$2.3 Trillion in Global Medicine Spending Expected by 2028

Global spending and demand for medicines will increase over the next five years to approximately $2.3 trillion by 2028 as more patients get access to new and better medicines, according to the IQVIA Institute.

On January 17, 2024, IQVIA published a new report for Human Data Science titled “The Global Use of Medicines 2024 – Outlook through 2028.”

This updated projection raises the growth outlook by 2% despite lower expectations for COVID-19 vaccines and therapeutics.

“The continued growth in spending is driven by an increase in the volume of medicines (vaccines), which reflects that more patients globally are getting access to novel medicines with better clinical outcomes,” said Murray Aitken, SVP and executive director of the IQVIA Institute for Human Data Science, in a press release.

Highlights of this report include, but are not limited to, the following:

Global use of medicines grew by 14% over the past five years, and a further 12% increase is expected through 2028, bringing annual use to 3.8 trillion defined daily doses.

This increase in growth outlook is driven by more patients getting treated with better medicines, especially in immunology, endocrinology, and oncology.

Medicine use in Latin America and Asia will grow faster than in other regions over the next five years.

Using estimated net prices, the updated outlook for the U.S. market is being raised to 2-5% CAGR through 2028, reflecting higher recent growth and expected further increased patient use of higher-value therapies.

IQVIA (NYSE: IQV) is a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry.