Global pharmaceutical market to exceed $825 billion in 2010, says IMS

The global pharmaceutical market in 2010 is expected to grow between 4 to 6 per cent on a constant-dollar basis, exceeding $825 billion, driven by stronger near-term growth in the US market, according to a report yesterday from IMS Health Inc.

The Connecticut-based IMS Health Inc that provides sales data and consulting services to the US pharmaceutical industry said that the forecast, the leading annual industry indicator of market dynamics, predicts global pharmaceutical market sales to grow at a 4-7 per cent compound annual growth rate through 2013.

The forecast takes into account the impact of the global macroeconomy, the changing mix of innovative and mature products, and the rising influence of healthcare access and funding on market demand.

It said that the global pharmaceutical market value is expected to expand to over $975 billion by 2013.

In its latest forecast, the research firm raised its expectations for the five-year pharmaceutical market growth by one percentage point, partly due to the stronger demand being experienced in 2009.

''Overall, market growth is expected to remain at historically low levels, but stronger-than-expected demand in the US is lifting both our short- and longer-term forecasts,'' said Murray Aitken, senior vice president, Healthcare Insight, IMS.