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Home Economy

Global Pharmaceutical Market: Trends and Projections – 2027

India CSR by India CSR
in Economy
Reading Time: 7 mins read
Pharma Companies

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The global pharmaceutical market is set to reach $1.9 trillion by 2027, driven by specialty medicines and biosimilars, with varying growth across developed and emerging markets.

A Decade of Growth in Medicine Use

The global pharmaceutical market has witnessed significant growth over the past decade, driven largely by increased access to medicines across various regions. Medicine use globally has surged by 36%, and the market is currently valued at around US$ 1.5 trillion. By 2027, global medicine spending is projected to grow modestly in the low to mid-single digits, reaching approximately US$ 1.9 trillion. While spending and volume growth will differ considerably across regions, the demand for specialty medicines and the biotech segment’s expansion are expected to play pivotal roles in shaping the future of the pharmaceutical industry.

Growth Patterns in Different Markets

The growth of the pharmaceutical market varies across developed and emerging markets. Developed markets currently hold a substantial share of global pharmaceutical spending, with an estimated market size of US$ 1,088 billion in 2022. Over the last five years, these markets have seen a Compound Annual Growth Rate (CAGR) of 5.7%. By 2027, the developed markets are expected to grow to US$ 1,370-1,400 billion, with a CAGR of 2.5-5.5%.

In contrast, pharmerging markets, which consist of countries with rapidly growing economies and improving access to medicines, are projected to be the fastest-growing segment. In 2022, the pharmerging market was valued at US$ 371 billion, with a CAGR of 7.2%. By 2027, it is expected to reach between US$ 487-518 billion, with growth rates ranging from 5-8%.

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Low-income countries, however, are experiencing a decline in medicine access, which threatens the progress made in improving health outcomes. These countries’ markets were valued at US$ 23 billion in 2022, with growth expected to remain modest at 4.5-7.5% through 2027.

Table 1: Global Pharmaceutical Market Growth

RegionMarket Size 2022 (US$ bn)Estimated Market Size 2027 (US$ bn)CAGR (2018-2022)Estimated CAGR (2022-2027)
Developed Markets1,0881,370-1,4005.7%2.5-5.5%
Pharmerging Markets371487-5187.2%5-8%
Low-Income Countries2329-336.0%4.5-7.5%
Total Global Market1,4821,900-1,9306.1%3-6%

Factors Driving Market Growth

Several factors are contributing to the growth of the pharmaceutical market in developed and pharmerging economies. In developed markets, the introduction of new specialty medicines focused on niche and rare diseases will continue to drive growth. These medicines, which are often complex and expensive, cater to the treatment of chronic and complex diseases. However, the rising use of biosimilars—generic versions of biological medicines—will offset the cost of some older medicines, leading to lower growth rates for traditional pharmaceutical segments.

Pharmerging markets, on the other hand, are witnessing an increase in the use of novel medicines due to better healthcare infrastructure and access. Wider use of innovative medicines and improved affordability are expected to fuel the growth in these markets. Despite these advancements, low-income countries may continue to struggle with limited access to affordable treatments, which could jeopardize healthcare improvements in these regions.

Table 2: Specialty Medicines Share in the Global Market

RegionSpecialty Medicine Share (2012)Specialty Medicine Share (2022)Estimated Share (2027)
Top 10 Developed Markets39%47%56%
Other Developed Markets36%43%49%
Pharmerging Markets10%12%16%
Global Average24%35%43%

The Rise of Specialty Medicines

Over the last decade, the share of specialty medicines in global pharmaceutical spending has increased substantially. In 2012, specialty medicines accounted for 24% of global spending, but by 2022, this share had risen to 35%. Specialty medicines, which are primarily used to treat chronic, complex, and rare diseases, are significantly more expensive than traditional medicines. This increase in spending is driven mainly by developed and upper-middle-income countries, where healthcare systems can support the higher costs associated with these treatments.

Looking ahead, the share of specialty medicines is expected to continue rising, reaching 43% of total global pharmaceutical spending by 2027. This growth will be led by developed markets, where more than half of all spending is likely to go toward specialty medicines. Pharmerging markets will see a slower adoption of specialty treatments due to their higher costs, but their share of specialty medicines spending will gradually increase.

Table 3: Global Biotech Market Growth

YearBiotech Market Size (US$ bn)CAGR
201211913%
201722314%
202243114%
2027 (Estimate)6667.5-10.5%

Biotech Segment: A Key Growth Driver

Biotech products represent a significant portion of the global pharmaceutical market. In 2022, spending on biotech products accounted for 30% of the global pharma market, valued at US$ 431 billion. Over the last decade, the biotech segment has grown at an impressive CAGR of 14%, driven by advancements in therapies such as insulin analogs and other specialty medicines.

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The growth of the biotech segment is expected to slow slightly over the next five years, with a projected CAGR of 7.5-10.5% through 2027. This slowdown will be driven by the impact of biosimilars, especially in developed markets, where the biosimilar market is expected to become well-established. However, the continued introduction of new biotech medicines will support overall growth in this segment, and the market is expected to reach US$ 666 billion by 2027.

Biosimilars: Driving Cost Savings

Biosimilars are poised to play a crucial role in the future of the biotech market. These lower-cost alternatives to original biological medicines will create significant savings for healthcare systems and patients. Between 2023 and 2027, cumulative global savings from the use of biosimilars are estimated to be around US$ 383 billion. These savings will allow more people to access biological medicines, making treatments more affordable and improving healthcare outcomes worldwide.

The increasing availability of biosimilars will have a profound impact on the overall pharmaceutical market, particularly in terms of reducing the cost of complex therapies. As more biosimilars enter the market, governments and healthcare providers will be able to allocate resources more efficiently, ensuring that more patients have access to life-saving treatments.

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Table 4: Biosimilar Savings Projections (2023-2027)

YearEstimated Savings (US$ bn)Savings Range (US$ bn)
20235040-60
202410080-120
2025150120-180
2026200160-240
2027250290-476
Total (2023-2027)383290-476

Therapy-wise Outlook: Oncology and Immunology Leading the Way

Among the various therapeutic segments, oncology and immunology are expected to be the most significant growth drivers in the pharmaceutical industry. Oncology, in particular, is projected to grow at a CAGR of 13-16% through 2027, driven by the introduction of over 100 new treatments. This segment is expected to double in size over the next five years, reaching a market value of over US$ 370 billion. The growing incidence of cancer and the development of new, more effective therapies will fuel the continued expansion of the oncology segment.

Immunology, another critical therapeutic area, is expected to grow at a slower pace, with a CAGR of 3-6% through 2027. The growth of the immunology segment will be driven by an increasing number of patients requiring treatment and the introduction of new immunology products. However, the segment will face competition from biosimilars, which will exert downward pressure on prices.

A Growing but Evolving Market

The global pharmaceutical market is set to continue its growth over the next five years, with total spending expected to reach US$ 1.9 trillion by 2027. While developed markets will lead in specialty and biotech segments, pharmerging markets will see the fastest overall growth. Biosimilars will play a critical role in driving cost savings and improving access to biological medicines. As the market evolves, healthcare systems will need to adapt to the increasing demand for specialty treatments and the growing importance of cost-effective biosimilars.

(India CSR Research)

Tags: Biosimilars SavingsBiotech ProductsGlobal Pharmaceutical MarketMedicine Spending 2027Pharmerging Markets GrowthSpecialty Medicines Growth

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