Market Trends of United States Pharmaceutical 3PL Industry
This section covers the major market trends shaping the US Pharmaceutical 3PL Market according to our research experts:
The United States is Leading in the Pharmaceutical Market Across the World
Despite the influence of several growing countries, the United States holds a commanding proportion of the global pharmaceutical market. The country is home to some of the world's largest pharmaceutical corporations, and American customers have access to one of the world's most advanced pharmaceutical systems.
In recent years, pharmaceutical sales revenues in the United States have accounted for about half of the global total. In 2020, the United States had five of the top ten pharmaceutical corporations in the world. AbbVie is the new number one pharmaceutical business in the United States, and its best-selling medicine is Humira. Johnson & Johnson is another American corporation that has made a global impact, with its pharmaceutical division producing a record USD 45.6 billion in 2020. Furthermore, in 2021, the United States was leading in pharmaceutical sales, with more than USD 555 billion, with a growth rate of 7.6% compared to 2020. Also, the country had 46.8% of global sales in 2021 (2020: 46.8%, 2019: 46.5%).
In addition, overall pharmaceutical expenditures in the United States increased by 4.9% in 2020 compared to 2019. This rise was driven by increased utilization (a 2.9% increase) and new medications (a 1.8% increase), with price increases having a little impact (a 0.3% increase).
International Trading is Boosting the Market
China has been the leading supplier of medicines in the United States over the last decade, with India and Mexico contending for second and third places, respectively, depending on the year. China, India, and Mexico are the top three pharmaceutical import sources, with Canada, Germany, Italy, the United Kingdom, Israel, Spain, and Ireland filling out the top ten.
In the fiscal year ending March 31, 2021, pharmaceutical exports to India increased by 18.7% to USD 24.44 billion, owing to the increasing demand for the country's generic pharmaceuticals.
Furthermore, in January 2022, export volumes of pharmaceutical goods accounted for more than USD 5.4 billion, with a growth rate of 38% compared to the same month in 2021. Meanwhile, the import volumes slightly declined in 2022 by 6% compared to 2021.
