PUBLISHER: BCC Research | PRODUCT CODE: 1663557
PUBLISHER: BCC Research | PRODUCT CODE: 1663557
The global market for drugs of abuse (DOA) testing is estimated to increase from $5.2 billion in 2022 to reach $8.1 billion by 2027, at a compound annual growth rate (CAGR) of 9.3% from 2022 through 2027.
The global market for bioengineered protein drugs is estimated to increase from $354.1 billion in 2022 to reach $521.3 billion by 2027, at a compound annual growth rate (CAGR) of 8.0% from 2022 through 2027.
The global market for pain management drugs and devices is expected to increase from $84.6 billion in 2023 to $109.9 billion by the end of 2028, with a compound annual growth rate (CAGR) of 5.4% during the forecast period of 2023-2028.
Research Review Scope
The pharmaceutical market is one of the biggest industries in the world, and it is continuously growing. Continuous and ongoing research and development are happening in the pharmaceutical market, with the entry of new drugs and the performance of the current drugs. However, a drug's entry into the market takes around 12-13 years, but the market for existing drugs keeps soaring, which is why the pharmaceutical market keeps growing.
Research and development play a vital role in the growth of the pharmaceutical market, driven by technological and scientific advancements, especially in cell and gene therapies. The market is affected by stringent regulatory and reimbursement policies and escalating research and development costs. Artificial intelligence can be considered crucial with its usage in multiple fields of pharmaceuticals, such as drug discovery, clinical trials, drug screening, personalized medicine, supply chain management, regulatory compliance, pharmacovigilance, and marketing insights. Generative AI tools help accelerate drug discovery by automating tedious and time-consuming tasks.
Research Reviews from BCC Research provide market professionals with concise market coverage within a specific research category. This 2023 Pharmaceuticals Research Review provides a sampling of the type of quantitative market information, analysis, and guidance that BCC Research has been developing since its inception in 1971 to help its customers make informed business decisions. This Research Review includes highlights and excerpts from the following reports published by BCC Research in 2023:
PHM281A Anti Obesity Drugs Market
After you survey the excerpts in this Research Review, we encourage you to follow up on these topics by checking out the full market research reports associated with each topic. BCC Research looks forward to serving your market intelligence needs in the future.