US Pharmaceutical Market Size and Forecast (2020 - 2030), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product (Vaccines, Biologics & Biosimilars, and Small Molecules)

BMIRE00029645 | Pages: 292 | Pharmaceuticals | Jan 2024 | Type: Country | Status: Published

The US pharmaceutical market size is expected to grow from US$ 846.72 billion in 2022 to US$ 1,285.79 billion by 2030, estimated to grow at a CAGR of 5.36% from 2022 to 2030. The US pharmaceutical market growth in the US pharmaceutical market is driven by rising workplace-associated disorders, rise in pharmaceutical production capacity, increased approvals of generic drugs, and escalating R&D investments in the US pharmaceutical market outlook. However, the high cost of drug development and marketing approval hinders the US pharmaceutical market growth.

Pharmaceutical is a broad segment that consolidates a group of chemicals classified based on their pharmacological effect and therapeutic use. For instance, alkaloids were the first pure pharmaceuticals derived from plants; they include quinine, nicotine, cocaine, atropine, and morphine. Similarly, some drugs are made of animal origin, which includes glandular extracts containing hormones. These pharmaceutical products diagnose, treat, and prevent chronic diseases such as cancer, diabetes, and genetic disorders.

Market Opportunity

Increasing Adoption of AI-Based Tools for Drug Discovery

Artificial intelligence (AI) is emerging as an important tool in the healthcare sector, as it helps understand the action mechanism of drugs. The use of AI tools has already been proven to accelerate the process of discovering new candidate therapeutics; the process that earlier used to take years to complete can now be accomplished within months using AI. In addition to reducing the timelines of drug discovery, AI helps enhance the agility of the research process, increase the accuracy of predictions on drug safety and efficacy, and boost the speed and precision of discovery and preclinical testing, thereby providing a competitive edge to R&D strategies.

Many pharmaceutical companies are collaborating with AI companies to harness the benefits of AI in drug discovery. For instance, in 2019, Pfizer partnered with Concreto HealthAI to advance its work in precision oncology using AI and real-world data. The company believes that AI tools have tremendous potential in developing and using drugs to improve patient outcomes. Further, in 2022, Pfizer extended its partnership with CytoReason to leverage its AI technology for improving drug candidate discovery and drug development processes. Similarly, in 2019, Janssen collaborated with a French startup Iktos Pharmaceuticals to develop an AI-powered drug design system. Janssen\'s new drug design system will enhance the process of discovering new medications by accelerating the identification of molecules. Additionally, in January 2020, Bayer partnered with a UK-based AI-driven drug discovery company, where Bayer will use the AI drug discovery platform to identify and optimize novel structures as potential drug candidates to treat cardiovascular and oncological diseases. Similarly, GlaxoSmithKline (GSK) collaborated with Insilico Medicine, a Baltimore-based AI-driven company, to explore the AI capability of Insilico for easing the process of identification of novel biological targets.

Thus, the growing adoption of AI-based tools for drug discovery is likely to trigger the growth of the US pharmaceutical market during the forecast period.

Segmental Analysis

Product-Based Insights

The US pharmaceutical market, by product, is segmented into vaccines, biologicals & biosimilars, and small molecules. The small molecules segment is further bifurcated into generic and branded. The small molecules segment held the largest market share in 2022. The biologicals & biosimilars segment is expected to register the highest CAGR during the forecast period. In the US pharmaceutical market growth, biosimilars treat patients with cancers, kidney diseases, diabetes, and other autoimmune diseases such as rheumatoid arthritis and Crohn\'s disease. Biologics are the most expensive medicines in the US pharmaceutical market outlook, costing tens of thousands of dollars yearly per patient. Biosimilars are expected to be priced 15-30% lower than their reference product. In 2020 alone, biosimilars saved US$ 7.9 billion, with savings expected to grow significantly in the next few years as more biosimilars enter the market. According to Cardinal Health, it is expected that biosimilars are expected to reduce the US drug expenditure by US$ 133 billion by 2025. The recognition of biosimilars as efficacious and safe agents by patients, specialists, primary care clinicians, and other healthcare professionals is propelling the demand for biosimilars. In addition, biosimilars help improve the quality of life among millions of patients while saving billions of dollars for healthcare systems per year. They have come up as potent and cost-effective options for treating many diseases-including chronic skin conditions such as psoriasis; bowel diseases such as Crohn\'s disease, irritable bowel syndrome, and colitis; diabetes; autoimmune disease; cancer; kidney conditions; and arthritis. During 2017-2018, the National Health Service (NHS) saved US$ 401.10 million by switching from 10 expensive medicines to better-value and equally effective alternatives such as biologics, with an expectation of even more savings in the future. The potential savings from using biosimilars can also be used to fund other new treatments. With the high prevalence of chronic diseases, the demand for biosimilars in treating life-threatening illnesses has surged rapidly over the last five years. Such a factor has assisted the growth of the US pharmaceutical market in the recent past and is expected to follow a similar trend during the forecast period.

