Over-the-Counter Segment to Lead Market during 2022–2028
According to our new research study on "Mid-Size Pharmaceutical Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Drug Development Type, Formulation, and Therapy Class," the mid-size pharmaceutical market is expected to grow from US$ 690,105.2 million in 2022 to US$ 1,000,584.3 million by 2028; it is estimated to grow at a CAGR of 6.4% from 2022 to 2028. The report highlights the trends prevailing in the market and the factors driving the market growth. Increasing prevalence of chronic disorders and rising approvals and launches of products boost the market growth. However, cutthroat competition among market players hampers the growth of the mid-size pharmaceutical market.
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 and is expected to continue its dominance during the forecast period. Moreover, the same segment is expected to register a higher CAGR during the forecast period. Major factors driving the market growth for the over-the-counter segment are increasing budget allocation by pharmaceutical companies for the drugs marketing, higher disposable income, and the rising chronic diseases prevalence.
Lucrative Regions for Mid-Size Pharmaceutical Market
Mid-Size Pharmaceutical Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Prescription and Over-the-Counter), Drug Development Type (In-House and Outsource), Formulation (Tablets and Capsules, Injectables, Sprays, and Other formulations), and Therapy Class (Cardiovascular Diseases, Pain Management, Diabetes, Cancer, and Other Conditions)
Mid-Size Pharmaceutical Market Global Research Report 2028
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Impact of COVID-19 Pandemic on Mid-Size Pharmaceutical Market
In the beginning of the COVID-19 pandemic, the mid-size pharmaceutical market faced numerous short-term and long-term challenges, including direct impacts on productions and demands, financial impacts on manufacturing companies, and disruptions in supply chain and markets. In mid-size pharmaceutical markets, the effects of the pandemic were nearly predictable. The result was extremely high demand and funding for products essential to the care and treatment of patients, such as vaccines for infectious diseases, respiratory diseases, diabetes, and influenza. However, budgets for nonessential drugs were limited or not available at all. The COVID-19 pandemic has caused a heavy burden on the healthcare system across the world. The businesses in the regions were hampered due to disruption in the supply chain and an increase in demand. The outbreak is expected to leverage the technology adoption and usability to streamline the process during the COVID-19 treatment. Moreover, the enterprise sector has suffered a significant loss in production due to the worldwide lockdown. Manufacturing companies have been significantly hit by the lockdown, with nearly every plant was on halt. The FDA and the European Commission suggested and published regulations concentrating on-demand optimization and reasonable supply on a worldwide scale to minimize shortages.
Thus, the COVID-19 pandemic has demonstrated the criticality of health in the social and economic growth, reinforcing the need for greater health investments to secure people's well-being and build long-term health systems across the world.
Several players in the mid-size pharmaceutical market are engaged in meeting the growing demands for mid-size pharmaceuticals DAIICHI SANKYO COMPANY, LIMITED; Eisai Co., Ltd.; Bausch Health Companies Inc.; Regeneron Pharmaceuticals, Inc; Sun Pharmaceutical Industries Ltd; Alexion Pharmaceuticals, Inc.; Mallinckrodt; Endo Pharmaceuticals Inc.; Les Laboratories Servier; and UCB S.A. are among the leading companies operating in the market.
The report segments the mid-size pharmaceutical market as follows:
The mid-size pharmaceutical market is segmented on the basis of type, drug development type, formulation, and therapy class. Based on type, the market is bifurcated into prescription and over- the-counter. Based on drug development type, the mid-size pharmaceutical market is bifurcated into in-house and outsource. By formulation, the market is segmented into tablets & capsules, injectables, sprays, and other formulations. Based on therapy class, the market is segmented into cardiovascular diseases, pain management, diabetes, cancer, and other conditions. By geography, the mid-size pharmaceutical market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the rest of South & Central America).
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