The Altapharma Market Is Estimated To Witness High Growth Owing To An Increasing Prevalence Of Chronic Diseases

Market Overview:
The Altapharma market includes pharmaceutical companies that manufacture patented prescription drugs. These pharmaceutical drugs treat various conditions like cancer, diabetes, cardiovascular diseases and immunological disorders. The patented drugs in this market provide an effective treatment option along with certain advantages like minimal side effects and better targeting of disease sites.

Market Key Trends:
One of the major trends driving growth in the Altapharma market is the rising prevalence of chronic diseases globally. Chronic diseases require long term or lifelong management and their treatment involves the extensive use of prescription drugs. As per industry estimates, over 450 million people worldwide suffer from cardiovascular diseases, over 422 million have diabetes and around 10 million new cancer cases are diagnosed every year. The high and growing incidence of these diseases is positively impacting the demand for specialty drugs in this market. Furthermore, expiring patents of blockbuster drugs is compelling large pharmaceutical companies to focus on development of novel therapies to treat chronic conditions, thereby providing lucrative opportunities for growth in this market over the forecast period.

Porter's Analysis

Threat of new entrants: The large capital requirements and stringent regulations for establishing manufacturing plants pose barriers for new entrants. Bargaining power of buyers: The presence of many substitute drugs increases the bargaining power of buyers. Bargaining power of suppliers: The industry relies on a limited number of raw material suppliers, increasing their bargaining power. Threat of new substitutes: The development of novel formulations of existing drugs poses a threat of substitution. Competitive rivalry: Companies compete on the basis of developing novel drug formulations.

SWOT Analysis

Strengths: Strong R&D capabilities and comprehensive product portfolios. Weaknesses: Heavy reliance on few blockbuster drugs and patents nearing expiration. Opportunities: Emerging markets growth and expanding therapeutic applications. Threats: Price control regulations and healthcare reforms increasing cost pressures.

Key Takeaways

The Global Altapharma Market Demand is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing prevalence of chronic diseases. Regionally, North America dominated the market and accounted for over 35% of global revenue in 2023 due to large healthcare spending and growing generic drugs market in the US. Asia Pacific is projected to be the fastest growing region, expanding at a CAGR of around 10% through 2030 supported by rising healthcare infrastructure and growing disposable incomes in major countries.

Key players operating in the Altapharma market are Pfizer, Roche, Johnson & Johnson, Novartis, Merck & Co, GlaxoSmithKline, Sanofi, AbbVie, Amgen, AstraZeneca, Bristol-Myers Squibb, Eli Lilly, Teva Pharmaceutical, Bayer, Novo Nordisk, Allergan, Gilead Sciences, Boehringer Ingelheim, Takeda Pharmaceutical, Biogen. Major players are focused on developing novel drug formulations through collaborations and M&As to consolidate their market shares.

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