24 Apr Biggest pharmaceutical markets in the world by country
The global pharmaceutical industry has seen continuous growth over the last few decades. And during the past ten years worldwide revenues have increased from US $649 billion in 2006 to $1.1 trillion by the end of 2016.
Most of this growth can be attributed to activity in the world’s top pharmaceutical markets, namely the US, China, Japan and several leading economies in the EU.
Largest markets drive growth
The US has the largest pharmaceutical market in the world with a value of $333, 694 million followed by Japan ($94, 025 million) and China ($86, 774 million).
In Europe, Germany’s pharmaceutical market is valued highest at around $45,828 million, followed by France at $37,156 million USD.
According to a recent report from the QuintilesIMS Institute, these leading markets will continue to drive growth for the global pharmaceutical industry, which is tipped to be worth US £1.5 trillion by 2012, with particular demand for treatments related to oncology, autoimmune diseases and diabetes.
The UK pharmaceutical market
The UK pharmaceutical market is currently valued at around US $24, 513 million – eight place on the global league table – but according to a report from research and consulting firm GlobalData, it could grow to around $43 billion by 2020.
The firm says the pharmaceutical industry is the sixth largest contributor to the UK’s balance of trade with research and development investment topping $5billion and the industry employing more than 68,000 staff, including 23,000 scientists and doctors.
It points to the National Health Service (NHS), which provides universal access to healthcare as one reason why the UK incurs comparatively high healthcare costs, with expenditure in this area accounting for 8.6% of the GDP in 2012.
Real world data and digital services
According to the pharmaphorum news site, the UK is at the leading edge in a number of important areas: including the use of real world data to optimise healthcare and the rise of digital media, which offers patients greater access to information and data about healthcare, and their own conditions – via online information sources, health-related apps, and even wearable technology which can monitor conditions.