Open AccessCamel Research of Selected Pharmaceutical Industries
Author(s) -
Shipra Gupta,
Vijay Kumar,
Jasmeet Kalra
Publication year - 2020
Publication title -
international journal of engineering and advanced technology
Language(s) - English
Resource type - Journals
ISSN - 2249-8958
DOI - 10.35940/ijeat.f1008.1186s419
Subject(s) - per capita , business , population , gross domestic product , china , annual growth % , agricultural economics , economic growth , economics , geography , medicine , environmental health , archaeology
The pharmaceutical industry is observed to have an unhampered growth and is anticipated to grow supplemental a compound annual growth rate (CAGR) of 3-6% over the next five years. The worldwide expenditure on medicines has crossed US $1.2 Trillion in 2018 and is expected to go over US $ 1.5 Trillion by 2023. The new product lift-offs, particularly the specialty range have been the major contributor in the growth accomplishment. However, reforming per capita income, accelerating consciousness towards health, geriatric population, elevated chronic ailments along with technological magnifications are significantly pitching towards the growth accomplishment. The following economies have majorly pitched in towards the pharmaceuticals expenditure in 2018: US (US $ 486 Billion), top five European markets (US $ 178 Billion), China (US $ 137 Billion), Japan (US $ 86 Billion).Looking at the trend it seems that the growth of the world-wide pharmaceutical expenditure will majorly be moved by developed economies through innovatory products created using latest technology. United States appears to remain a fairy godmother in the pharmaceutical industry. However, emerging economies like Brazil, India, Russia (Tier 2 markets) and Tier 3 markets shall also confer to the growth process. Their CAGR is projected to grow 5-8% through 2023 to reach US $ 355 – 385 Billion.