Acumen Research and Consulting recently published report titled “Prescription Drugs Market, Analysis Report and Region Forecast, 2022 – 2030”
NEWYORK, Sept. 27, 2022 (GLOBE NEWSWIRE) — The Global Prescription Drugs Market Size accounted for USD 883 Million in 2021 and is estimated to garner a market size of USD 1,890 Million by 2030 rising at a CAGR of 9% from 2022 to 2030.
Prescription Drugs Market Statistics
- Global prescription drugs market value was USD 883 Million in 2021 and expected to grow at CAGR of 9% from 2022 to 2030
- According to the WHO 2018 report, cancer killed over 9.6 million people and was diagnosed in 18.1 million people
- North America prescription drugs market share will gather around 30% market share in coming years
- Asia-Pacific prescription drugs market growth registered considerable CAGR during the forecast timeframe from 2022 to 2030
- Among distribution channel, hospital pharmacies sub-segment collected over 45% of the overall market share in 2021
Prescription Drugs Market Growth Factors
- Rising incidence of chronic disorders
- Growing base of elderly population in the world
- Increasing number of infectious diseases
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Prescription Drugs Market Report Coverage:
|Market||Prescription Drugs Market|
|Prescription Drugs Market Size 2021||USD 883 Million|
|Prescription Drugs Market Forecast 2030||USD 1,890 Million|
|Prescription Drugs Market CAGR During 2022 – 2030||9%|
|Prescription Drugs Market Analysis Period||2018 – 2030|
|Prescription Drugs Market Base Year||2021|
|Prescription Drugs Market Forecast Data||2022 – 2030|
|Segments Covered||By Product Type, By Therapy, By Distribution Channel, And By Geography|
|Prescription Drugs Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Novartis AG, Pfizer Inc., F.Hoffmann-La Roche Ltd, Sanofi, Johnson & Johnson Services, Inc., Merck & Co., Inc., Abbvie, Inc., AstraZeneca, and others.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Prescription Drugs Market Dynamics
Launching of generic drugs acts as a key equivalent of prescription drug market globally
Rise in launch of generic equivalent of several drugs in strong markets such as US, drives the global prescription drugs market. Increasing adoption of these generic equivalents especially due to facts that generics are efficient than original counterparts and often been adopted by patients at lesser costs. For instance, in October 2019, the US Food and Drug Administration (USFDA) announced that they had given 1,171 generic drug approvals out of that 935 received full approval and 236 receive tentative approvals. The USFDA particularly approved generic equivalent to improve drug competition, to encourage the increasing adoption of such low cost drug equivalents.
Prescription Drugs Market Business Strategies
- In November 2020, Shionogi & Co., Ltd. announced collaboration with F. Hoffmann-La Roche Ltd. The company holds worldwide rights to “Xofluza” excluding Japan and Taiwan and has received US Food and Drug Administration (USFDA) approval for a supplemental New Drug Applications (sNDA) for Xofluza® (baloxavir marboxil) as a treatment to prevent influenza in people 12 years of age and older following contact with someone with influenza (known as post-exposure prophylaxis) The approval was in advance of the Prescription Drug User Fee Act (PDUFA) date for an FDA decision of November 2020.
- In January 2019, Novartis AG, announced the acquisition of Xiidra (lifitegrast ophthalmic solution) 5% of the first and only prescription treatment approved to treat both signs and symptoms of dry eye by inhibiting inflammation caused by the disease. This delivers ongoing treatment to reimaging medicine for patients suffering from a variety of eye diseases and acts as critical groundwork for future, potential front-of-eye pipeline product.
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Prescription Drugs Market Segmentation
The prescription drugs market is segmented based on product type, therapy, and distribution channel. By product type, the market is segmented as generics, orphan, and other prescription drugs. Based on therapy, the market is segmented as oncology, anti-diabetics, vaccines, sensory organs, immunosuppressants, anticoagulants, and others. By distribution channel, the market is segmented as hospital pharmacies, retail pharmacies & drug stores, and online pharmacies.
Prescription Drugs Market Share
Based on therapy, the oncology segment accounts major dominating share of the global prescription drugs market. The surge in the prevalence of cancer cases and the high cost associated with the treatment of various forms of cancer is one of the prominent factors that stimulate the growth of the global prescription drug market.
Based on distribution channels, hospital pharmacies are predicted to dominate the global prescription drug market. The reason for dominance involves a rising number of therapeutics used in the treatment of critical diseases such as cancer and orphan disease and can be administered only intravenously by trained medical professionals. Such effective administration of therapeutics often allows for the appropriate treatment and management of critical diseases, resulting in improved clinical outcomes.
Prescription Drugs Market Regional Growth
North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa comprise the global Prescription Drugs industry (MEA). North America held dominating market share of the global prescription drugs market. The factors responsible for the dominance involve a surge in demand for efficient and advanced products in this region specifically during the high prevalence of chronic diseases. These factors with healthcare expenditure, robust R&D for drugs in this region, and the presence of prominent players/key players involved in the launching of product generic products and equivalent of key drugs dominate the global prescription drug market.
On the other hand, the market in Europe holds the second largest market share of the global prescription drugs market. Apart from that, Asia-Pacific is projected to record the largest growth rate in terms of CAGR during the forecast period. The presence of prominent players, rising awareness of the chronic and serious disorders among individuals, and rising healthcare expenditure are the factors that foster the growth of the global prescription drugs market.
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Prescription Drugs Market Players
Some of the leading prescription drugs companies operating in the industry include Abbvie, Inc., AstraZeneca, F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., Merck & Co., Inc.,Novartis AG, Pfizer Inc., and Sanofi.
Questions Answered By This Report
- What was the market size of Prescription Drugs Market in 2021?
- What will be the CAGR of Prescription Drugs Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Prescription Drugs Market?
- Which region held the largest share in Prescription Drugs Market in 2021?
- What are the key market drivers of Prescription Drugs Market?
- Who is the largest end user Prescription Drugs Market?
- What will be the Prescription Drugs Market value in 2030?
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The Global Generic Drugs Market is anticipated to grow at a CAGR of around 11.1% during the forecast period 2020 to 2027 and to reach around USD 627.6 Billion by 2027.
Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
Mr. Richard Johnson
Acumen Research and Consulting
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