Prescription Drug Market: Global Industry Analysis and Forecast (2023-2029) Trends, Statistics, Dynamics, Segmentation by Type, Therapy, Distribution Channels, and Region

Prescription Drug Market was valued at US$ 1035.5Bn. in 2022. The global Prescription Drug Market size is expected to grow at a CAGR of 9 % through the forecast period.
Prescription Drug Market Overview:
Numerous vaccines and treatments are available only by prescription and are used to treat and control both acute and chronic illnesses. These illnesses include cancer, heart disease, diabetes, and rare diseases. In the present therapeutic environment, effective prescription Drug administration is essential for enhancing clinical outcomes for virtually every patient suffering from serious disorders. However, despite the fact that many market businesses are undertaking clinical research to create innovative therapies for a range of illnesses, the landscape of prescription drugs has altered significantly as a result of the growing accessibility of generic alternatives.



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2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2029. 2022 is a year of exception and analysis, especially with the impact of lockdown by region.
Prescription Drug Market Dynamics:
Increasing Investment in R&D: An important trend in the market for prescription pharmaceuticals is the rise in R&D expenditures by well-known corporations for the creation of novel Drugs. This is largely due to the rising incidence of various chronic diseases on a worldwide scale. Due to their unmet clinical demands and desire for favorable clinical outcomes, this has increased patient demand. Many of these chronic illnesses are frequently resistant, thus administering severe prescription therapy is necessary. Major pharmaceutical corporations have been compelled by this to regularly participate in clinical studies for the development and, eventually, the approval of new drugs. A growing number of significant manufacturers are turning their attention to the creation of medicines to treat uncommon illnesses. This is expected to accelerate market growth even more. This is expected to further increase the market growth of these drugs during the forecast period.

Increasing demand for a Generic Drug: A fundamental element propelling the market for prescription drugs is the rise in the number of generic versions of various important drugs being introduced in developed nations like the U.S. The rise in the use of these generic substitutes is mostly attributable to the fact that they are frequently just as effective as their brand-name counterparts and can frequently be obtained by patients for a fraction of the price. Due to financial restrictions, patients frequently use these Drugs and have better clinical results than those who have access to more expensive prescription treatments.

Increasing Prevalence of Cardiovascular Diseases: The market will grow as a result of the rising incidence of cardiovascular illnesses. The primary cause of death and disability globally, according to the CDC, is cardiovascular disease, which includes heart and blood vessel disorders. One of the main risk factors for this illness, which is thought to be the cause of 10 million deaths yearly, is high blood pressure, also referred to as hypertension. The prevention and management of cardiovascular disease are being improved via the implementation of several initiatives, including the global hearts initiative. This is done to lessen the number of persons who pass away from heart disease before their time.

Increasing Prevalence of Chronic Diseases: Chronic illness prevalence will drive market growth. The sector is growing as a result of the increase in cardiovascular diseases. Two significant causes are the acceptance of hazardous living conditions and growing urbanization. Alzheimer's disease, cardiovascular disease, obesity, and diabetes are just a few examples of chronic illnesses. Increasing cancer cases are fueling market growth throughout the course of the forecast period. Cancer is the second-leading cause of death worldwide, according to figures from the World Health Organization for 2022. It caused 9.8 million deaths in 2022 alone. Additionally, one in every six fatalities globally is caused by cancer. The most common cancers include lung cancer, breast cancer, colorectal cancer, prostate cancer, skin cancer, and stomach cancer. The total number of new cases reached 21.4 million in 2022

Market Restraints:

High Cost Associated with some Prescription Drugs: Despite the rising frequency of serious diseases like cancer and cardiovascular disease worldwide and their high prevalence in emerging nations like Africa, North America, and Asia, there are several constraints preventing the development of drugs that are adaptable to these situations. High costs linked with particular prescription drugs are one of the main reasons limiting the market's growth. Most patients reported having difficulty paying for prescription drugs, it has been discovered. The price of prescription medicine may range from US$100,000 to US$500,000 in certain cases. Thus, throughout the forecast period, the growth of the prescription market may be restrained by rising prescription drug costs.
Prescription Drug Market Segment Analysis:
Based on Type, the Prescription Drug Market is segmented into Generic, Orphan, and other drugs. Only a few new drugs are launched every year in the pharmaceutical industry which falls under the biologics category and does not have a generic equivalent of them launched in the near future. As a result, the pharmaceutical industry was dominated by the area of prescription drugs in 2022. Drugs for essential and life-saving conditions like diabetes, cancer, and cardiovascular disease continue to dominate this market's other category.

