GITNUX MARKETDATA REPORT 2024

Drug Development Industry Statistics

The drug development industry experiences high costs, long development times, and low success rates for bringing new drugs to market.

Statistic 1

"The global pharmaceutical market is expected to reach $1.57 trillion by 2023."

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Statistic 2

"The U.S. is the largest market for pharmaceuticals, accounting for over 45% of global sales."

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Statistic 3

"Data and analytics are used by 72% of pharmaceutical companies to improve their drug development efficiency."

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Statistic 4

"The global oncology drug market was worth $143 billion in 2019 and is projected to reach $240 billion by 2023."

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Statistic 5

"Around 70% of the total drug development costs are incurred in clinical trials."

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Statistic 6

"The global drug development industry was valued at approximately $155 billion in 2020."

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Statistic 7

"Drug development pipelines are increasingly focused on rare diseases, with 566 orphan drugs designated in the U.S. in 2019."

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Statistic 8

"Biologics account for about 30% of all drugs in development."

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Statistic 9

"On average, it takes about 10-15 years to develop a new drug from the initial discovery to the market."

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Statistic 10

"The average cost of developing a new pharmaceutical drug is estimated to be around $2.6 billion."

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Statistic 11

"Approximately 80% of clinical trials do not meet enrollment timelines."

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Statistic 12

"Only about 12% of drugs that enter clinical trials are eventually approved by the FDA."

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Statistic 13

"Outsourcing drug development to contract research organizations (CROs) represents about 40% of clinical trials."

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Statistic 14

"The FDA approved 53 novel drugs in 2020."

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Statistic 15

"China is expected to become the second-largest pharmaceutical market, overtaking Japan."

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Statistic 16

"The FDA’s breakthrough therapy designation has led to drugs being approved 2.2 years faster on average."

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Statistic 17

"The orphan drug market is expected to grow at a CAGR of 10.5% between 2020 and 2025."

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Statistic 18

"Personalized medicine is anticipated to grow at a CAGR of 11.8% from 2019 to 2025."

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Statistic 19

"Virtual clinical trials are expected to grow at a CAGR of 5.4% from 2020 to 2027."

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Statistic 20

"The attrition rate of drug candidates in clinical development is roughly 90%."

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