New York, July 15. 08, 2022 (GLOBE NEWSWIRE) — The Insight Partners has published the latest research study on “Medium Pharmaceutical Market Forecast to 2028 – Impact of COVID-19 and Global Analysis – by Type, Drug Development Type, Formulation, Therapeutic Class, and Geography”, the report highlights the prevailing trends in the market and the factors driving its growth. The growth of the medium-sized pharmaceutical market is attributed to the increasing prevalence of chronic diseases, the increase in the elderly population and increasing number of product launches and approvals, however, the fierce competition among market players and unfavorable reimbursement scenarios are hampering the growth of the market.
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Scope and Strategic Outlook of the Mid-Size Pharmaceutical Market Report:
|Market size Value in||US$651.3 billion in 2022|
|Market Size Value by||1000.5 billion dollars by 2028|
|Rate of growth||CAGR of 6.4% from 2022 to 2028|
|Year of reference||2022|
|Number of pages||203|
|Number of tables||111|
|Number of graphs and figures||79|
|Historical data available||Yes|
|Segments Covered||Type, type of drug development, formulation and therapeutic class|
|Regional scope||North America; Europe; Asia Pacific; Latin America; AEM|
|Country scope||United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report cover||Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends|
Mid-Size Pharmaceutical Market: Competitive Landscape and Key Developments
DAIICHI SANKYO COMPANY LIMITED; Eisai Co., Ltd. ; Regeneron Pharmaceuticals, Inc; Bausch Health Companies Inc.; Sun Pharmaceutical Industries Ltd; Alexion Pharmaceuticals, Inc.; Mallinckrodt; Endo Pharmaceuticals Inc.; Servier Laboratories; and UCB SA are among the leaders in the medium-sized pharmaceutical market. The market is expected to flourish in the coming years due to the development of new and innovative products by market players.
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- In May 2022, Takeda and Daiichi Sankyo announced the research project’s collaboration with Tohoku University and MICIN, a digital health and telemedicine company. The collaboration aims to develop a wearable device that will track lifestyle habits. Takeda and Daiichi Sankyo hope the research project can lead to new discoveries of new medical technologies and new drugs.
- In April 2022, Regeneron Pharmaceuticals, Inc. and Checkmate Pharmaceuticals, Inc. announced a definitive agreement for Regeneron to acquire Checkmate. The total value of Checkmate shares is estimated to be approximately US$250 million in the proposed acquisition.
North America is the largest market for mid-sized pharmaceuticals, and the United States holds the largest regional market share, followed by Canada. The growth of the mid-sized pharmaceutical market in the United States is attributed to the increase in the elderly population, the growth of chronic diseases among the elderly population and the increase in government expenditure in the healthcare sector. According to the US Census Bureau, in the United States, people aged 65 and over are expected to double from 52 million in 2018 to around 95 million by 2060, and people aged 65 and over will increase by 16% to 23% in 2018. to 2060.
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Most adults (>60%) suffer from two or more chronic conditions. According to the Centers for Disease Control and Prevention (CDC), in 2020 nearly 6 in 10 people in the United States had at least one chronic condition, and 4 in 10 people had two or more chronic conditions. Additionally, chronic conditions, such as dementia, heart disease, type 2 diabetes, arthritis, and cancer, are associated with aging. They are significant causes of illness, disability, death, and increased health care costs in the United States. Thus, the growing prevalence of chronic diseases will generate the need for affordable long-term therapies, thereby driving the growth of the medium-sized pharmaceutical market.
Rise in Product Approvals and Launches Fueling Growth of Mid-Size Pharma Market
The medium-sized pharmaceutical market is characterized by the presence of various market players. To increase their market share, market players are adopting various strategies such as product launches, regional expansion, and technological advancements. Mid-sized pharmaceutical companies are more involved in continuous innovation and technological advancements, which leads to increased acceptance by industry players. Major players are investing in R&D to develop advanced technologies and generate more revenue.
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Some recent developments related to the medium-sized pharmaceutical industry are mentioned below:
In May 2022, Sun Pharmaceutical Industries Ltd., including its subsidiaries and associated companies, announced that it had received final approval from the US FDA for its abbreviated new drug application (ANDA) for generic mesalamine extended-release capsules, 500mg. The generic product approval was based on Pentasa extended-release capsules, 500 mg as the reference product.
In February 2022, UCB SA received approval to treat seizures associated with Lennox-Gastaut Syndrome (LGS), a rare form of childhood epilepsy. The drug, branded Fintepla, is approved in the United States to treat another form of childhood epilepsy, Davet’s syndrome (DS), in patients aged two years and older. Developed by Zogenix, Fintepla is only available through a restricted drug distribution program in the United States
Active participation of market players in product innovation and development coupled with increase in product approvals is fueling the growth of the mid-sized pharmaceutical market.
Mid-Size Pharmaceutical Market: Segmental Overview
Based on type, the mid-sized pharmaceutical market is divided into prescription and over-the-counter drugs. The over-the-counter segment held a larger market share in 2022. The segment is expected to register a higher CAGR during the period 2022-2028.
In terms of the type of drug development, the mid-sized pharmaceutical market is divided into in-house and outsourced. The outsourcing segment held a larger market share in 2022 and is expected to continue to be a larger shareholder by 2028.
Based on formulation, the medium-sized pharmaceutical market is segmented into tablets and capsules, injectables, sprays, and other formulations. In 2022, tablets and capsules segment held the largest market share. The segment is expected to register the highest CAGR between 2022 and 2028.
On the basis of therapeutic class, the mid-sized pharmaceutical market is segmented into cardiovascular diseases, pain management, diabetes, cancer and other conditions. In 2022, the diabetes segment held the largest market share. However, the cancer segment is expected to register the highest CAGR between 2022 and 2028.
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