Acumen Research and consulting recently publicize a market study titled “Prescription Drugs Market Forecast till 2027″ which is a trending topic in the medical and pharmaceutical industry and providing a flawless and narrow study about COVID-19 bleak and lush impact on the industry.
The Global Prescription Drugs Market surpasses to grow at a CAGR of around 8.9% from 2020 to 2027 and reach the market value of over US$ 1,567.2 Bn by 2027.
North America held dominating market share for the global prescription drugs market. The factors responsible for the dominance involve surge in demand for efficient and advanced products in this region specifically during high prevalence of chronic diseases. These factors with healthcare expenditure, robust R&D for drugs in this region, and presence of prominent players/key players involved in launching of product generic product and equivalent of key drugs dominate the global prescription drug market.
On the other hand, market in Europe holds second largest market share for the global prescription drugs market. Apart from that, Asia-Pacific is projected to record largest growth rate in terms of CAGR during the forecast period. Presence of prominent players, rising awareness of chronic and serious disorder among individuals, and rising healthcare expenditure are the factors that foster the growth of global prescription drugs market.
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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.
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.
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Based on therapy, oncology segment accounts major dominating share for the global prescription drugs market. Surge in prevalence of cancer cases and high cost associated for the treatment of various form of cancers is one of the prominent factors that stimulate the growth of global prescription drugs market.
Based on distribution channel, hospital pharmacies are predicted to dominate the global prescription drugs market. The reason for dominance involve 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 disease, resulting into improved clinical outcomes.
Some of the leading competitors are Novartis AG, Pfizer Inc., F.Hoffmann-La Roche Ltd, Sanofi, Johnson & Johnson Services, Inc., Merck & Co., Inc., Abbvie, Inc., AstraZeneca, and others.
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Some of the key observations regarding the prescription drug industry include:
- 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 products.
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