts & Figures||79|
|Historical data available||Yes|
|Segments covered||Type, Drug Development Type, Formulation, and Therapy Class|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Mid-Size Pharmaceutical Market: Competitive Landscape and Key Developments
DAIICHI SANKYO COMPANY LIMITED; Eisai Co., Ltd.; Regeneron Pharmaceuticals, Inc; Bausch Health Companies Inc.; Sun Pharmaceutical Industries Ltd; Alexion Pharmaceuticals, Inc.; Mallinckrodt; Endo Pharmaceuticals Inc.; Les Laboratories Servier; and UCB S.A. are among the leading companies in the mid-size pharmaceutical market. The market is anticipated to flourish in the coming years due to the development of new innovative products by market players.
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- In May 2022, Takeda and Daiichi Sankyo announced the research project collaboration along with Tohoku University and MICIN, a digital health and telemedicine company. The collaboration aims to develop a wearable device that will track lifestyle habits. Takeda and Daiichi Sankyo are hopeful that the research project may lead to further discoveries of new medical technologies and medicines.
- In April 2022, Regeneron Pharmaceuticals, Inc. and Checkmate Pharmaceuticals, Inc. announced a definitive agreement for Regeneron to acquire Checkmate. Checkmate’s entire stock value is estimated to be around US$ 250 million in the proposed acquisition.
North America is the largest market for mid-size pharmaceuticals, and the US holds the largest share of the regional market, followed by Canada. The mid-size pharmaceutical market growth in the US is ascribed to the surged elderly population, growth in chronic diseases among elderly population, and increased government expenditures on the healthcare sector. As per the US Census Bureau, in the US, individuals aged 65 and older are estimated to double from 52 million in 2018 to around 95 million by 2060, and people aged 65 and above will increase from 16% to 23% in the year 2018 to 2060.
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Most adults (>60%) suffer from two or more chronic conditions. According to the Centers for Disease Control and Prevention (CDC), in 2020, almost 6 in 10 people in the US suffered from at least one chronic disease, and 4 in 10 people had two or more chronic conditions. Furthermore, chronic disorders, such as dementia, heart disease, type 2 diabetes, arthritis, and cancer, are associated with aging. These are significant causes of illness, disability, mortality, and increasing healthcare costs in the US. Thus, the growing prevalence of chronic diseases will generate the need for long-term affordable therapies, thereby inducing mid-size pharmaceutical market growth.
Increasing Product Approvals and Launches Fueling Mid-Size Pharmaceutical Market Growth
The mid-size pharmaceutical market is characterized by the presence of various market players. To increase their market share, market players take up various strategies such as product launches, regional expansion, and technological advancements. Mid-size pharmaceuticals are more involved in continuous innovation and technological advances, leading to increased acceptance among industry players. Leading players invest in R&D to develop advanced technologies and gain more revenue.
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A few recent developments related to mid-size pharmaceutical are mentioned below:
In May 2022, Sun Pharmaceutical Industries Ltd., including its subsidiaries and associate companies, announced that it received final approval from the US FDA for its Abbreviated New Drug Application (ANDA) for generic Mesalamine Extended-Release Capsules, 500 mg. The generic product approval was based on Pentasa Extended-Release Capsules, 500mg as a reference product.
In February 2022, UCB S.A. received the approval to treat seizures associated with Lennox-Gastaut Syndrome (LGS), a rare form of childhood epilepsy. The drug, branded as Fintepla, is approved in the US to treat another form of childhood-onset epilepsy, Davet Syndrome (DS), in patients aged two years and older. Developed by Zogenix, Fintepla is available only through a restricted drug distribution program in the US
The active participation of market players in product innovation and development coupled with an increase in product approvals fuel the growth of the mid-size pharmaceutical market.
Mid-Size Pharmaceutical Market: Segmental Overview
Based on type, the mid-size pharmaceutical market is bifurcated into prescription and over-the-counter. The over-the-counter segment held a larger market share in 2022. The segment is expected to register a higher CAGR during 2022–2028.
In terms of drug development type, the mid-size pharmaceutical market is bifurcated into in-house and outsource. The outsource segment held a larger market share in 2022 and is anticipated to continue to be a larger shareholder by 2028.
Based on formulation, the mid-size pharmaceutical market is segmented into tablets & capsules, injectables, sprays, and other formulations. In 2022, the tablets and capsules segment held the largest share of the market. The segment is expected to register the highest CAGR during 2022–2028.
Based on therapy class, the mid-size pharmaceutical market is segmented into cardiovascular diseases, pain management, diabetes, cancer, and other conditions. In 2022, the diabetes segment held the largest share of the market. However, the cancer segment is expected to register the highest CAGR during 2022–2028.
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Over-The-Counter Drugs Market Forecast to 2028 – Covid-19 Impact and Global Analysis – By Product Type (Dermatology Products, Weight-loss or Dietary Products, Sleeping Aids, Gastrointestinal Products, Cough, Cold, and Flu Products, Analgesics, Vitamins, Mineral, and Supplements (VMS), Ophthalmic Products, Other Product Types); Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacy, Other Distribution Channels), and Geography
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Prescription Medicine Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type (Generics, Orphan, Other); Therapy (Oncology, Anti-diabetics, Vaccines, Sensory Organs, Immunosuppressants, Anticoagulants, Others); Distribution Channel (Hospital Pharmacies, Online Pharmacies, Retail Pharmacies and Drug Stores), and Geography
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