Pharmacy Statistics 2024 By Effect, Utilization, Medications

Samruddhi Yardi
Samruddhi Yardi

Updated · Apr 12, 2024

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Introduction

Pharmacy Statistics: Pharmacy, with its rich historical roots, is a vital and dynamic healthcare field primarily dedicated to the secure and effective utilization of medications.

Pharmacists, as medication experts, play a pivotal role in patient safety by ensuring the accuracy of medications, preventing errors, and monitoring for adverse drug reactions.

Beyond dispensing medications, they optimize therapy, educate patients, manage medication supply chains, contribute to research and development, and engage in public health initiatives, making pharmacy an indispensable and evolving profession at the intersection of healthcare and patient well-being.

Pharmacy Statistics

Editor’s Choice

  • By 2032, the global pharmacy market will be worth around USD 1,750 billion.
  • The United States leads the pack, allocating 42.60% of its healthcare expenditure to the pharmaceutical sector.
  • In November 2021, the combined worth of the pharmaceutical industry in the United States amounted to approximately 2.8 trillion U.S. dollars.
  • The domestic pharmaceutical market in India, as of 2021, is estimated to be valued at USD 41 billion.
  • In 2021, Johnson & Johnson was the top pharmaceutical company, making $91 billion.
  • The top-selling product was Comirnaty, developed by BioNTech and Pfizer, with sales of $36,900 million.
  • Pfizer leads the pharmacy market with a substantial 9% market share.

Pharmacy Market Statistics by Size

  • The projected value of the worldwide pharmacy market is anticipated to reach approximately USD 1,750 billion by 2032.
  • This substantial growth is expected from the base figure of USD 1,108 billion recorded in 2022. In the forecast period from 2022 to 2032, the market is expected to exhibit a compound annual growth rate (CAGR) of 4.8%.
  • In 2022, the market stood at USD 1,108 billion.
  • By 2023, it’s projected to reach USD 1,161 billion, marking a notable increase. As we move into 2024, the market is expected to expand, reaching USD 1,210 billion.
  • This upward trajectory continues, with 2025 showing a market size of USD 1,283 billion.
  • By 2026, it’s projected to be at USD 1,353 billion.
  • The growth continues steadily through the years, with 2027 reaching USD 1,409 billion,
  • In the year 2028, at USD 1,451 billion.
  • In 2029, it climbed to USD 1,520 billion.
  • As we enter the 2030s, the market is expected to hit USD 1,584 billion.
  • In 2030 and reach a substantial USD 1,660 billion by 2031.
  • Finally, by 2032, the global pharmacy market will be worth around USD 1,750 billion.

(Source: Market.us)

pharmacy market

Pharmacy Statistics by Share of Leading 2022

  • The United States leads the pack, allocating 42.60% of its healthcare expenditure to the pharmaceutical sector.
  • In contrast, China, with its burgeoning healthcare industry, dedicates 7.60% of its spending to pharmaceuticals,
  • While Japan follows with 4.50%.
  • Germany and France contribute 4% and 2.80%, respectively, showcasing their commitment to healthcare and pharmaceuticals.
  • Italy and the United Kingdom allocate 2.40% and 2.30% of their budgets to this sector,
  • While Canada and Spain each designate 2% and 1.90%.
  • Brazil also matches Spain’s pharmaceutical spending percentage at 1.90%.

(Source: Statista)

Pharmacy Statistics

Pharmacy Statistics by Country

United States

  • In November 2021, the combined worth of the pharmaceutical industry in the United States amounted to approximately 2.8 trillion U.S. dollars.
  • The annual expenditure for drug research and development in the USA amounts to approximately $60 billion.
  • In 2021, global pharmaceutical sales reached $1,186 billion, with the United States leading in sales at $555 billion.
  • In the same year, Americans were provided with about 4.69 billion prescriptions.
  • Humira emerged as the highest-grossing medicine in the U.S. market in 2021, generating revenue of $17.3 billion.
  • On average, the FDA approves 38 drugs annually in the United States.
  • Five out of the top 10 pharmaceutical companies worldwide have their headquarters in the United States.
  • The typical salary for an employee in the pharmaceutical and medicine manufacturing sector is approximately $111,176 annually.
  • By 2025, the United States will spend between $605 billion and $635 billion on medicine.

(Source: Enterprise Apps Today)

India

  • The domestic pharmaceutical market in India, as of 2021, is estimated to be valued at USD 41 billion.
  • Projections indicate substantial growth, expected to reach USD 65 billion by 2024.
  • Looking further ahead, the market is anticipated to expand significantly, potentially reaching a substantial USD 130 billion by 2030.
  • The nation holds the title of the world’s largest supplier of generic medicines, accounting for 20% of the global supply in terms of volume.
  • It also boasts of being the top global vaccine manufacturer, with a remarkable market share of 60%.

