NEWYORK, Sept. 27, 2022 (GLOBE NEWSWIRE) — The Global prescription drug market The size accounted for USD 883 million in 2021 and is expected to drive a market size of USD 1,890 million by 2030, growing at a CAGR of 9% from 2022 to 2030.
Prescription Drug Market Statistics
- The global prescription drug market value was USD 883 million in 2021 and is expected to grow at a CAGR of 9% from 2022 to 2030
- According to the 2018 WHO report, cancer killed more than 9.6 million people and was diagnosed in 18.1 million people
- North America prescription drug market share will reach around 30% market share in the coming years
- Asia-Pacific Prescription Drugs Market Growth Registered Considerable CAGR During the Forecast Period 2022 to 2030
- Among distribution channels, the hospital pharmacy sub-segment collected more than 45% of the overall market share in 2021
Prescription Drugs Market Growth Factors
- Increased incidence of chronic disorders
- Growing base of the world’s elderly population
- Increase in the number of infectious diseases
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Prescription Drugs Market Report Coverage:
|Market||prescription drug market|
|prescription drug market Size 2021||$883 million|
|prescription drug market Forecast 2030||$1,890 million|
|prescription drug market CAGR from 2022 to 2030||9%|
|prescription drug market Analysis period||2018 – 2030|
|prescription drug market base year||2021|
|prescription drug market Forecast data||2022 – 2030|
|Segments Covered||By type of product, by therapy, by distribution channel and by geographical area|
|prescription drug market Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||Novartis AG, Pfizer Inc., F.Hoffmann-La Roche Ltd, Sanofi, Johnson & Johnson Services, Inc., Merck & Co., Inc., Abbvie, Inc., AstraZeneca and others.|
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
Prescription Drug Market Dynamics
The launch of generic drugs acts as a key equivalent of the global prescription drug market
Rising number of launches of generic equivalents of several drugs in strong markets such as the United States is driving the global prescription drug market. Increasing adoption of these generic equivalents, particularly due to the fact that generics are more effective than their original counterparts and have often been adopted by patients at a lower cost. For example, in October 2019, the United States Food and Drug Administration (USFDA) announced that it had granted 1,171 generic drug approvals of which 935 received full approval and 236 received tentative approval. In particular, the USFDA has approved the generic equivalent to improve drug competition, to encourage the increased adoption of such low-cost drug equivalents.
Prescription Drugs Market Business Strategies
- In November 2020, Shionogi & Co., Ltd. announced a collaboration with F. Hoffmann-La Roche Ltd. New Drug Applications (sNDAs) for Xofluza® (baloxavir marboxil) as a treatment to prevent influenza in people 12 years of age and older following contact with someone who has influenza (known as post prophylaxis). -exposure). User Fee Act (PDUFA) date for FDA decision November 2020.
- In January 2019, Novartis AG announced the acquisition of Xiidra (lifitegrast ophthalmic solution) 5%, the first and only prescription treatment approved to treat both the signs and symptoms of dry eye disease by inhibiting the inflammation caused by sickness. This provides a continual treatment to reimaging medicine for patients suffering from various ocular diseases and forms an essential foundation for the potential future product of the front of the eye pipeline.
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Prescription Drugs Market Segmentation
The prescription drug market is segmented on the basis of product type, therapy, and distribution channel. By product type, the market is segmented into generics, orphan and other prescription drugs. Based on therapy, the market is segmented into oncology, antidiabetics, vaccines, sensory organs, immunosuppressants, anticoagulants and others. By distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and drugstores and online pharmacies.
Prescription drugs market share
Based on therapy, the oncology segment accounts for a major dominating share of the global prescription drug market. Rising prevalence of cancer cases and high cost associated with treating various forms of cancer is one of the major factors driving the growth of the global prescription drugs market.
Based on distribution channels, hospital pharmacies are expected to dominate the global prescription drug market. The reason for dominance involves an increasing number of therapies being used in the treatment of critical illnesses such as cancer and orphan diseases and can only be administered intravenously by trained medical professionals. Such effective delivery of therapeutics often allows for the appropriate treatment and management of critical illnesses, resulting in better clinical outcomes.
Regional growth of the prescription drug market
North America, Asia Pacific, Europe, Latin America, Middle East and Africa make up the global prescription drug (MEA) industry. North America held a dominant market share in the global prescription drug market. The factors responsible for the dominance involve an increase in the demand for effective and advanced products in this region, especially during the high prevalence of chronic diseases. These factors together with the healthcare expenditures, robust R&D for drugs in this region and the presence of prominent/key players involved in the launch of generic and equivalent products of key drugs are dominating the global drugs market in arrangement.
On the other hand, the European market holds the second largest market share of the global prescription drug market. Apart from this, Asia-Pacific is expected to register the highest growth rate in terms of CAGR during the forecast period. Presence of prominent players, growing awareness of chronic and serious diseases among individuals, and increase in healthcare expenditure are the factors driving the growth of the global prescription drugs market.
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Prescription Drug Market Players
Some of the major prescription drug 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 this report answers
- What was the market size of the prescription drug market in 2021?
- What will be the CAGR of the prescription drugs market during the forecast period, 2022 to 2030?
- Who are the key players in the Global Prescription Drugs Market?
- Which region held the largest Prescription Drugs market share in 2021?
- What are the key market drivers of Prescription Drugs Market?
- What is the largest prescription drug end user market?
- What will the prescription drug market be worth in 2030?
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