The pharmaceutical market in the UK is set to grow from $28.8 billion in 2015 to approximately $43 billion by 2020, representing a Compound Annual Growth Rate (CAGR) of 8.4%, driven primarily by a robust life sciences industry, according to research and consulting firm GlobalData.

The company's latest report states that the UK's life sciences sector consists of just under 5,000 companies that develop, produce and market products and services in the pharmaceutical, medical device, and biotechnology markets.

Mr Adam Dion, GlobalData's Senior Industry Analyst, says the pharmaceutical sector is one of the most dynamic industries in the UK and is a major contributor to the country's economy.

He explains: "The pharmaceutical industry was the sixth largest contributor to the UK's balance of trade, contributing $46.9 billion (£32.4 billion) to the economy in 2014, according to the Association of the British Pharmaceutical Industry.

"Research and development investment reached $5.9 billion (£4.2 billion) in 2013 in the UK, and the industry employed more than 68,000 staff, including 23,000 scientists and doctors."

GlobalData's report also states that the UK's universal healthcare coverage and easy access to healthcare services, along with increasing rates of disease, have provided the necessary momentum for pharmaceutical market growth.

Mr Dion continues: "The National Health Service (NHS) provides the UK with a robust healthcare system available to the entire population. This universal access to services means that the region incurs comparatively high healthcare costs, with expenditure in this area accounting for 8.6% of the GDP in 2012."