The global pharmaceutical market (excluding vaccines) saw revenues of $1.48 trillion USD in 2021 and it is expected to increase to $1.7 trillion USD in 2025 and again to $2.07 trillion USD by 2028, growing at a compound annual growth rate (CAGR) of approximately 5.70% during the forecast period 2022 to 2028.
Countries have not only faced pressures from their healthcare budgets depleted by Covid-19 effects but also from other national priorities (e.g., defense, etc.). Despite these pressures, global pharma sales (excluding vaccines) were above expectations in 2021 in every region, both on a value and volume basis. Overall, global pharma sales increased 8% in value and 4% in volume in 2021. With the exception of Latin America, which grew by 20%, the aggregate of most regions amounted to an average of 8% growth. The US and China combined represent more than 50% of the global market.
The global pharmaceutical manufacturing market revenue (which is a portion of the total global pharmaceutical revenue) came in at $357.9 billion USD in 2020 and is predicted to reach $1,190.2 billion USD by 2030 (see graph below), poised to grow at a robust 12.8% CAGR during the forecast period of 2021 to 2030.