Top drugs based on projected 2024 global sales
Keytruda is projected to be the top-ranked drug worldwide based on sales in 2024, with more than 27 billion U.S. dollars. This statistic displays the expected top drugs in 2024 based on sales projections as of December 2023. Due to the patent expiration in the U.S., AbbVie's blockbuster drug Humira will no longer be listed among the top 10 best-selling drugs in 2024.
Oncology's Dominance in Pharmaceutical Revenue
Cancer treatments are becoming increasingly crucial in the pharmaceutical landscape. Keytruda's projected sales for 2024 underscore this trend, while the drug's revenue increased by approximately four billion dollars between 2022 and 2023. This growth is part of a larger pattern in global oncology spending, which reached 218 billion U.S. dollars globally in 2023, more than doubling from 102 billion just six years earlier. The substantial investment in cancer treatments is likely to continue, with major pharmaceutical companies like Johnson & Johnson, AstraZeneca, and Merck expected to be the oncology market leaders by 2030.
Market Dynamics and Company Performance
The success of drugs like Keytruda is reshaping the pharmaceutical industry's competitive landscape. Merck & Co., Keytruda's manufacturer, has seen its overall revenue increase to 60.1 billion in 2023, driven largely by its oncology franchise. The company's commitment to innovation is evident in its record-high R&D spending in 2023. This focus on research and development is crucial for maintaining competitiveness in the industry, as demonstrated by the changing rankings of top-selling drugs. For instance, AbbVie's Humira, once a blockbuster, is expected to drop out of the top 10 best-selling drugs in 2024 due to patent expiration, highlighting the constant need for pharmaceutical companies to innovate and develop new products to maintain their market position.