Country Analysis

In recent years, pharmaceutical sales revenues in the US pharmaceutical market outlook have accounted for nearly half of the global total. Five of the 10 top US pharmaceutical market companies worldwide were from the US in 2021. Pfizer is one of the companies that provides prescription drug revenues worldwide, heavily boosted by its COVID-19 vaccine Comirnaty. AbbVie is another US pharmaceutical market participant that has made a great impression worldwide, with the pharmaceutical segment generating a record US$ 55 billion in 2021, driven especially by its longstanding top-seller brand Humira. Despite the influence of several emerging countries, the US has captured a dominant share of the pharmaceutical market globally. The US pharmaceutical market is home to a few major pharma companies worldwide. Most advanced US pharmaceutical market products are easily accessible to American consumers, albeit at a cost.

The US pharmaceutical market accounts for about 45% of the global pharmaceutical market and 22% of global production. The US pharmaceuticals output and sales remained robust in 2022, driven by the global vaccination rollout and suppressed demand for essential and non-essential medical treatments. The US pharmaceutical market has made great strides over the past few decades due to a greater focus on research and development (R&D). Pharma companies spend over 21% of their revenues on R&D, and this sizeable investment is wasted if a medication does not receive regulatory approval. The R&D expenditure of the US pharmaceutical market totaled some US$ 102 billion in 2021. This figure will likely increase significantly in the coming years due to the costs of developing effective and safe COVID-19 treatments and vaccines.



TABLE OF CONTENTS

 