(Source: On the home front, the survey)

Estonia

  • In 2022, hospital pharmacies recorded a total turnover of 137 million euros.
  • This figure represents a notable increase of 3%, calculated without factoring in VAT.
  • For 20 years, there has been a consistent increase in the total turnover of pharmacies.
  • Specifically, in 2022, the combined turnover of all pharmacies and their branch pharmacies amounted to 643 million euros.
  • As of the beginning of 2022, 500 activity licenses have been issued for pharmacies.
  • Among these licenses, there were 476 general pharmacies, and this category included 97 branch pharmacies.
  • Additionally, there were 23 hospital pharmacies, with one branch pharmacy within this category.

(Source: Republic of Estonia Agency of Medicines)

China

  • The pharmaceutical industry in China achieved a substantial milestone in 2022.
  • It generated a total revenue exceeding 3.36 trillion yuan during the year 2022.
  • This performance reflected a year-on-year growth rate of 0.5 percent.
  • Specifically, in 2015, this industry sector achieved a total revenue of approximately 234 billion yuan.
  • As of 2017, China held the distinction of having the world’s 2nd largest pharmaceutical market.
  • The market’s value then amounted to a substantial US$110 billion.

(Source: Statista)

Japan

  • In 2021, Japan’s medical drug production was valued at around 9.2 trillion Japanese yen.
  • This marked a slight decrease compared to the previous year when it was approximately 9.3 trillion yen.
  • Prescription drugs comprise most of the medical market, accounting for nearly 92 percent of the annual production value.
  • In 2021, Japan’s prescription drug production was valued at around 8.4 trillion Japanese yen.
  • This represented a decrease of approximately 0.6 percent compared to the prior year.
  • Over-the-counter drug production in 2021 reached nearly 749 billion yen.

(Source: Statista)

Pharmacy Statistics and Facts Regarding Industry

  • In 2021, Johnson & Johnson was the top pharmaceutical company and made $91 billion.
  • Eli Lilly and Company and Pfizer spent $83.3 million on digital ads in 2021, earning them 9.6 billion ad views.
  • Southeast Asia’s market for over-the-counter (OTC) medicines was worth $6.1 billion in 2021 and is expected to grow.
  • In Great Britain, sales of OTC medicines reached £2.9 billion in 2021, which is a lot more than before.
  • Sweden has the most people (almost half) who buy medicine online, followed by Belgium and Austria.
  • Walgreens.com was the top online pharmacy in the U.S. in 2021, followed by cvs.com, riteaid.com, and Nurx.com.

(Source: Statista)

Online Pharmacy Industry Statistics:

  • The OTC medicine market in Southeast Asia is doing well, especially for cold medicine and painkillers.
  • OTC medicine sales in Great Britain have been growing a lot since 2000.
  • Lots of people in Sweden, Belgium, and Austria buy medicine online.
  • Johnson & Johnson was a big player in 2021, showing how massive and competitive the industry is.
  • The online pharmacy market in the U.S. is also big, with Walgreens.com leading the way.

(Source: Statista)

Other Interesting Information:

  • Quantum computing is making drug discovery faster and cheaper, a big deal for the industry.
  • The pharma industry needs more people with science and tech skills, and they’re trying out remote work.

Advertising Spending in the Pharmacy Industry

Pharma Companies Spend a Lot on Advertising:

  • In 2021, pharmaceutical companies spent $9 million on average for marketing.
  • Eli Lilly and Company and Pfizer put $83.3 million into digital ads, which got them many views.

(Source: Statista)

Leading Pharmacy Company Statistics

  • In the pharmaceutical industry, several companies have significant market shares.
  • Pfizer leads with a substantial 9% market share.
  • Roche follows with 6%.
  • Johnson & Johnson, AbbVie, Merck & Co., and Novartis each contribute 5% to the market.
  • AstraZeneca and Sanofi both hold 4% market shares.
  • Bristol Myers Squibb closely follows with another 4%.
  • Gilead Sciences maintains a 3.30% market share.
  • Eli Lilly rounds out the list with 3%.
  • Collectively, these companies shape the pharmaceutical landscape, with Pfizer as the leader in market share.

(Source: Statista)

Highest Grossing Pharmacy Products Statistics

  • These figures represent pharmaceutical product sales in 2021 in millions of U.S. dollars.
  • The top-selling product was Comirnaty, developed by BioNTech and Pfizer, with sales of $36,900 million.
  • Humira by AbbVie followed closely with revenue of $20,700 million.
  • Spikevax, produced by Moderna, secured the third spot with $17,700 million in sales.
  • Keytruda, a product from Merck & Co., achieved substantial sales of $17,200 million.
  • Revlimid by BMS generated $12,800 million in revenue.
  • Eliquis, also by BMS, saw sales totaling $10,800 million.
  • Stelara, produced by Janssen Biotech, contributed $9,100 million to the industry.
  • Biktarvy by Gilead reached sales of $8,600 million.
  • Opdivo, a product from BMS and Ono Pharmaceutical, generated $7,600 million in revenue.
  • Trulicity by Eli Lilly recorded sales of $6,500 million.
  • These numbers collectively reflect the significant financial performance of these pharmaceutical products in 2021.

