According to a new Growth Plus Reports research, the global prescription drugs market is expected to reach US$ 2067.25 billion by 2030, with a revenue CAGR of 8.40%. The study examines critical tactics, trends and potential, competition, evolving industry dynamics, market size, statistics and projections, and essential investment territories.
Key Takeaways:
- The increasing prevalence of chronic diseases will drive market revenue growth.
- Unmet clinical requirements will drive demand for prescription drugs
- North America dominates the global prescription drug market.
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Prescription Drugs Market Scope
|
Report Attribute |
Details |
|
Market size value in 2021 |
US$ 1000.3 billion |
|
Revenue forecast in 2030 |
US$ 2067.25 billion |
|
Growth Rate |
CAGR of 8.4% from 2022 to 2030 |
|
Base year for estimation |
2021 |
|
Forecast period |
2022-2030 |
|
Segments covered |
Product type, therapy, distribution channel, and region. |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
Market Drivers
the increasing prevalence of chronic diseases such as cardiovascular disease, cancer, respiratory problems, and others will drive the revenue growth of the prescription drugs market. Furthermore, the rising geriatric population, increased government, and private investment, and the introduction of novel generic drugs are expected to boost the market revenue growth rate. Rising R&D activities, orphan drug development, improvement in healthcare infrastructure, and increasing unmet clinical requirements are expected to support the market’s revenue growth.
Market Segmentation
Growth Plus Reports has analyzed the global prescription drugs market from four perspectives: Product Type, Therapy, Distribution Channel, and Region.
Product Type Segmentation: Based on the product type, the global prescription drugs market is segmented into brand, orphan, generic, and others. The branded drugs segment dominates the market with the largest revenue share because of the high preference rate by physicians and chemists, high recommendation of such medications, and strong R&D activity.
Therapy Segmentation: Based on the therapy, the global prescription drugs market is segmented into anticoagulants, vaccines, immunosuppressants, and others. The oncology drugs segment dominates the market because of the growing cancer cases such as breast cancer, skin cancer, blood cancer, lung cancer, etc., rapid population growth, an increasing pool of geriatrics, and the growing rates of risk factors such as obesity, senescent lifestyle, smoking, etc.
Distribution Channel Segmentation: Based on the distribution channel, the global prescription drugs market is segmented into hospital pharmacies, online pharmacies, and retail pharmacies. The hospital pharmacy segment dominates the market because of the growing chronic disease prevalence and high patient footfall for diagnosis and treatment.
Regional Growth Dynamics
Based on the region, the global prescription drugs market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America leads the global prescription drugs market with the largest revenue share. A sizable patient pool, the high prevalence of chronic diseases, a sizable senior population, substantial healthcare spending, an increase in private and public funding and investments, rapidly increasing R&D activities, an increase in the approval of novel drugs, and the region’s well-developed healthcare infrastructure are the major factors attributed to North America’s significant revenue share in the global market.
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Competitive Landscape
Some key players operating in the global prescription drugs market are:
- GlaxoSmithKline Plc.
- Sanofi S.A.
- F. Hoffmann-La Roche Ltd.
- Merck & Co. Inc.
- AstraZeneca Plc.
- Pfizer Inc.
- Novartis AG
- AbbVie Inc.
- Johnson & Johnson Services Inc.
- Celgene Corporation (Bristol-Myers Squibb Company)
- Eli Lilly and Company
- Amgen Inc.
- Teva Pharmaceutical Industries Ltd.
- Lupin Ltd.
The prescription drugs market is competitive with several global corporations. Leading players invest in technological advancements, research and development, and mergers and acquisitions to strengthen their market position.
Recent developments:
- Bristol Myers Squibb (BMS) got FDA approval for Breyanzi (lisocabtagene maraleucel), a medication designed for people with large B-cell lymphoma, in June 2022.
- Lupin Pharmaceuticals, Inc. introduced an improved form of mycophenolic acid delayed-release tablets in the U.S. in April 2020. This improved medicine helps kidney transplant patients in preventing organ rejection.
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2020
- Base Year – 2021
- Forecasted Years – 2022 to 2030
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2021)
- MARKET DYNAMICS
- Drivers
- Restraints
- Opportunities
- GLOBAL PRESCRIPTION DRUGS MARKET – ANALYSIS & FORECAST, BY PRODUCT TYPE
- Branded
- Orphan
- Generic
- Others
- GLOBAL PRESCRIPTION DRUGS MARKET – ANALYSIS & FORECAST, BY THERAPY
- Anticoagulants
- Oncology
- Vaccines
- Immunosuppressants
- Others
- GLOBAL PRESCRIPTION DRUGS MARKET – ANALYSIS & FORECAST, BY DISTRIBUTION CHANNEL
- Hospitals and Clinics
- Retail Pharmacies
- Online Pharmacies
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VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- ‘Business Profile’ of Key Players
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