Global Pharmaceutical Industry Outlook, 2024

Description

Growing Competitive Intensity is Driving Pharma Digitization, Building Unique Growth Opportunities

Frost & Sullivan identifies and defines the leading trends shaping the global pharmaceutical landscape in this analysis. The study period is 2021-2028, with 2023 as the base year and 2024-2028 as the forecast period. The geographic scope includes 5 regions: North America, Latin America (LATAM) and the Caribbean, Asia-Pacific (APAC), Europe, and the Middle East and Africa. Chemicals/Small molecules and biologics are the 2 segments covered.

Other information covered include:

Pharmaceutical industry overview
Revenue forecasts by segment
The top 5 predictions for 2024 and beyond
Macro and micro trends driving the industry's future
R&D expenditure and leading therapeutic areas
Growth opportunities

After a plateaued growth in 2023 due to the biologics segment slowdown and a decrease in the uptake of COVID-19 vaccines and therapeutics, the industry will likely realign its growth to record a 5.9% CAGR between 2023 and 2028. Year-on-year (YoY) growth will remain low in developed economies, including the United States and Europe. In contrast, emerging economies in APAC, LATAM, and the rest of the world will register comparatively stronger single-digit YoY growth.

The recession and ongoing inflation will remain pressing challenges for the pharmaceutical industry in 2024, affecting returns on investment. Pharmaceutical companies will continue to shift toward regional rather than global suppliers to ensure geographic proximity and a smoother, more reliable supply chain.

There continues to be a strong focus on environmental, social, and governance commitments and supply-chain digitalization through lighthouse manufacturing techniques, decentralized clinical trial approaches, and the application of artificial intelligence. The industry is also witnessing a healthy mergers and acquisitions landscape, with several successful transactions recently. In addition, Frost & Sullivan expects a rebound in initial public offerings (IPOs), with 5 IPOs completed by February 2024.

Product Code: PFDE-52

Analyst Highlights

Highlights
Top Predictions for 2024

Transformation in the Global Pharmaceutical Industry

Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Global Pharmaceutical Industry

Ecosystem

Segmentation and Scope
Key Industry Themes

Industry Trends

Trend 1: Increasing M&As in Biopharma
Trend 2: Higher Focus on Precision Medicine
Trend 3: More RWE Integration in Drug R&D
Global Pharmaceutical Industry-R&D Expenditure Outlook
Global Drug Development Pipeline by Development Phase
Key Therapeutic Area Outlook

Macroeconomic Factors

Top 10 Trends for 2024
Top 10 Growth Opportunities
Global GDP Growth-Global Growth will See a Mild Slowdown from 3% in 2023 to 2.6% in 2024 as Major Economies Lose Momentum
Inflation and Interest Rates-Headline Inflation will Continue to Decline. H2 2024 will Shift Toward Rate Cuts for Advanced Economies
Currency Trajectory-The Dollar will Remain Strong in H1 2024. Emerging Market Currencies will Receive a Boost From Q3 2024
Oil Markets-OPEC+ will Cut Oil Production in Q1. Non-OPEC Production will Increase
Labor Market-Unemployment will See a Moderate Uptick. Positive Expectations Over Market Sentiment will Support Labor Hoarding
Critical Mineral Supplies-The Need for Economic Resiliency will Bolster Cross-border and Cross-industry Partnerships
North America-The Region will See an Economic Slowdown Amidst a Discretionary Spending Pullback and Elevated Interest Rates
Western Europe-The Region will See a Moderate Growth Pick-up as Inflation Headwinds Ease. Rebuilding Fiscal Buffers will Take Precedence
The Middle East-Economic Diversification will Drive Non-oil Growth to Limit the Pullback From a Slowdown in Global oil Markets
Asia-Emerging Economies will Drive Growth Momentum. Fiscal Measures will Support CHINESE Economic Recovery
High Inflation and Global Recession
Intensification of Supply Chain Resilience Strategies
Sustainability Across the Pharma Value Chain

Growth Generator

Global Pharmaceutical Industry-Historic Sales and Forecast
Segment Performance-Historic Sales and Forecast
Revenue Forecast by Region
Revenue Forecast Analysis by Region
Regional Regulatory Trends-North America
Regional Regulatory Trends-Europe
Regional Regulatory Trends-APAC
Regional Regulatory Trends-APAC, LATAM, the Caribbean, the Middle East, and Africa

Predictions for 2024

Prediction 1
Prediction 2
Prediction 3
Prediction 4
Prediction 5

Growth Generator: Small Molecules

Small Molecules Snapshot-2024
Small-molecule Companies to Watch

Growth Generator: Biologics

Biologics Snapshot-2024
Biologics Companies to Watch

Growth Opportunity Universe

Growth Opportunity 1: Scale Precision Oncology in Asia-Pacific Through Public-private Partnership Models
Growth Opportunity 2: Target Undruggable Proteins with Emerging Biotech Platforms
Growth Opportunity 3: Develop Agile Partnership Models for Drug Discovery and Development

Best Practices Recognition

Best Practices Recognition

Frost Radar

Frost Radar

Next Steps

Benefits and Impacts of Growth Opportunities
Next Steps
Take the Next Step
List of Exhibits
Legal Disclaimer