Innovation and Unmet Need Drive Prescription Drug Sales to $1.18tr by 2024: New Report from Evaluate Ltd
The $1.18tr forecast for the 2024 global prescription drug market reflects the role new technologies will play in addressing unmet medical needs, as strong expectations for immuno-oncology products and emerging cell and gene therapies drive growth. In 2018, new molecule approvals from the FDA reached their highest level in over a decade, and the projected CAGR of 6.9% from 2019-2024 significantly outpaces the 2.3% CAGR seen from 2010-2018.
- 2018 saw 62 FDA approvals for novel drugs, an increase over the 55 approvals in 2017
- Oncology therapies to reach $237bn in 2024, with a CAGR of 11.4%
- Orphan Drugs will contribute an additional $109bn in sales in 2024, compared to 2018
However, as more new technologies reach the market, drug pricing pressure may continue to intensify and dampen the overall sales outlook. R&D spending is also forecast to grow more slowly from 2019-2024 than in prior years, and decrease as a proportion of overall sales – a sign of either increasing R&D efficiency, or of companies focusing on smaller indications with lower clinical development costs.
- $198bn in sales are at risk between 2019 and 2024, due to patent expirations
- Anti-rheumatics sales decline as Humira, Enbrel and Remicade face competition
- R&D as a proportion of prescription sales is forecast to decline from 21.6% in 2018 to 18% in 2024
“Scientific advancements and health technologies are converging to deliver new options for patients, while challenging traditional drug development and commercialisation models,” said report author Ryan Waters. “The question is, which companies are best poised to take advantage of the evolving pharmaceutical market?”
- Pfizer will be the leading prescription drug company in 2024, with projected sales of $51.2bn
- Keytruda is forecast to be the top selling drug in 2024, as Humira slips in the face of biosimilars
- Johnson & Johnson overtakes Roche to be the biggest spender on pharmaceutical R&D in 2024
Download your complimentary copy of the “EvaluatePharma® World Preview 2019, Outlook to 2024” at https://www.evaluate.com/thought-leadership/pharma/evaluatepharma-world-preview-2019-outlook-2024 , or visit us at Booth #2243 at the BIO International Convention, June 3-6, in Philadelphia, PA.
About Evaluate Ltd.
Evaluate provides trusted commercial intelligence for the pharmaceutical and medical device industries. Our EvaluatePharma® and EvaluatePharma Vision online subscription services provide a seamless view of the past, present and future of the global pharmaceutical market in a single, standardised platform.
Vantage – our award-winning, independent editorial team – provides thought-provoking news and insights into the current and future developments in the industry.
Evaluate has been a partner to industry-leading organisations for over 20 years. For more information on how we give our clients the time and understanding to drive better decisions, visit www.evaluate.com .
Follow us on Twitter: @EvaluatePharma, @Vantageanalysis
About Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
CA-MOBILEIRON22.8.2019 09:02:07 CEST | Press release
MobileIron Named a Leader Again in the Second Gartner Magic Quadrant for Unified Endpoint Management Tools
MIRACOR-MEDICAL22.8.2019 08:02:07 CEST | Press release
Miracor Medical Granted FDA Breakthrough Device Designation for the PiCSO Impulse System
MORI-BUILDING22.8.2019 06:02:06 CEST | Press release
Mori Building Unveils Massive Urban Regeneration Project in Central Tokyo
MUNDIPHARMA22.8.2019 01:03:13 CEST | Press release
Mundipharma Announces the Licence Extension Submission for Invokana® (canagliflozin) and Vokanamet® (canagliflozin and metformin) to the European Medicines Agency
NY-TRITON-DIGITAL21.8.2019 22:02:07 CEST | Press release
Triton Digital Releases Webcast Metrics Rankings for the Top Digital Audio Properties for April 2019
CELSIUS-NETWORK21.8.2019 17:17:05 CEST | Press release
Celsius Partners With Tether to Bring USDT its Highest Interest-earning Wallet at 10.53% APR
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom