Patented Drugs Market to Reach $1,456.4 Billion, Globally, by 2032 at 6% CAGR: Allied Market Research
The growth of the global patented drugs market is driven by increase in number of people suffering from various chronic diseases, surge in research and development activities, and increase in patent filing activities.
Portland, OR, Aug. 10, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Patented Drugs Market By Dosage Form (Solid Drug Product, Liquid Drug Product, and Others), By Indication (Cardiovascular Diseases, Cancer, Autoimmune Diseases, and Others) By Distribution Channel (Hospital Pharmacies, Drug Stores and Retail Pharmacies): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global patented drugs industry was estimated at $814.5 billion in 2022, and is anticipated to hit $1,456.4 billion by 2032, registering a CAGR of 6.0% from 2023 to 2033.
With the constant advancements and innovation in the pharmaceutical sector, several drugs have been introduced in the market that have saved the lives of millions. However, all drugs can not be patented and all inventions are not patentable. In order to be able to apply for patent protection the invention must be new, non-obvious, and useful.
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Prime determinants of growth
Increase in research and development of new drug for the treatment of various chronic conditions such as cancer, rare diseases or autoimmune diseases, rise in patent filing activities by middle income countries and surge in surge in disease burden drive the growth of the global patented drugs market. However, high cost of patented drugs and strict regulatory approval procedures are hampering the patented drugs market growth. On the contrary, the strong intellectual property is expected to offer remunerative opportunity for expansion of the patented drugs market during the forecast period.
Report coverage & details:
|Market Size in 2022||$814.5 billion|
|Market Size in 2032||$1,456.4 billion|
|No. of Pages in Report||263|
|Segments covered||Dosage Form, Indication, Distribution Channel, and Region.|
|Drivers||Increase in investment in research and development activities
Surge in disease burden
|Opportunity||Strong intellectual property rights|
|Restraint||High cost of patented drugs|
- During the COVID-19 pandemic, the patented drugs market was moderately driven by increase in patent application filing for new COVID-19 vaccines.
- Furthermore, the demand for patented drugs is increasing post pandemic due to rise in prevalence of various chronic conditions, and surge in research activities for development of new drugs. This, in turn, presented various growth opportunities for companies operating in the patented drugs market.
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The liquid drug product segment to maintain its leadership status throughout the forecast period
Based on dosage form, the liquid drug product segment held the highest market share in 2022, accounting for nearly three-fifths of the global patented drugs market revenue, and it is projected to manifest the highest CAGR of 6.2% from 2023 to 2032, owing to strong availability of liquid drug products and surge in product approvals.
The cancer segment to maintain its lead position during the forecast period
Based on indication, the cancer segment accounted for the largest share in 2022, contributing to nearly one-third of the global patented drugs market revenue, owing to, surge in number of people suffering from cancer and strong product pipeline of cancer treatment. However, others is expected to witness the fastest CAGR of 6.6% from 2023 to 2032, owing to development of new patent drugs for the treatment of various rare diseases.
The drug stores and retail pharmacies segment to maintain its leadership status throughout the forecast period
Based on distribution channel, the drug stores and retail pharmacies segment held the highest market share in 2022, accounting for more than half of the global patented drugs market revenue, and it is projected to manifest the highest CAGR of 6.2% from 2023 to 2032, owing to increase in sell of patented drugs from drug stores, and easy availability of patented drugs in drug stores and retail pharmacies.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly three-fifthsof the global patented drugs market revenue, owing to high sell of patented drugs in U.S., increase in prevalence of chronic diseases, and strong presence of market key players. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.0% from 2023 to 2032, owing to development of pharmaceutical industry, high disease burden and increase in healthcare expenditure.
Leading Market Players:
- AbbVie Inc.
- Amgen Inc.
- Pfizer Inc.
- Novartis AG
- Astrazeneca plc
- Bayer AG
- Johnson and Johnson
- F. Hoffmann-La Roche AG
- Astellas Pharma Inc.
The report provides a detailed analysis of these key players of the global patented drugs market. These players have adopted strategies such as, patent and patent extension to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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