Altapharma MarketSize and Trends
Global Altapharma Market is expected to reach US$ 398.6 Mn by 2030, from US$ 200.8 Mn in 2023, exhibiting a CAGR of 10.3% during the forecast period.
Global Altapharma Market- Trends
- Shift towards Biopharmaceuticals: Biopharmaceuticals are witnessing rising adoption over conventional drugs owing to their high efficacy and specificity. The trend of increasing focus on biopharmaceuticals has significantly impacted the altapharma market in recent years. Many major pharmaceutical companies that traditionally focused on small-molecule drugs are now actively pursuing opportunities in biologics such as monoclonal antibodies, recombinant proteins, and gene and cell therapies. Biopharmaceuticals often provide targeted treatment options with fewer side effects than conventional drugs.
- Rise of OTC Medications: Increasing availability and demand for OTC medications such as analgesics, cough/cold products, and others for treatment of minor illnesses is contributing to market growth. Acquisitions in OTC brands have also increased. For instance, in 2022, Johnson & Johnson a pharmaceutical company spent US$ 16.6 billion acquiring Tylenol-maker McNeil Nutritionals, to expand its consumer healthcare segment.
- Growing Use of Digital Health Solutions: Digital therapeutics, telehealth and mHealth solutions are improving patient engagement, medication adherence and health outcomes. Growing use of digital health solutions is significantly influencing the global altapharma market. This trend allows altapharma brands to market natural medicines and remedies for common minor ailments directly to consumers through such online channels. According to a study by CDC in 2021, the number of digital health users in the U.S. grew from around 25 million in 2016 to over 75 million in 2021. This rapid growth in virtual care presents a significant opportunity for alternative pharmaceutical products and services to reach more patients and form an important part of mainstream medical care delivered through digital means.
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