The IQVIA 2023 report on the Global Use of Medicines continues to provide insights into global pharmaceutical market spending, past and future. The COVID-19 pandemic continues to impact pharmaceutical markets globally and is estimated to expand the net cumulative pharmaceutical market by $500 billion from 2020 through 2027.
Highest volume growth is expected in Latin America, Asia and Africa, driven by a mix of population growth and expanded access. North America and Europe will see very low growth.
Demand for innovative drugs will drive oncology spending to approximately $370 billion by 2027, almost double the current level.
Biotech will represent 35% of spending globally in 2027 and will include both breakthrough cell and gene therapies, as well as a maturing biosimilar segment.
The outlook for global medicine spending has shifted considerably during the COVID-19 pandemic but is expected to be largely similar to the pre-COVID outlook, excluding the spending for COVID-19 vaccines and therapeutics.
For non-COVID spending, lower trends in the near-term are expected to be largely offset and by 2027, the cumulative reduction from the pre-pandemic outlooks is expected to be only $4 billion.
The most important drivers of lower spending will be those, often asymptomatic, conditions that have disrupted patient engagement and fail to make up the backlog of previously expected usage and spending.
Access the full report here.
References
- The Global Use of Medicines 2023. (n.d.). IQVIA. https://www.iqvia.com/insights/the-iqvia-institute/reports/the-global-use-of-medicines-2023
Disclaimers
- The material in these reviews is from various public open-access sources, meant for educational and informational purposes only
- Any personal opinions expressed are those of only the author(s) and are not intended to represent the position of any organization(s)
- No official support by any organization(s) has been provided or should be inferred
