NORWALK, Conn. The size of the global pharmaceutical market will hit the $1 trillion mark by 2014, according to a new report by market research firm IMS Health.
IMS said the market was expected to grow nearly $300 billion over the next five years and reach $1.1 trillion in 2014 as a result leading products’ loss of patent protection in developed countries and strong overall growth in emerging markets in the report, IMS Market Prognosis. Global pharmaceutical sales growth is expected to be between 4% and 6% this year.
“Patient demand for pharmaceuticals will remain robust, despite the ongoing effects of the economic downturn being felt in many parts of the world,” IMS SVP healthcare insight Murray Aitken said. “In developed markets with publicly funded healthcare plans, pressure by payers to curb drug spending growth will only intensify, but that will be more than offset by the ongoing, rapid expansion of demand in the [emerging] markets.”