Prescription Drugs Market Size & Share to Surpass $1.4 Billion by 2030 | Vantage Market Research

WASHINGTON, April 21, 2023 (GLOBE NEWSWIRE) -- The Global Prescription Drugs Market is valued at USD 0.8 Billion in 2022 and is projected to reach a value of USD 1.4 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 8.5% over the forecast period 2023-2030.

Market Overview

As many chronic conditions are frequently resistant, it is important to administer harsh prescription therapy. This has forced large pharmaceutical companies to constantly participate in clinical trials to create and approve new treatments. Significant drug companies are increasingly concentrating on developing medications to address rare diseases. This is anticipated to further boost market expansion. This is anticipated throughout the forecast period to accelerate these medications' market expansion further.

We forecast that the hospitals with prescription drugs market sales will account for more than 33% of total sales by 2030. Many of the treatments listed under "scription pharmaceuticals" can commonly only be dispensed in a hospital setting under the supervision of certified medical staff is one of the key factors leading to the hospital pharmacy segment's dominance. Furthermore, several medications for treating life-threatening conditions, including cancer and rare diseases, can only be administered intravenously by trained medical professionals. Such effective therapeutic delivery typically leads to improved clinical outcomes and frequently enables the successful management and treatment of major disorders.

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Market Dynamics

Increasing Prevalence of Cardiovascular Diseases Support Market Expansion
The market will develop as cardiovascular illnesses become more common. The biggest cause of disability and mortality worldwide, according to the CDC, is cardiovascular disease, which includes heart and blood vessel problems. One of the main risk factors for this disease, which is thought to cause 10 million deaths yearly, is a high blood pressure level, also referred to as hypertension. The prevention and management of cardiovascular disease are being improved by implementing numerous initiatives, including the global hearts initiative. This will lower the number of people who pass away from heart disease before their time.

Increasing Prevalence of Chronic Diseases Drives the Market growth
Growth in the business will be fuelled by the rising prevalence of chronic diseases. The sector is progressing due to the rise in cardiovascular problems. Two significant drivers are the expansion of metropolitan areas and the adoption of hazardous living conditions. Diabetes, Alzheimer's disease, atherosclerosis, and obesity are a few examples of chronic diseases. Further fuelling market growth during the anticipated period are rising cancer incidences. Cancer is the second-leading cause of death worldwide, per World Health Organization data from 2018.

Top Players in the Global Prescription Drugs Market

  • Hoffmann-La Roche Ltd. (Switzerland)
  • Mylan N.V. (U.S.)
  • Teva Pharmaceutical Industries Ltd. (Ireland)
  • Sanofi (France)
  • Pfizer Inc. (U.S.)
  • GlaxoSmithKline PLC (UK)
  • Novartis AG (Switzerland)
  • Merck & Co. Inc. (U.S.)
  • Allergan (Ireland)
  • AstraZeneca (UK)
  • Johnson & Johnson Private Limited (U.S.)
  • Hikmah Pharmaceuticals PLC (UK)
  • Bristol-Myers Squibb Company (U.S.)
  • Bayer AG (Germany)
  • Boehringer Ingelheim International GmbH. (Germany)
  • Dr. Reddy's Laboratories Ltd. (India)
  • Gilead Sciences Inc. (U.S.)
  • Amgen Inc. (U.S.)
  • Eli Lilly & Company (U.S.)
  • AbbVie Inc. (U.S.)
  • Lupin (India)
  • Allergan (Ireland)

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Top Trends in the Global Prescription Drugs Market

  • One trend that Vantage Market Research (VMR) Expect to see the increasing launch of generic equivalents in the prescription drugs industry. The global market for prescription drugs is driven by the rising number of generic versions of various important treatments introduced in developed nations like the United States. The fact that generic alternatives are becoming accepted in part because they are frequently just as effective as their brand-name equivalents and can frequently be obtained by patients for a much lower price. Individuals who are financially unable to purchase expensive prescription medications can frequently benefit from these medications and get better clinical results.

  • Another a trend that VMR predicts will continue in the prescription drugs industry is the introduction of specialty drugs. Specialty pharmaceuticals are prescription drugs that are either non-diabetic self-injectable drugs or drugs that need specialist preparation, administration, or monitoring. Patients with challenging, uncommon, or ultra-rare diseases use these medications. Due to the increasing occurrence of rare disorders, which is enhancing market growth possibilities over the anticipated period, specialty medications are becoming increasingly popular.

Top Report Findings

  • Based on the Type, the generic category controls most of the prescription drugs market's revenue. An increase in the introduction of generic versions of several drugs in developed nations like the U.S. is driving the global market for prescribed drugs. The fact that these generic alternatives are more effective than their brand-name counterparts and frequently used by patients at lower costs has increased their use.      

  • Based on the Therapy Area, the oncology category controls the drugs market's revenue. One of the key drivers of the expansion of the worldwide pharmaceuticals market are the rise in the incidence of malignant tumours and the high cost related to caring for different types of cancer.

  • Based on the Route of Administration, most of the prescription drugs market's revenue is controlled by parenteral. The market is projected to be propelled by the growth in domestic production, the requirement for a quicker method of medication administration, the need for more surgeries, and the desire for single-dose administration of vaccines and medication.

