The Altapharma market is estimated to be valued at US$ 179.19 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Altapharma market comprises pharmaceutical drugs and related products manufactured by large pharmaceutical companies. Key products in this market include prescription and OTC drugs for chronic diseases such as diabetes, cancer, cardiovascular diseases, respiratory diseases etc. These drugs help in treating and managing the symptoms of chronic conditions.

Market Dynamics:
Rising prevalence of chronic diseases is a major driver of the Altapharma market. According to WHO, chronic diseases are the leading cause of mortality in the world and account for approximately 60% of all deaths globally. Increasing geriatric population which is more susceptible to chronic diseases also supports the growth of this market. Additionally, development of innovative biologics and specialized drug formulations for complex conditions further fuels the market growth. However, high costs of drug development as well as pricing pressures on pharmaceutical companies hamper the market expansion.

SWOT Analysis
Strength:
- Pfizer, Roche, Johnson & Johnson , Novartis, Merck & Co, GlaxoSmithKline, Sanofi, AbbVie, Amgen, AstraZeneca, Bristol-Myers Squibb, Eli Lilly, Teva Pharmaceutical, Bayer , Novo Nordisk, Allergan, Gilead Sciences and Boehringer Ingelheim dominate the market with their strong R&D infrastructure and robust product pipelines.
- Increasing aging population worldwide drives demand for Altapharma drugs.
- Rising healthcare expenditure in emerging nations supports market growth.
Weakness:
- High costs associated with new drug development and clinical trials increase business risks.
- Patent expiries of blockbuster drugs lead to rise of generic competition.
Opportunity:
- Growing prevalence of chronic diseases like cancer, diabetes and cardiovascular disorders worldwide present lucrative opportunities.
- Untapped potential in developing Asian and African markets can be harnessed.
Threats:
- Stringent regulatory approvals and regulatory reforms in the US and Europe increase uncertainty.
- Emergence of biosimilars erodes profits of major biopharmaceutical companies.

Key Takeaways
The Global Altapharma Market Demand is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing aging population globally. The market size for 2023 is US$ 179.19 billion.

Regional analysis
North America currently dominates the Altapharma market, owing to high healthcare expenditure and rapid adoption of novel drugs in the US. However, Asia Pacific region is poised to grow at fastest pace during the forecast period supported by rise of healthcare infrastructure, surge in medical tourism and increasing spending power in China and India.

Key players
Key players operating in the Altapharma market are Pfizer, Roche, Johnson & Johnson, Novartis, Merck & Co, GlaxoSmithKline, Sanofi, AbbVie, Amgen, AstraZeneca, Bristol-Myers Squibb, Eli Lilly, Teva Pharmaceutical, Bayer, Novo Nordisk, Allergan, Gilead Sciences and Boehringer Ingelheim. These major brands invest heavily in R&D and acquire smaller firms to strengthen their product portfolios.

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