During the forecast period of 2023-2029, the orphan drug is expected to increase at a higher CAGR. The growth of the prescription market is expected to be fueled by the rising number of clinical trials for the creation of an orphan medicine. Additionally, throughout the forecast period, the introduction of new drugs with generic equivalents is expected to fuel the growth of the prescription market.

Based on the Distribution Channels, the Prescription Drug Market is segmented into Hospital Pharmacies, Retail Pharmacies & Drug Stores, and Online Pharmacies. One of the main factors contributing to the hospital pharmacy segment's dominance is the fact that the therapies listed under prescription pharmaceuticals are frequently only able to be prescribed in a hospital environment under the supervision of qualified medical personnel. Additionally, several drugs for the treatment of serious illnesses including cancer and orphan diseases can only be given intravenously by qualified medical personnel. Improved clinical results are frequently the result of such efficient therapeutic delivery, which frequently enables the successful management and treatment of serious illnesses.



One of the main drivers for the growth of the prescription market is the increasing availability of over-the-counter (OTC) products together with the rising need for daily prescriptions like those for diabetes, hypertension, etc.
Prescription Drug Market Regional Insights:
The North America region dominated the market with a 40 % share in 2022. The North America region is expected to witness significant growth at a CAGR of 8.4% through the forecast period. In terms of both revenue and market share, North America dominates the prescription drugs market, and this dominance is expected to grow during the forecast period. This is a result of the increasing need for disease-specific treatments, and rising healthcare costs will also fuel the market's growth rate in this area. Further accelerating the market's growth rate in this area will be the increasing presence of significant important players and the rise in acceptance of newer technologies.

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The reports also help understand the Prescription Drug Market dynamic, and structure by analyzing the market segments and projecting the Prescription Drug Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Prescription Drug Market make the report investor’s guide.
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Prescription Drug Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 1035.5Bn.


Forecast Period 2023 to 2029 CAGR:
9%
Market Size in 2029:
US$ 1892.9Bn.


 Segments Covered:
by Type
Generics
Orphan
Other Prescription Drugs


by Therapy
Oncology
Anti-diabetics
Vaccines
Sensory Organs
Others


by Distribution Channels
Hospital Pharmacies
Retail Pharmacies & Drug Stores
Online Pharmacies



Prescription Drug Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Prescription Drug Market Key Players
1. F. Hoffmann-La Roche Ltd.
2. Mylan N.V.
3. Teva Pharmaceutical Industries Ltd.
4. Sanofi
5. Pfizer Inc.
6. GlaxoSmithKline plc
7. Novartis AG
8. Merck & Co., Inc.
9. Allergan
10.AstraZeneca
11.Johnson & Johnson Private Limited
12.Hikma Pharmaceuticals PLC
13.Bristol-Myers Squibb Company
14.Bayer AG
15.Boehringer Ingelheim International GmbH.
16.Dr. 'Reddy's Laboratories Ltd.
17.Gilead Sciences, Inc.
18.Amgen Inc.
19.Eli Lilly and Company
20.AbbVie Inc.
21.Lupin
22.Allergan

Frequently Asked Questions:

1] What segments are covered in the Global Prescription Drug Market report?
Ans. The segments covered in the Prescription Drug Market report are based on Type, Therapy, and Distribution Channels.

2] Which region is expected to hold the highest share in the Global Prescription Drug Market?
Ans. The North America region is expected to hold the highest share in the Prescription Drug Market.

3] What is the market size of the Global Prescription Drug Market by 2029?
Ans. The market size of the Prescription Drug Market by 2029 is expected to reach US$ 1892.9Bn.

4] What is the forecast period for the Global Prescription Drug Market?
Ans. The forecast period for the Prescription Drug Market is 2023-2029.

5] What was the market size of the Global Prescription Drug Market in 2022?
Ans. The market size of the Prescription Drug Market in 2022 was valued at US$ 1035.5Bn.