Report : North America 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 6.7% CAGR, the North America Mid-Size Pharmaceutical Market market is speculated to be worth US$ 4,61,269.34 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America mid-size pharmaceutical market market was valued at US$ 3,13,406.34 million in 2022 and is expected to reach US$ 4,61,269.34 million by 2028, registering an annual growth rate of 6.7% from 2022 to 2028. Rising prevalence of chronic disorders and benefits of the mid-size pharmaceutical market are the critical factors attributed to the market expansion.
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. The increasing elderly population, an associated rise in chronic diseases, and increased government expenditures on the healthcare sector are major factors boosting the market growth. In Canada and Mexico, the market is likely to experience growth opportunities due to growing chronic diseases and the continuous government expenditures on the healthcare sector.
On the contrary, high competition among market players hurdles the growth of North America mid-size pharmaceutical market market.
Based on type, the North America mid-size pharmaceutical market is bifurcated into prescription and over-the-counter. The over-the-counter segment holds 62.5% market share in 2022, amassing US$ 1,95,840.18 million. It is projected to garner US$ 2,93,122.48 million by 2028 to expand at 7.0% CAGR during 2022–2028.
Based on drug development type, the North America mid-size pharmaceutical market is bifurcated into in-house and outsource. The outsource segment holds 89.6% market share in 2022, amassing US$ 2,80,911.20 million. It is projected to garner US$ 4,21,252.04 million by 2028 to expand at 7.0% CAGR during 2022–2028.
Based on formulation, the North America mid-size pharmaceutical market is segmented into tablets and capsules, injectables, sprays, and other formulations. With 36.3% share of the domain, the tablets and capsules segment dominates the market in 2022. It accrued US$ 1,13,706.95 million in 2022 and is estimated to generate US$ 1,73,785.07 million by 2028 to grow at a CAGR of 7.3% over the forecast period.
By therapy class, the North America mid-size pharmaceutical market is segmented into cardiovascular diseases, pain management, diabetes, cancer, and other conditions. With 34.4% share of the domain, the diabetes segment dominates the market in 2022. It accrued US$ 1,07,764.77 million in 2022 and is estimated to generate US$ 1,60,434.09 million by 2028 to grow at a CAGR of 6.9% over the forecast period.
Our regional analysis states that US captured 65.5% market share in 2022. It is assessed at US$ 2,05,281.15 million in 2022 and is likely to hit US$ 3,07,666.65 million by 2028, exhibiting a CAGR of 7.0% during the forecast period.
Key players dominating the North America 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, Sun Pharma including its subsidiaries and/or associate companies), announced that it has received final approval from US FDA for its Abbreviated New Drug Application (ANDA) for generic Mesalamine.
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