  • Based on End Users, most of the hospitals control the drug market's revenue. The presence of seasoned doctors who strive to minimize errors when writing prescriptions and provide rapid access to medications is credited with the segment's growth. Using pharmaceuticals from hospital pharmacies, which provide both in-patient and out-patient services, simplifies managing cardiovascular disorders. Also, focusing on generics has shown to be a successful tactic for the industry's overall growth.

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Recent Developments in the Global Prescription Drugs Market

  • In November 2020, Shionogi & Co., Ltd. partnered with F. Hoffmann-La Roche Ltd. The company has obtained U.S. Food and Drug Administration (USFDA) approval for a supplemental New Drug Applications (sundae) for Xofluza® (palinavir carboxyl) as a remedy to prevent influenza in people 12 years of age. The company holds worldwide rights to "Xofluza, except in Japan and Taiwan (known as post-exposure prophylaxis).
  • In January 2019, Xiidra (lifters ophthalmic solution), the first and only prescription medication approved to treat both the symptoms and indications of Novartis AG acquired dry eye by reducing inflammation I.

Generics Category of the Type Segment Projected to Generate Over Half the Total Segment Revenue of the Global Prescription Drugs Market
For better understanding, based on the Type, the prescription drugs market is divided into Branded and Generic.

The Generics market was the largest by application and is anticipated to hold the top spot during the projected period. The productivity of the Prescription medicine market has grown due to the widespread acceptability of generic substitution. Generics can pass savings on to the patient because they don't have to pay that enormous expense. Generic drug affordability is a significant contributor to higher patient compliance. The largest buyer of generic medications in the country is the Federal Government. The amount Medicaid and Medicare spending on prescription drugs would treble without generics.

On the other hand, the branded category is anticipated to grow significantly. A patent-protected medication that a pharmaceutical company markets under a particular trade name or trademark. Brand-name medications may be bought over the counter or with a referral. The manufacturer or pharmaceutical company may also give a branded (trade or proprietary) name to make a drug more recognizable and memorable.

North America Region of the Prescription Drugs Market Anticipated to Generate Over a third of the Global Market Revenue
The North American region is anticipated to do so in the coming years. The rise in demand for effective and cutting-edge products in this region, particularly during the high frequency of chronic diseases, is one of the drivers for the dominance. Variables, including healthcare spending, active drug R&D in this area, and the presence of well-known companies and significant figures in the product launch process, dominate the global market for prescription pharmaceuticals. One of the key drivers of expanding the global prescription medicine market is the strict laws governing the promotion and advertising of prescription drugs.

The Asia Pacific region is projected to see the fastest growth in the Prescription Drugs market. The existence of notable companies and growing awareness of chronic illnesses are the elements that support the expansion of the worldwide market for prescription drugs. Several variables contribute to the worldwide expansion of the Prescription medication industry, including orphan pharmaceuticals, new product releases of effective prescription products, and increased demand for advanced prescription products.

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Prescription Drugs Market Forecast Report (2023-2030).

Global Prescription Drugs Market Segmentation

By Type

  • Branded
  • Generic

By Therapy Area

  • Oncology
  • Immunology
  • Ophthalmology
  • Respiratory
  • Dermatology
  • Gastroenterology
  • Urology
  • Gynaecology
  • Endocrinology
  • Other Therapy Areas

By Route of Administration

  • Oral
  • Topical
  • Parenteral
  • Other Routes of Administration

By End Users

  • Hospitals
  • Specialty Clinics
  • Homecare
  • Other End Users

By Distribution Channel

  • Hospital Pharmacy
  • Retail Pharmacy
  • Online Pharmacy
  • Other Channels

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

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Scope of the Report:    

Report AttributesDetails
Market Size in 2022USD 0.8 Billion
Revenue Forecast by 2030USD 1.4 Billion
CAGR8.5% from 2023 to 2030
Base Year2022
Forecast Year2023 to 2030
Key PlayersF. Hoffmann-La Roche Ltd., Mylan N.V., Teva Pharmaceutical Industries Ltd., Sanofi, Pfizer Inc., GlaxoSmithKline PLC, Novartis AG, Merck & Co. Inc., Allergan, AstraZeneca, Johnson & Johnson Private Limited, Hikma Pharmaceuticals PLC, Bristol-Myers Squibb Company, Bayer AG, Boehringer Ingelheim International GmbH, Dr. Reddy's Laboratories Ltd., Gilead Sciences Inc., Amgen Inc., Eli Lilly & Company, AbbVie Inc., Lupin, Allergan
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

Key Questions Answered in the Prescription Drugs Market Report are:

  • What is the size of the prescription drugs market, and how has it been growing over time?
  • What are the major drivers and challenges facing the prescription drugs market, and how are they impacting market growth?
  • Which therapeutic categories or classes of prescription drugs are currently the most popular, and what factors are driving their popularity?
  • Who are the major players in the prescription drugs market, and what are their market shares and competitive strategies?
  • What are the latest trends in prescription drug pricing, reimbursement, and regulation, and how are they affecting market dynamics?
  • What are the key geographical markets for prescription drugs, and how are they evolving in terms of demand, regulations, and competition?
  • What are the latest innovations and technological advancements in prescription drug development and manufacturing, and how are they shaping the future of the market?

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