Market Overview:
The global Altapharma market comprises pharmaceutical drugs, biologics and medical devices used to diagnose, cure, treat or prevent disease. The market is driven by growing incidence of chronic and infectious diseases worldwide. Pharmaceutical products help improve quality of life and healthcare outcomes. Innovation in drug delivery systems also supports patient convenience and compliance.
Market key trends:
One of the key trends in the Altapharma market is the growing generics drugs segment. As patent cliffs continue to impact major blockbuster drugs, this has led to increased growth opportunities for generic manufacturers. According to Industry reports, the global generics drug market is expected to reach over US$ 300 billion by 2024, growing at a CAGR of approximately 7%. Leading pharmaceutical companies are focusing on acquisitions and partnerships with generic players to leverage their business portfolios. For example, in 2021, Pfizer acquired Arena Pharmaceuticals to enhance its expertise in inflammatory diseases. With increasing healthcare costs worldwide, greater emphasis on affordable treatment options will further drive the generics market in coming years.
Porter’s Analysis
Threat of new entrants: The biopharmaceutical industry requires huge capital investments and long regulatory approvals which make it difficult for new players to enter the market.
Bargaining power of buyers: The bargaining power of the buyers is moderate as biopharmaceutical products are patented and buyers have less influence on prices.
Bargaining power of suppliers: Suppliers of raw materials have low bargaining power as biopharmaceutical companies can find alternative sources of inputs.
Threat of new substitutes: Potential threat from new substitute medicines and therapies is high as continuous research leads to development of new treatment options.
Competitive rivalry: Extremely high due to frequent new product launches, investments in R&D and intense competition between key players.
Key Takeaways
The global Altapharma market Size is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period 2023 – 2030, due to increasing prevalence of chronic diseases. The market was valued at US$ 179.19 billion in 2023.
The US dominates the Altapharma market owing to large healthcare spending and presence of leading manufacturers. Europe is also a major market supported by growth in generics market and favorable regulations. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to rise in disposable income, increasing healthcare access and growing patient population.
Key players operating in the Altapharma market are Pfizer, Roche, Johnson & Johnson , Novartis, Merck & Co, GlaxoSmithKline, Sanofi, AbbVie, Amgen, AstraZeneca, Bristol-Myers Squibb, Eli Lilly, Teva Pharmaceutical, Bayer , Novo Nordisk, Allergan, Gilead Sciences, Boehringer Ingelheim, Takeda Pharmaceutical, Biogen. Major companies are focusing on mergers & acquisitions and developing novel therapies to consolidate their market position.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
