Global Drug Development Trends in 2024
Drug Development is part of Pharmaceutical and includes a number of sub-sectors such as Proteomics, Clinical Trial, Clinical Research and Pharmaceutical Patent. You may also be interested in Pharmacy.
Global pharmaceutical research and development (R&D) expenditure is projected to reach approximately $219 billion by 2028, up from around $171 billion in 2023. This marks an average annual growth rate of 3.9%. Since 2019, global supply in the sector has experienced a substantial annual increase of 11.4%. In 2023, the United States led the world in business enterprise expenditure on R&D, with spending reaching $122 billion. Following the U.S., China, Germany, and South Korea ranked second, third, and fourth respectively in R&D expenditure. Among notable trends, Hungary's R&D spending surged by 23.4% year on year, while Mexico saw a decline of 6.1% annually since 2019.
Top 10 countries
In 2024 major markets in the Drug Development Industry were:
World Drug Development Market Data and Forecasts
How much the Drug Development industry is expected to grow to 2028?
World Drug Development Top Rankings
Global Drug Development Statistics
- Chemical Products Import 192 countries (Asia, Africa, Sub-Saharan Africa...)
- Chemical Products Export 184 countries (Asia, Africa, Latin America...)
- Pharmaceutical Production 96 countries (Europe, Northern Europe, Eastern Europe...)
- Business Enterprise Expenditure On R&D 85 countries (Europe, Eastern Europe, East Asia...)