The pharmaceutical industry encompasses a vast range of key facts and significant data that can be beneficial to individuals and companies in the field. That’s why our team has compiled a list of 35 statistics for your review, so you can learn more about this thriving sector.

Statistics About the Pharmaceutical Market

• The total global pharmaceutical market in 2023 was estimated at around $1.6 trillion (Statistica)
• Compared to 2022, the total global pharmaceutical market increased by over 100 billion dollars in 2023 (Statistica)
• The United States accounts for nearly 40% of the world’s pharmaceutical market (National Library of Medicine)
• As of 2023, the top 5 largest pharmaceutical companies were Eli Lilly ($578.3B), Novo Nordisk ($452.8B), Johnson & Johnson ($377.7B), Merck ($263.9B), and AbbVie ($261.2B) (Visual Capitalist)
• Approximately $60 billion is spent collectively by the top 20 pharmaceutical companies each year for drug development (McKinsey & Company)
• The United States accounts for roughly 50% of global pharmaceutical sales revenue (PharmaNewsIntelligence)
• The pharmaceutical market in the United States is expected to surpass $1 trillion by the year 2030 (American Pharmaceutical Review)
• The biopharmaceutical market is expected to reach nearly $517 billion in 2024, and reach up to almost $762 billion by 2029 (Modor Intelligence)
• From 2024 to 2028, the pharmaceutical market is projected to experience an increased annual growth rate of 5.96% (Statistica)
• By 2027, the total global spending on medicine is projected to reach $1.92 trillion (Statistica)
• Currently, the United States is looking for an increased demand for personalized medicine and more targeted therapies (Statistica)

A Career in the Pharmaceutical Industry: Noteworthy Statistics

• 56.8% of pharmacists in the United States are women and 43.2% of pharmacists are men (Zippia)
• Approximately 1.3 million people are employed in the pharmaceutical industry in the United States (U.S. Bureau of Labor Statistics)
• The average age of a pharmacist is 41 years old (Zippia)
• 91% of graduated pharmacists are known to work in the private sector (NIH)
• The average salary of a pharmacist is $118,968 as of 2024 (Zippia)
• The highest paying state for pharmacists is California, where the average yearly salary is $161,597 (Zippia)
• For every dollar that a man makes as a pharmacist, a woman makes approximately 98¢ (Zippia)
• The employment for pharmacists is expected to grow by 3% from 2022 to 2032 (U.S. Bureau of Labor Statistics)
• Over the decade, there is said to be 13,400 openings for pharmacists projected each year (U.S. Bureau of Labor Statistics)

Statistics on Popular Prescription Drugs

• According to the Centers for Medicare & Medicaid Services (CMS), out-of-pocket drug spending is projected to peak in 2023 at $52.5 billion (Peterson-KFF)
• As of July of 2023, 25% of adults who take prescription drugs report difficulty in affording their medication (Peterson-KFF)
• There are more than 32,000 generic drugs that are approved by the FDA as of 2022 (FDA)
• In the United States, 91% of prescriptions are filled as generic drugs (FDA)
• Nationwide, the total spending on prescription drugs increased from $30 billion in 1980 to $335 billion in 2018 (Congressional Budget Office)
• Though the top 10% of drugs by price account for less than 1% of all prescriptions, they make up 15% of the retail spending and anywhere from 20% to 25% of the nonretail spending (ASPE)
• In 2020, around 6.3 billion prescriptions were dispensed in the United States (Statistica)

Contact Oakwood Labs for More Information

Oakwood Labs is a global provider of sustained-release pharmaceuticals and other medical services. Please contact our team of experts today for more information about all we can provide, as we look forward to answering any inquiries you have.