1. Introduction 16

1.1 Scope of the Study. 16

2. Pharmaceutical Market - Key Takeaways 17

3. Research Methodology 21

3.1 Coverage. 22

3.2 Secondary Research. 23

3.3 Primary Research. 24

4. Pharmaceutical Market - Market Landscape 25

4.1 Overview. 25

4.2 PESTLE Analysis. 25

4.2.1 Political Factors. 25

4.2.2 Economic Factors. 25

4.2.3 Social Factors. 26

4.2.4 Technological Factors. 26

4.2.5 Legal Factors. 27

4.2.6 Environmental Factors. 27

4.3 Expert's Opinion. 28

4.4 Macro-Economic Framework of the U.S. 28

4.5 Import and Export Activities in the U.S. and Italy. 31

4.5.1 Import - Export Analysis. 31

4.5.2 US. 37

4.5.3 Italy. 50

4.6 Magazines, Publications, Universities, and Online Portals. 60

4.7 Events List 65

4.8 Trade Shows List 67

4.9 Useful Contacts -Events and Trade Shows, Associations, and Magazines. 68

4.9.1 Associations - MAIN PHARMACEUTICAL, VACCINE AND CONSUMER PRODUCT TRADE ASSOCIATIONS. 74

4.9.2 Magazines - Trade Magazines, Blogs, Journals, and Publications. 81

4.10 Information Regarding CDMOs. 84

4.10.1 Surplus/Deficit information. 84

4.10.2 Trade Balance. 84

4.10.3 Production and investment Done in the recent Past 85

4.10.4 Initiatives Taken by Pharmaceutical Countries. 86

4.11 Supply Chain Distribution Channel 87

4.12 Suggestions and Opportunities For Italian Companies. 98

4.13 Industry Performance. 99

4.14 Industry Outlook. 100

4.14.1 Market Size and Growth. 100

4.14.2 Research and Development (R&D) 100

4.14.3 Market Dynamics. 100

4.14.4 Regulatory Landscape. 101

4.14.5 Market Access and Pricing. 101

4.14.6 COVID-19 Impact 101

4.14.7 Generics and Biosimilars. 101

4.14.8 Digital Health Integration. 101

4.14.9 Supply Chain Resilience. 102

4.14.10 Workforce and Employment 102

4.14.11 Downward Pressure on Pricing. 102

4.14.12 From Treatment to Prevention and Beyond. 103

4.15 Key External Drivers. 103

4.15.1 Increasing Geriatric Population. 103

4.15.2 Advantages Offered by Continuous Manufacturing Process. 104

4.16 Demand Determinants in Future. 104

4.16.1 Growing Interest of Pharmaceutical Companies to Promote Product Sales through Contract Sales Organizations. 104

4.16.2 Rising Number of Healthcare Start-ups. 105

4.17 Industry Trends in the US Market 106

4.17.1 Increasing Adoption of Continuous Manufacturing in Pharmaceuticals. 106

4.17.2 Growing Adoption of AI-based Tools for Drug Discovery. 106

4.17.3 Growing Adoption of Self-Injecting Parenteral Devices. 106

5. Pharmaceutical Market - Key Market Dynamics 110

5.1 Market Drivers. 110

5.1.1 Rising Workplace-Associated Disorders. 110

5.1.2 Rise in Pharmaceutical Production Capacity. 111

5.1.3 Increased Approvals of Generic Drugs. 112

5.1.4 Escalating R&D Investments in Pharmaceutical Industry. 112

5.2 Market Restraints. 113

5.2.1 High Cost of Drug Development and Marketing Approval 113

5.3 Market Opportunities. 113

5.3.1 Rising Incidences of Chronic Diseases and Infectious Diseases. 113

5.3.2 Emerging Markets for Outsourcing Production Activities. 114

5.4 Future Trends. 115

5.4.1 Increasing Adoption of AI-based Tools for Drug Discovery. 115

5.5 Impact Analysis. 116

6. Pharmaceutical Market - US Analysis 117

6.1 US Pharmaceutical Market Revenue Forecast and Analysis. 117

6.1.1 US: Pharmaceutical Market, by Product, 2019-2030 (US$ Billion) 118

6.1.1.1 US: Pharmaceuticals Market For Product, by Type, 2019-2030 (US$ Billion) 118

6.2 Production mapping. 119

6.2.1 Pharma companies in the US- 119

6.2.2 The impact of COVID-19 on R&D- 119

6.3 Pricing Analysis of Key Products. 119

6.4 Production and Sales Statistics of Pharmaceutical Market in US. 122

6.5 Value Chain Analysis and Vendor's Ecosystem.. 124

6.6 Go-to-Market Strategies for Companies. 125

6.6.1 Johnson & Johnson. 125

6.6.2 Pfizer Inc. 126

6.6.3 Merck Co & Inc. 126

6.7 Regulatory Scenario in the United States Associated With Pharmaceutical Industry. 127

6.7.1 Agencies, Organizations, Institutes, Centers, and Offices Associated with Pharmaceutical Product Regulation. 128

6.7.2 Regulations to enter and operate within the USA Market 128

6.8 HTS Codes for Drugs in United States. 129

6.8.1 Custom Duties. 131

6.8.2 Link Between HTS Codes and Custom Duties. 131

7. US Branded Small Molecules Market 132

7.1 US: Branded Small Molecules Market Revenue and Forecast to 2030. 132

7.1.1 Overview. 132

7.1.2 US: Branded Small Molecules Market Positioning Analysis. 134

