In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
July, 2021: Janssen Pharmaceutical Inc., a subsidiary company of Johnson & Johnson announced the FDA approval of drug Darzalex Faspro for treatment of Multiple Myeloma Cancer.
June, 2020: IDEAYA Biosciences, Inc. and GlaxoSmithKline plc. (GSK) announced a strategic partnership to develop solutions in the field of Oncology.
Ans: The increasing need for targeted drug delivery to treat cancer is estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~5.5% over the forecast period, i.e., 2022 – 2031.
Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the advancement in technology in the healthcare sector.
Ans: The major players in the market are Mylan N.V., Novartis International AG, Sanofi S.A., GlaxoSmithKline plc, Merck & Co., Inc., Otsuka Pharmaceutical Co., Ltd., Abbott Laboratories, Cipla Limited, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by devices type, route of administration, distribution channel, and by region.
Ans: The smart pills segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Ans: Increasing adoption of generic drugs is estimated to hamper the market growth.