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In 2024, the North American pharmaceutical market reported a growth of 9.5 percent compared to the previous year. Meanwhile Latin American pharmaceutical market growth was just over three percent.

Global pharmaceutical market

During 2023, the pharmaceutical market experienced the largest growth in North America. The North American industry reported around a ** percent increase in market revenue from 2022 to 2023, while the EU’s revenues increased by nearly ** percent. Emerging markets consist of **percent of the industry’s market value in 2024, in comparison to only ** percent in 2006. Countries like China are rapidly reforming the medical industry. China’s five-year plan (2011-2015) intended to overhaul the health care system and increase insurance coverage. Government stimulus, increased health awareness, and improved R&D capabilities are expected to drive China’s pharmaceutical industry growth. An increasingly large and aging population has also helped to expand the healthcare system. The country generated *** billion U.S. dollars in pharmaceutical industry revenue in 2024. 

In 2024, the North American pharmaceutical market generated ***Ìý²ú¾±±ô±ô¾±´Ç²Ô U.S. dollars in revenue, while Asia, Africa, and Australasia collectively accounted for around *** billion dollars in total. As of 2024, the global pharmaceutical market was worth some *** trillion U.S. dollars based on invoice spending.