7.1.3 US Branded Small Molecules Market - Revenue and Forecast to 2030 (USD Billion) 135

8. US Generic Small Molecules Market 136

8.1 US: Generic Small Molecules Market Revenue and Forecast to 2030. 136

8.1.1 Overview. 136

8.1.2 US: Generic Small Molecules Market Positioning Analysis: 138

8.1.3 US Generic Small Molecules Market - Revenue and Forecast to 2030 (USD Billion) 139

9. US Biological and Biosimilar Products Market 140

9.1 US: Biological and Biosimilar Products Market Revenue and Forecast to 2030. 140

9.1.1 Overview. 140

9.1.2 US: Biological and Biosimilar Products Market Positioning Analysis: 142

9.1.3 US Biological and Biosimilar Products Market - Revenue and Forecast to 2030 (USD Billion) 143

10. US Vaccines Market 144

10.1 US: Vaccines Market Revenue and Forecast to 2030. 144

10.1.1 Overview. 144

10.1.2 US: Vaccines Market Positioning Analysis: 146

10.1.3 US Vaccines Market - Revenue and Forecast to 2030 (USD Billion) 147

11. Pharmaceutical Market - Industry Landscape 148

11.1 Overview. 148

11.2 Growth Strategies in the Pharmaceutical Market 148

11.3 Inorganic Growth Strategies. 149

11.3.1 Overview. 149

11.4 Organic Growth Strategies. 150

11.4.1 Overview. 150

12. Company Profiles 152

12.1 Moderna Inc. 152

12.1.1 Key Facts. 152

12.1.2 Business Description. 152

12.1.3 Products and Services. 153

12.1.4 Financial Overview. 154

12.1.5 SWOT Analysis. 156

12.1.6 Key Developments. 158

12.2 AbbVie Inc. 159

12.2.1 Key Facts. 159

12.2.2 Business Description. 159

12.2.3 Products and Services. 160

12.2.4 Financial Overview. 161

12.2.5 SWOT Analysis. 164

12.2.6 Key Developments. 168

12.3 Gilead Sciences Inc. 169

12.3.1 Key Facts. 169

12.3.2 Business Description. 169

12.3.3 Products and Services. 170

12.3.4 Financial Overview. 171

12.3.5 SWOT Analysis. 173

12.3.6 Key Developments. 177

12.4 Regeneron Pharmaceuticals Inc. 178

12.4.1 Key Facts. 178

12.4.2 Business Description. 178

12.4.3 Products and Services. 179

12.4.4 Financial Overview. 180

12.4.5 SWOT Analysis. 181

12.4.6 Key Developments. 185

12.5 Merck & Co Inc. 186

12.5.1 Key Facts. 186

12.5.2 Business Description. 186

12.5.3 Products and Services. 187

12.5.4 Financial Overview. 188

12.5.5 SWOT Analysis. 191

12.5.6 Key Developments. 195

12.6 Abbott Laboratories. 196

12.6.1 Key Facts. 196

12.6.2 Business Description. 196

12.6.3 Products and Services. 197

12.6.4 Financial Overview. 199

12.6.5 SWOT Analysis. 202

12.6.6 Key Developments. 206

12.7 Bristol-Myers Squibb Co. 207

12.7.1 Key Facts. 207

12.7.2 Business Description. 207

12.7.3 Products and Services. 208

12.7.4 Financial Overview. 209

12.7.5 SWOT Analysis. 211

12.7.6 Key Developments. 215

12.8 Vertex Pharmaceuticals Inc. 216

12.8.1 Key Facts. 216

12.8.2 Business Description. 216

12.8.3 Products and Services. 217

12.8.4 Financial Overview. 218

12.8.5 SWOT Analysis. 220

12.8.6 Key Developments. 222

12.9 Pfizer Inc. 223

12.9.1 Key Facts. 223

12.9.2 Business Description. 223

12.9.3 Products and Services. 224

12.9.4 Financial Overview. 225

12.9.5 SWOT Analysis. 227

12.9.6 Key Developments. 231

12.10 Eli Lilly and Co. 233

12.10.1 Key Facts. 233

12.10.2 Business Description. 233

12.10.3 Products and Services. 234

12.10.4 Financial Overview. 235

12.10.5 SWOT Analysis. 237

12.10.6 Key Developments. 241

12.11 Bayer AG. 242

12.11.1 Key Facts. 242

12.11.2 Business Description. 242

12.11.3 Products and Services. 243

12.11.4 Financial Overview. 245

12.11.5 SWOT Analysis. 248

12.11.6 Key Developments. 251

12.12 Johnson & Johnson. 252

12.12.1 Key Facts. 252

12.12.2 Business Description. 252

12.12.3 Products and Services. 253

12.12.4 Financial Overview. 256

12.12.5 SWOT Analysis. 258

12.12.6 Key Developments. 262

12.13 Amgen Inc. 264

12.13.1 Key Facts. 264

12.13.2 Business Description. 264

12.13.3 Products and Services. 265

12.13.4 Financial Overview. 266

12.13.5 SWOT Analysis. 268

12.13.6 Key Developments. 272

12.14 Takeda Pharmaceutical Co Ltd. 273

12.14.1 Key Facts. 273

12.14.2 Business Description. 273

12.14.3 Products and Services. 274

12.14.4 Financial Overview. 275

12.14.5 SWOT Analysis. 278

12.14.6 Key Developments. 282

12.15 Zoetis Inc. 283

12.15.1 Key Facts. 283

12.15.2 Business Description. 283

12.15.3 Products and Services. 284

12.15.4 Financial Overview. 285

12.15.5 SWOT Analysis. 287

12.15.6 Key Developments. 290

 

LIST OF TABLES

 

