Global medicines spending to reach $2.3 trillion by 2028

17 January 2024

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 a new report from the IQVIA Institute for Human Data Science titled, “The Global Use of Medicines 2024 – Outlook through 2028.”

This updated projection raises the growth outlook by two percentage points despite lower expectations for COVID-19 vaccines and therapeutics. Overall, global use and spending on medicines is exceeding pre-pandemic growth rates and is expected to continue significantly above these trends through 2028.

Key findings:

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