The mid-size pharmaceutical market is expected to grow from US$ 6,51,349.9 million in 2021 to US$ 10,00,584.3 million by 2028; it is estimated to grow at a CAGR of 6.4% from 2021 to 2028.

The increasing prevalence of chronic diseases and the rising number of products launches & approvals drive the market growth. However, cutthroat competition among market players hampers the mid-size pharmaceutical market growth.

Revenue, therapy area, R&D expenditure, and reach are among the critical segments of the global pharmaceutical industry. Mid-size pharmaceutical is among the three categories of the pharmaceutical industry. It emphasizes the development of generic drugs and the development of rare disease therapies. The mid-sized pharmaceutical companies have their revenue in the range of US$ 1 billion to US$ 10 billion. The increasing prevalence of chronic diseases, rapidly rising elderly population, and the surging number of products launches & approvals is expected to aid the mid-size pharmaceutical market growth.

The aging population and changing social behavior contribute to the steady increase in common and costly long-term health problems. With the accelerating urbanization, people are adopting a sedentary lifestyle, which boosts the rates of obesity and cases of illnesses, such as diabetes. According to the World Health Organization, the prevalence of chronic diseases is projected to increase by 57% by 2026. Emerging markets will be hit hardest, as population growth is expected to be the strongest in developing countries. Increasing demand for health care systems due to the rising incidence of chronic illnesses has become a major concern.

Diabetes is one of the biggest global health problems of the 21st century. Every year, many people develop this condition, causing life-changing complications. According to the International Diabetes Federation (IDF), the number of people with diabetes in North America was about 46 million in 2019 and is projected to increase to 62 million by 2045. The increase in disease prevalence would be about 35% during the predicted period. Pandemics such as COVID-19, have tested the rate at which infections unfold throughout the globe. Pandemics exert periodic and enormous disruptive strains on fitness systems. Healthcare establishments across the world want to be geared up to collectively comprise outbreaks once they occur. Thus, the increasing prevalence of chronic disorders boosts the mid-size pharmaceutical market growth.

Based on type, the mid-size pharmaceutical market is segmented into prescription and over-the-counter. In 2021, the over-the-counter segment held a larger market share. Furthermore, it is expected to register a higher CAGR of 6.7% during the forecast period.

Based on drug development type, the mid-size pharmaceutical market is segmented into in-house and outsource. In 2021, the outsource segment held a larger share of the market. It is expected to register a higher CAGR of 6.7% during 2021-2028.

Based on formulation, the mid-size pharmaceutical market is segmented into tablets & capsules, injectables, sprays, and other formulations. In 2021, the tablets & capsules segment held the largest share of the market. It is expected to register the highest CAGR of 7.1% during 2021-2028.

Based on therapy area, the mid-size pharmaceutical market is segmented into cardiovascular diseases, pain management, diabetes, cancer, and other conditions. In 2021, the diabetes segment held the largest share of the market. On the other hand, the cancer segment is expected to register the highest CAGR of 7.0% during 2021-2028.

The World Health Organization (WHO); Economic Co-operation and Development (OECD); Brazilian Ministry of Economy; GLOBOCAN; Centers for Disease Control and Prevention (CDC); United Nations International Children's Emergency Fund (UNICEF); and US Census Bureau are among the major secondary sources referred to while preparing the report on the mid-size pharmaceutical market.