The global pharmaceutical market in 2007 will fall slightly from this year's level of growth. IMS Health predicts a worldwide market growth of 5% to 6% in the coming year, marginally lower than the 6% to 7% growth in 2006.
IMS Health reported that the US market will grow by only 4% to 5% in 2007, a decrease from the 6% to 7% rise this year. A major factor contributing to the decline is that several brand name drugs will lose patent in 2007, opening the door for generics. Market growth is moving from traditional markets to emerging ones, and new products are typically more specialized and have smaller consumer bases, giving them a smaller impact on the overall market. IMS forecasts between 25 and 35 new products in 2007, compared with the anticipated 30 product launches in 2006.
In 2002, the United States made up 54% of the total market growth worldwide. In the coming year, however, the United States is expected to contribute only 36%. IMS predicts that China, India, Brazil, and Turkey will expand their pharmaceutical business by >10%.