Report : Asia Pacific Mid-Size Pharmaceutical Market Forecast to 2028 – COVID-19 Impact and Regional 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)
At 6.9% CAGR, the Asia Pacific Mid-Size Pharmaceutical Market market is speculated to be worth US$ 1,96,114.51 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific mid-size pharmaceutical market market was valued at US$ 1,31,119.99 million in 2022 and is expected to reach US$ 1,96,114.51 million by 2028, registering an annual growth rate of 6.9% from 2022 to 2028. Rising number of healthcare start-ups and increasing focus on R&D market are the critical factors attributed to the market expansion.
The value of medicines is becoming more and more important; pharmaceutical companies are more than ever interested in ensuring R&D achieves their intended goal. The number of new drugs approved each year has also increased over the last decade. On average, the Food and Drug Administration (FDA) approved 38 new drugs annually from 2010 to 2019. This is 60% higher than the annual average for the last 10 years. Efforts are being made to achieve greater effectiveness and efficiency in meeting patients' needs. For example, there are studies to identify drugs that can improve a patient's experience and quality of life in a more meaningful way. Recent studies have estimated average R&D costs per new drug are less than US$ 1 billion to over USD 2 billion per drug. These estimates include the cost of laboratory and clinical trials of successful new drugs and drugs that enter clinical trials but fail or do not go through the laboratory development phase. These top trends transform the pharmaceutical industry and can have short-term and long-term implications. Further, this market in the region is expected to grow owing to the population size, especially the elderly population, per capita GDP, health care costs, regulatory systems, and morbidity. However, factors such as high failure rates of developing a new drug, falling returns on investment, and cut-throat competition among market players may restrain the market growth during the forecasted period.
On the contrary, high competition among market players hurdles the growth of Asia Pacific mid-size pharmaceutical market market.
Based on type, the Asia Pacific mid-size pharmaceutical market is bifurcated into prescription and over-the-counter. The over-the-counter segment holds 63.1% market share in 2022, amassing US$ 82,785.28 million. It is projected to garner US$ 1,25,914.59 million by 2028 to expand at 7.2% CAGR during 2022–2028.
Based on drug development type, the Asia Pacific mid-size pharmaceutical market is bifurcated into in-house and outsource. The outsource segment holds 89.2% market share in 2022, amassing US$ 1,16,946.13 million. It is projected to garner US$ 1,78,398.05 million by 2028 to expand at 7.3% CAGR during 2022–2028.
Based on formulation, the Asia Pacific mid-size pharmaceutical market is segmented into tablets and capsules, injectables, sprays, and other formulations. With 36.0% share of the domain, the tablets and capsules segment dominates the market in 2022. It accrued US$ 47,169.22 million in 2022 and is estimated to generate US$ 73,372.14 million by 2028 to grow at a CAGR of 7.6% over the forecast period.
By therapy class, the Asia Pacific mid-size pharmaceutical market is segmented into cardiovascular diseases, pain management, diabetes, cancer, and other conditions. With 34.1% share of the domain, the diabetes segment dominates the market in 2022. It accrued US$ 44,770.53 million in 2022 and is estimated to generate US$ 67,781.76 million by 2028 to grow at a CAGR of 7.2% over the forecast period.
Our regional analysis states that China captured 37.5% market share in 2022. It is assessed at US$ 49,224.32 million in 2022 and is likely to hit US$ 76,868.48 million by 2028, exhibiting a CAGR of 7.7% during the forecast period.
Key players dominating the Asia Pacific mid-size pharmaceutical market market are Alexion Pharmaceuticals, Inc.; Bausch Health Companies Inc.; Daiichi Sankyo Company Limited; Eisai Co., Ltd.; Endo Pharmaceuticals Inc.; Mallinckrodt; Regeneron Pharmaceuticals, Inc; and Sun Pharmaceutical Industries Ltd among others.
A few major key developments among the top market players are described below:
In April 2022, Regeneron Pharmaceuticals, Inc. and Checkmate Pharmaceuticals, Inc. announced a definitive agreement for Regeneron to acquire Checkmate for $10.50 per share of Checkmate common stock in an all-cash transaction. Checkmate's entire stock value is estimated to be around $250 million in the proposed acquisition.
In May 2022, MOVICOL® HD is a high dose formulation of existing “MOVICOL® LD”, the first polyethylene glycol indicated for treatment of chronic constipation1) in Japan. MOVICOL® HD contains the same active ingredients in double the quantity of MOVICOL® LD per sachet. For the patients who have previously used 2 sachets of MOVICOL® LD per dose, MOVICOL® HD can save the time and effort of opening multiple sachets, increasing convenience, reducing the economic burden, and reducing packing waste. This will help the company in contributing to addressing the needs of and increasing the benefits provided to, patients, their families, and healthcare providers.
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