According to a new technical market research report, Global Pharmaceutical Markets, from BCC Research , the global market for pharmaceuticals was worth $693.6 billion in 2007.

This is expected to increase to $737.6 billion in 2008 and reach over $1.0 trillion in 2013, a compound annual growth rate (CAGR) of 6.9%.

The market is broken down into applications of branded prescription drugs, generic prescription drugs and over-the-counter (OTC) products.

Of these, branded prescription drugs have the largest share of the market. Worth an estimated $525.1 billion in 2007, this segment is expected to grow to a value of $553.2 billion in 2008 and $741.5 billion by the end of 2013, for a compound annual growth rate of 6.0%.

Source: Trillion Dollar Drug Market

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