The mid-size pharmaceutical market in North America is expected to grow from US$ 313,406.34 million in 2022 to US$ 461,269.34 million by 2028; it is estimated to grow at a CAGR of 6.7% from 2022 to 2028.
The rising prevalence of chronic disorders drives the growth of the North America mid-size pharmaceutical market. The aging population and changing lifestyle contribute to the steady increase in the incidence of common and costly long-term health problems. With the accelerating urbanization, people are adopting sedentary lifestyle, which boosts obesity and diabetes cases. According to the World Health Organization, the prevalence of chronic diseases is projected to increase by 57% by 2026 from the current situation. Many people in North America develop diabetes every year, causing life-changing complications. According to the International Diabetes Federation (IDF), the region reported about 46 million diabetes cases in 2019, which are projected to increase to 62 million by 2045. Increasing demand for health care systems due to the rising cases of chronic illnesses has become a major concern which is in turn boosting the mid-size pharmaceutical market in North America region.
By introducing new features and technologies, vendors in the North America mid-size pharmaceutical market can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the market growth at a good CAGR during the forecast period.
North America Mid-Size Pharmaceutical Market Segmentation
The North America mid-size pharmaceutical market is segmented on the basis of type, drug development type, formulation, therapy class, and country.
Based on type, the North America mid-size pharmaceutical market is bifurcated into prescription and over-the-counter. In 2022, the over-the-counter segment accounted for a larger market share. Based on drug development type, the market is bifurcated into in-house and outsource. The outsource segment held a larger market share in 2022. Based on formulation, the North America mid-size pharmaceutical market is segmented into tablets and capsules, injectables, sprays, and other formulations. The tablets & capsules segment held the largest market share in 2022. Based on therapy class, the market is segmented into cardiovascular diseases, pain management, diabetes, cancer, and other conditions. The diabetes segment held the largest market share in 2022. Based on country, the North America mid-size pharmaceutical market is segmented into the US, Canada, and Mexico. The US held the largest market share in 2022.
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 are among the leading companies operating in the mid-size pharmaceutical market in the region.