Commercial Pharmaceutical Analytics Industry - Regional Synopsis
North American Market Forecast
North America industry is likely to dominate majority revenue share of 31% by 2037. The growth of the market can be attributed majorly to the increasing pharmaceutical sales in the region. As pharmaceutical sales are rising in the region, the demand for commercial pharmaceutical analytics is also projected to escalate. For instance, around 50% of pharmaceutical sales are generated in the United States. Additionally, the presence of a robust pharmaceutical industry in the North American region coupled with heavy government funding is also anticipated to boost the regional market growth over the forecast period. For instance, in 2021, the total revenue generated by the U.S. pharmaceutical industry was projected to be around USD 500 billion. Furthermore, the surge in the spending on medicine owing to the higher prevalence of cardiovascular and chronic diseases is further anticipated to expand the market size in the North America Region over the forecast period. As of 2021, approximately USD 600 billion were spent by Americans on medicine while in the United States alone, the total spending on medicine is projected to hit around USD 650 billion by 2025.
APAC Market Statistics
The Asia Pacific commercial pharmaceutical analytics market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. The growth of the market can be attributed majorly to the growing geriatric population with severe chronic and acute diseases in the region which was projected to spur the demand for medicines triggering higher medicine production. Hence, such a higher demand for medicines by geriatrics is anticipated to hike the market growth. For instance, nearly 34% of the population in Eastern Asia is projected to be above 65 by 2060. Additionally, it is also expected that 1 in every 4 people in Asia Pacific, one will be above 60 years by 2050.
