DANBURY, Conn. & RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)-- Total spending on medicines is expected to top $1.5 trillion by 2023, up 50 percent from 2014, even as annual growth moderates at 3-6 percent on an annual compound basis compared to 6.3 percent over the past five years, according to new research released from the IQVIA™ Institute for Human Data Science. The study found global drug spending reached $1.2 trillion in 2018, with the key drivers of growth during the next five years to be the United States and pharmerging markets with 4-7 percent and 5-8 percent compound annual growth respectively.
In addition to these market trends, The Global Use of Medicine in 2019 and Outlook to 2023: Forecasts and Areas to Watch, analyzes several critical healthcare areas and produces predictions to monitor in coming years.
“This report includes the latest predictions for the global pharmaceutical market, including areas of growth by geography, therapy group, and channel,” said Murray Aitken, IQVIA senior vice president and executive director of the IQVIA Institute for Human Data Science. “Our original research explores the impact of new drug launches, explosive growth in biosimilars, as well as rapidly expanding use of specialty medicines. It also features 10 areas to watch, such as the use of digital health tools, artificial intelligence and machine learning, next-generation biotherapeutics, and real-world evidence within clinical development.”
A few key highlights featured in the report include:
The full version of the report, including a detailed description of the methodology, is available at www.IQVIAInstitute.org. The study was produced independently as a public service, without industry or government funding.
About the IQVIA Institute for Human Data Science
The IQVIA Institute for Human Data Science contributes to the advancement of human health globally through timely research, insightful analysis and scientific expertise applied to granular non-identified patient-level data.
Fulfilling an essential need within healthcare, the Institute delivers objective, relevant insights and research that accelerate understanding and innovation critical to sound decision making and improved human outcomes. With access to IQVIA’s institutional knowledge, advanced analytics, technology and unparalleled data, the Institute works in tandem with a broad set of healthcare stakeholders to drive a research agenda focused on Human Data Science, including government agencies, academic institutions, the life sciences industry and payers. More information about the IQVIA Institute can be found at www.IQVIAInstitute.org.
IQVIA (NYSE:IQV) is a leading global provider of advanced analytics, technology solutions and contract research services to the life sciences industry. Formed through the merger of IMS Health and Quintiles, IQVIA applies Human Data Science — leveraging the analytic rigor and clarity of data science to the ever-expanding scope of human science — to enable companies to reimagine and develop new approaches to clinical development and commercialization, speed innovation and accelerate improvements in healthcare outcomes. Powered by the IQVIA CORE™, IQVIA delivers unique and actionable insights at the intersection of large-scale analytics, transformative technology and extensive domain expertise, as well as execution capabilities. With more than 58,000 employees, IQVIA conducts operations in more than 100 countries.
IQVIA is a global leader in protecting individual patient privacy. The company uses a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analyzing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes. IQVIA’s insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures. To learn more, visit www.iqvia.com.
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