July 19, 2024

Increasing Healthcare Expenditure To Drive Growth Of The Global Altapharma Market

Market Overview:

The global Altapharma market covers pharmaceutical products and medicines for various therapeutic areas. The market caters to several diseases segments such as anti-infective, cardiovascular, CNS, respiratory, oncology, diabetes, musculoskeletal disorders and others. Rising worldwide disease burden, increasing healthcare spending especially in developing regions, new product launches and approval are some major factors augmenting growth of this market.

Market Key Trends:

One of the key trends witnessed in the Altapharma market is the rising interest of pharmaceutical companies in mergers and acquisitions. Companies are focusing on expanding their product portfolio and market reach through strategic collaborations and acquisitions. For instance, in 2018, Pfizer acquired GSK consumer healthcare business for $63 billion thereby expanding its portfolio of over-the-counter products. Another major trend observed is shift towards specialized and targeted therapies like personalized medicine. Companies are conducting research around biomarkers, companion diagnostics and precision medicine to develop therapies for specific gene mutations or biomarkers in particular patient populations. This is expected to revolutionize treatment landscape going forward.

Porter’s Analysis
Threat of new entrants: The Altapharma market has moderate threat of new entrants due to the stringent regulations imposed by the governments on the pharmaceutical industry regarding product approval.
Bargaining power of buyers: The Altapharma industry has moderate bargaining power of buyers as the products available in the industry are differentiated with high switching costs for buyers.
Bargaining power of suppliers: The suppliers have low bargaining power in the Altapharma market due to presence of a large number of suppliers and lack of product differentiation.
Threat of new substitutes: There is low threat of substitutes due to lack of alternative products fulfilling unique healthcare needs.
Competitive rivalry: High as key players invest heavily in R&D and compete on the basis of manufacturing abilities.

Key Takeaways

The Global Altapharma Market Demand is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing aging population and rising healthcare expenditure. The market size for 2023 is estimated to be US$ 179.19 Bn.

Regional analysis: North America is expected to dominate the Altapharma market during the forecast period. This is attributed to increasing private and public investments in R&D of novel drugs and substantial healthcare spending. Asia Pacific is anticipated to exhibit the fastest growth rate owing to expansion of healthcare infrastructure and growing medical tourism industry.

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. Key players compete on the basis of product launches and invest aggressively in R&D to strengthen their product pipelines.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it