Pharmaceuticals, or pharma, refers to the industry involved in discovering, developing, producing, and distributing drugs and medications. The pharma industry is critical in improving human health by researching and developing new drugs, vaccines, and therapies to treat and prevent various diseases and illnesses. Advances in cell and gene therapy are opening up new possibilities for treating diseases and disorders that were previously untreatable.
The global pharmaceutical market was estimated to be valued at approximately $158 billion in 2024 and is projected to grow to $310 billion by 2035, achieving a compound annual growth rate (CAGR) of 6.5% from 2025 to 2035. This strong growth in the pharmaceutical industry is largely driven by the increasing geriatric population, which necessitates ongoing healthcare due to age-related health issues.