(Source: Market.us)

Recent Developments

Acquisitions and Mergers:

  • Acquisition of a regional pharmacy chain by a national healthcare retailer in September 2023, expanding their presence in key markets and increasing market share.
  • The merger between two pharmacy benefit management companies in December 2023, created a larger entity with enhanced capabilities in prescription drug services.

New Product Launches:

  • Introduction of digital prescription management platforms by pharmacy chains in January 2024, enabling patients to refill prescriptions and schedule medication deliveries online.
  • Launch of personalized medication packaging services, such as blister packs and medication synchronization programs, by independent pharmacies in March 2024 to improve medication adherence.

Funding Rounds:

  • Series C funding round for a telepharmacy startup in February 2024, raising $50 million to expand telepharmacy services to underserved communities and rural areas.
  • Seed funding for a pharmacy automation company developing robotic dispensing systems in April 2024, securing $12 million for product development and commercialization efforts.

Partnerships and Collaborations:

  • Collaboration between a pharmacy chain and a healthcare technology company in November 2023 to integrate electronic health records with pharmacy systems for seamless patient care coordination.
  • The partnership between a pharmacy network and a health insurance provider in March 2024 to offer medication therapy management services and adherence programs to plan members.

Technological Advancements:

  • Adoption of pharmacy automation systems, including robotic dispensers and automated medication adherence packaging, to streamline prescription fulfillment and improve patient safety.
  • Integration of telehealth services into pharmacy operations, allowing pharmacists to provide virtual consultations and medication management services to patients remotely.

Investment Landscape:

  • Venture capital investments in pharmacy startups totaled $2.3 billion in 2023, with a focus on companies offering innovative pharmacy services and technology solutions.
  • Strategic partnerships and acquisitions between pharmacy chains, healthcare providers, and technology companies accounted for 60% of total investment activity in the pharmacy market in 2023, reflecting industry collaboration and efforts to adapt to changing healthcare needs and consumer preferences.

Conclusion

Pharmacy Statistics – The pharmaceutical industry is a vital pillar of modern healthcare, constantly adapting and significantly contributing to global health.

It encompasses drug discovery, development, manufacturing, and distribution, delivering life-saving and life-improving medicines.

Recent achievements, such as the rapid development of COVID-19 vaccines, underscore its capacity to respond to urgent global health crises.

Nevertheless, the industry faces persistent challenges, including high development costs, regulatory barriers, and ethical concerns around pricing and marketing.

Striking a balance between profitability and accessibility remains essential. Looking ahead, the pharmaceutical sector holds immense promise, with innovations like precision medicine and gene therapies poised to transform healthcare, reaffirming its pivotal role in advancing human well-being.

FAQs

What is the pharmaceutical industry?

The pharmaceutical industry is a sector of the healthcare industry that researches, develops, manufactures, and markets prescription and over-the-counter medications. It plays a critical role in providing treatments for various medical conditions.

How are drugs developed and brought to market?

Drug development involves several stages, including preclinical research, clinical trials, regulatory approval, and post-market surveillance. It can take many years and substantial investments to bring a new drug to market.

What is the difference between brand-name and generic drugs?

Pharmaceutical companies develop brand-name drugs and have exclusive rights to market them for a certain period. Generic drugs are copies of brand-name drugs and are typically less expensive once the patent on the brand-name drug expires.

How are pharmaceutical drugs regulated for safety and efficacy?

Regulatory agencies, such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), evaluate drugs for safety and efficacy before allowing them on the market. This process includes rigorous testing and clinical trials.

What are orphan drugs?

Orphan drugs are medications developed to treat rare diseases or conditions. They often receive special incentives and exclusivity from regulatory agencies to encourage their development.

What is the role of pharmacovigilance in the pharmaceutical industry?

Pharmacovigilance is the practice of monitoring and assessing the safety of pharmaceutical products after they are marketed. It helps identify and manage potential adverse effects and safety concerns.

How do pharmaceutical companies protect their intellectual property?

Pharmaceutical companies protect their intellectual property through patents, which grant them exclusive rights to manufacture and sell a drug for a certain period. They may also use trade secrets and trademarks to protect their products and brands.

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Samruddhi Yardi

Samruddhi Yardi

Samruddhi Yardi has done her MBA in Marketing, and after working in sales for 2.5 years, she has shifted to the market research industry. As Samruddhi is a pharma graduate, she is working in the Healthcare domain as a Research associate. She also contributes to chemical, consumer goods, agriculture, and food & beverages.