Here are five things to know:
1. Last year, the market was valued at $60.2 billion.
2. The market is expected to increase at a compound annual growth rate of 3.7 percent from 2016 to 2024.
3. By 2024, the market is projected to hit $83 billion.
4. In 2015, two leading vendors, Pfizer and Purdue Pharma, had a market share surpassing 50 percent in 2015.
5. The growing prevalence of chronic diseases and the rising geriatric population are spurring market growths.
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