U.S. Pharmaceutical Industry

Day 03/30

The?U.S. pharmaceutical market size was estimated at USD?574.37 billion in 2024?and is expected to grow at a compound annual growth rate (CAGR) of 5.48%. When comparing globally, it is noteworthy that United States is expected to generate the highest revenue of US$630.30bn in 2024. The United States is the worldwide leader in per capita prescription drug spending, representing between 30 and 40 percent of the worldwide market.?U.S. officials are focusing on prescription drug affordability, as unsustainable high prescription drug prices risk consumer purchase and thereby increasing health concerns. Increasing prevalence of diseases in the U.S., aging population, and increasing healthcare expenditures are some of the major factors driving the growth of the pharmaceuticals market in the country. Supply chain vulnerabilities and public distrust further exacerbate the challenges. The market is expected to experience a steady annual growth rate of 4.65% from 2024 to 2029, resulting in a market volume of US$791.30bn by 2029. Expanding global markets and demand for innovative treatments offer avenues for sustained growth.?