Table 1. US Export Trade to Italy- Product: HSC 30 Pharmaceutical products. 43

Table 2. US Export Trade to Italy- Product: HSC 30 Pharmaceutical products. 44

Table 3. US Import Trade from Italy- Product: HSC 30 Pharmaceutical products. 47

Table 4. US Import Trade from Italy- Product: HSC 30 Pharmaceutical products. 48

Table 5. Italy Import Trade from US- Product: HSC 30 Pharmaceutical products. 54

Table 6. Italy Import Trade from US- Product: HSC 30 Pharmaceutical products. 55

Table 7. Italy Export Trade from US- Product: HSC 30 Pharmaceutical products. 58

Table 8. Italy Export Trade to US- Product: HSC 30 Pharmaceutical products. 59

Table 9. List of Magazines, Publications, Universities, and Online Portals. 61

Table 10. List of Events. 65

Table 11. List of Trade Shows. 67

Table 12. Events and Trade Shows. 68

Table 13. Counts of total nonfatal occupational injuries, illnesses, and respiratory illnesses (private industry, 2018-2022) (Thousand) 110

Table 14. US Pharmaceutical Market, by Product - Revenue and Forecast to 2030 (US$ Billion) 118

Table 15. US Pharmaceuticals Market For Product, by Type - Revenue and Forecast to 2030 (US$ Billion) 118

Table 16. Top Drugs by Price Increase, January and July 2022. 120

Table 17. Top Drugs by Percentage Price Increase, January and July 2022. 121

Table 18. Global Demand of Pharmaceutical (US$ Billion) 123

Table 19. Global Production of Pharmaceutical (US$ Billion) 123

Table 20. Production Size in US (US$ Billion) 123

Table 21. Novel Drug Approvals for 2023. 133

Table 22. Recent Generic Small Molecules Approvals by US FDA. 137

Table 23. Recent Biological and Biosimilar Products Approvals by US FDA. 141

Table 24. Recent Vaccines Approvals by US FDA. 145

Table 25. Recent Inorganic Growth Strategies in the Pharmaceutical Market 149

Table 26. Recent Organic Growth Strategies in the Pharmaceutical Market 151

 

LIST OF FIGURES

 

Figure 1. Pharmaceutical Market Overview.. 17

Figure 2. Small Molecules Segment Held Largest Share of Product Segment in Pharmaceutical Market 17

Figure 3. Pharmaceutical Market - Industry Landscape. 19

Figure 4. Experts' Opinion. 28

Figure 5. List of supplying markets for pharmaceutical product imported by United States. 37

Figure 6. List of supplying markets for pharmaceutical product imported by United States in US$ Thousand. 38

Figure 7. List of importing markets for a product exported by United States. 40

Figure 8. List of importing markets for a product exported by United States. 41

Figure 9. List of importing markets for a product exported by United States. 42

Figure 10. List of supplying markets for a product imported by Italy. 50

Figure 11. List of supplying markets for a product imported by Italy. 50

Figure 12. List of importing markets for a product exported by Italy. 51

Figure 13. List of importing markets for a product exported by Italy. 52

Figure 14. List of importing markets for a product exported by Italy. 53

Figure 15. Key Trends Impact 108

Figure 16. Key Trends Impact 109

Figure 17. Pharmaceutical Market Impact Analysis of Driver and Restraints. 116

Figure 18. US Pharmaceutical Market - Revenue Forecast and Analysis - 2020-2030. 117

Figure 19. US Branded Small Molecules Market Revenue and Forecast to 2030 (USD Billion) 135

Figure 20. US Generic Small Molecules Market Revenue and Forecast to 2030 (USD Billion) 139

Figure 21. US Biological and Biosimilar Products Market Revenue and Forecast to 2030 (USD Billion) 143

Figure 22. US Biological and Biosimilar Products Market Revenue and Forecast to 2030 (USD Billion) 147

Figure 23. Growth Strategies in the Pharmaceutical Market 148

 

  • Moderna Inc

 

  • AbbVie Inc

 

  • Gilead Sciences Inc

 

  • Regeneron Pharmaceuticals Inc

 

  • Merck & Co Inc

 

  • Abbott Laboratories

 

  • Bristol-Myers Squibb Co

 

  • Vertex Pharmaceuticals Inc

 

  • Pfizer Inc

 

  • Eli Lilly and Co

 

  • Bayer AG

 

  • Johnson & Johnson

 

  • Amgen Inc

 

  • Takeda Pharmaceutical Co Ltd

 

  • Zoetis Inc
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the US pharmaceutical market.

 

  • Highlights key business priorities in order to assist companies to realign their business strategies.

 

  • The key findings and recommendations highlight crucial progressive industry trends in the global US pharmaceutical market, thereby allowing players across the value chain to develop effective long-term strategies.

 

  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

 

  • Scrutinize in-depth country market trends and outlook coupled with the factors driving the market, as well as those hindering it.

 

  • Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
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