Global Pharmaceutical Market: Spending, Therapy Areas and Outlook

IQVIA estimates the global prescription medicine market reached about USD 1.7 trillion at list prices in 2025, with 10% year-on-year growth [1]. An estimated 73 novel active substances were launched globally in 2025, above the average of the past decade [1].

IQVIA's Global Use of Medicines 2025 outlook reported that global spending at list prices grew 38% over the previous five years [2]. Global use of medicines grew 14% over five years [2].

The market is concentrated. The United States represented 53% of global pharmaceutical sales in 2025, up from 49% in 2021 [1]. Europe held 24%, led by Germany and France, and Asia-Pacific's share contracted to 11%, although China remains the second-largest single market [1]. The remaining regions account for about 12% (freereports.online calculation: 100% minus 53%, 24% and 11%) [1].

The Middle East and Africa grew fastest, at 18% year on year, with Saudi Arabia among the drivers [1].

In the United States, net medicine spending rose 10.6% from USD 548 billion in 2024 to USD 606 billion in 2025 [4]. Patient out-of-pocket costs reached a record USD 110 billion in 2025 [4].

Oncology, immunology and diabetes together accounted for 43% of global pharmaceutical value in 2025 [1]. Oncology sales reached about USD 288 billion, of which solid tumours were USD 194 billion and haematological tumours USD 75 billion [1].

Newer oncology modalities are growing fast [1]:

• Antibody-drug conjugates: USD 18.8 billion in 2025, projected USD 36 billion by 2030.
• CAR-T cell therapies: USD 5.8 billion in 2025, projected USD 8 billion by 2030.
• Bispecific antibodies: USD 4.9 billion in 2025, on track to nearly triple by 2030.
• Radioligand therapies: USD 2.7 billion in 2025, projected USD 5 billion by 2030.

Obesity entered the global top five therapy areas in 2025, with almost USD 31 billion in absolute growth, and sales of nearly USD 66 billion at list prices [1]. IQVIA estimates the obesity market at USD 92 billion in 2026 [1].

Semaglutide goes off patent in 2026 in markets including China, India, Mexico and Canada, which together account for nearly 40% of adults living with obesity worldwide [1]. IQVIA expects lower-priced entrants to widen access in price-sensitive markets [1].

Several oncology blockbusters, including pembrolizumab and nivolumab, approach loss of exclusivity towards the end of the decade [1]. Haematological tumour sales growth slowed to 8% in 2025, against about 13% for solid tumours, partly due to lenalidomide generics [1].

India's pharmaceutical exports were USD 30.5 billion in 2024-25, up from USD 1.9 billion in 2000-01, according to the Economic Survey 2025-26 as reported by PIB [5]. India ranks 11th globally in pharmaceutical exports by value and ships to 191 countries, with half of exports going to highly regulated markets such as the United States and Europe [5].

The Department of Pharmaceuticals, using DGCIS data, reports exports of USD 29,046 million in 2024-25, up from USD 23,472 million in 2020-21 [6]. The difference from the PIB figure reflects differing product coverage.

IQVIA's 2025 outlook projected 5-8% annual growth to USD 2.4 trillion in global medicine spending by 2029, with annual use reaching 3.7 trillion defined daily doses [2]. In its 2026 update IQVIA said the global medicine market will reach USD 2.6 trillion by 2030, growing about 5-8% a year, compared with 8.1% over the past five years [3].

Total use is expected to approach 4 trillion defined daily doses by 2030, with China's usage index reaching 196 (2020 = 100) [7]. In the United States, IQVIA expects net spending in 2030 to be USD 200 billion higher than in 2025 [4].

Global market figures come from IQVIA Institute and IQVIA publications [1][2][3][7]. Global values are at list (invoice) prices and do not reflect rebates and discounts, so they overstate net revenue. US figures are net of discounts [4]. Forecasts are IQVIA projections, not outturns. The 2030 figure is taken from an IQVIA webinar recording [3].

India export figures come from PIB [5] and the Department of Pharmaceuticals annual report [6]. Company-level results, EFPIA data and OECD pharmaceutical spending statistics were not reviewed for this edition, and R&D spending is not covered.

freereports.online calculation: the 12% share for other regions is 100% minus the IQVIA shares for the US (53%), Europe (24%) and Asia-Pacific (11%) [1].