USD 1037 billion
Global Prescription Drugs Market Size, Share, Growth Analysis, By Product type(generics, orphan and other), By Therapy(oncology, anti-diabetics), By End user(Hospitals, Specialty Clinics), By Distribution channel(Hospital Pharmacy, Retail Pharmacy) - Industry Forecast 2024-2031
Report ID:
SQMIG35I2109 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
122 |
Figures:
77
Global Prescription Drugs Market Insights
Prescription Drugs Market size was valued at USD 1037 billion in 2021 and is poised to grow from USD 1125.6 billion in 2022 to USD 2197 billion by 2030, growing at a CAGR of 8.9% in the forecast period (2023-2030).
Over-the-counter (OTC) treatments lack the potency of prescription drugs. Because of this, using them incorrectly could have negative side effects. Customers are only permitted to receive these medications with a doctor's prescription. On notepads for doctor's prescriptions and on signs at the majority of pharmacies, the letter Rx, which stands for medical prescription, can be found. Throughout the forecast period, rising worldwide pharmaceutical spending will significantly affect market expansion. The high cost of specialised drugs and the rising use of medical treatments are two major contributors. The incidence of rare illnesses will further fuel market demand over the course of the projection period. Sales of prescription drugs are increasing during the projection period due to the rising prevalence of chronic diseases worldwide.
Companies engaged in the production of novel drugs As a result, the presence of pipeline drugs suggests that a greater number of drugs will be commercialised in the near future, providing an opportunity for the market to thrive during the forecast period.
Furthermore, the growing number of elderly people globally has significantly increased market growth prospects over the forecast period. The developed world, particularly North America, is expected to hold a sizable market share in the global prescription drug market. The Asia-Pacific region, on the other hand, is regarded as one of the fastest-growing, owing to the prevalence of a large population base in need of treatment. Furthermore, significant investments in improving healthcare infrastructure and providing better health facilities are creating opportunities for the market to grow during the forecast period.
US Prescription Drugs Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
generics
Fastest Growth
generics
Growth Rate
8.9% CAGR
Global prescription drugs market, 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global prescription drugs market Size By product type, 2022-2030 ($ Bn)
Global prescription drugs market Size By product type, 2022-2030 (%)
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Global Prescription Drugs Market Segmental Analysis
Global prescription drugs market is segmented based on the product type, therapy, end user, distribution channel, and region. Based on product type, prescription drugs market is segmented into generics, orphan and other. Based on therapy, the prescription drugs market is segmented into oncology, anti-diabetics, vaccines, sensory organs, immunosuppressants, anticoagulants, and others. Based on end user, the market is segmented into Hospitals, Specialty Clinics, Homecare, Others. Based on distribution channel, the market is segmented into Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Prescription Drugs Market Analysis by Product Type
Based on product type, A number of new drugs are introduced each year that fall into various categories, such as biologics, and often do not have generic equivalents available in the near future. As a result, the other prescription drugs segment dominated the market. The other segment includes critical and life-saving drugs such as oncology, anti-diabetic, and cardiovascular drugs, which have contributed to the segment's dominance in the global market.
The orphan segment is expected to grow at a faster rate than the rest of the market. Increasing clinical trials for the development of orphan drugs are expected to take place during the forecast period, driving the prescription drugs market growth. There will also be a number of generic equivalent product launches during the forecast period is anticipated to boost the generics segment.
Prescription Drugs Market Analysis by Therapy
Based on therapy, the oncology segment is expected to dominate the therapy segment Because of the rising prevalence of cancer and the high costs associated with cancer treatment. The anti-diabetics segment is also expected to grow steadily during the forecast period, owing to the rising prevalence of diabetes and other lifestyle-related diseases. The growing population is also expected to help the vaccines segment grow due to the increased need for timely vaccinations, particularly in infants and children. The rising prevalence of cardiovascular diseases is also expected to fuel the anticoagulants market. Increased organ transplant procedures are also expected to drive immunosuppressant segment growth. The rising prevalence of ophthalmic diseases such as dry eye syndrome is causing concern. During the forecast period, the growing prevalence of ophthalmic diseases such as dry eye syndrome is expected to drive the growth of the sensory organs segment.
Global prescription drugs market By product type, 2022 (%), 2023 (%)
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Global Prescription Drugs Market Regional Insights
North America's market is expanding at a faster rate. The increasing demand for efficient and advanced products in the region, particularly due to the high prevalence of several chronic diseases, was one of the major reasons for North America's dominance in the global market. These factors, together with high healthcare expenditure, strong and robust R&D for drugs in the region, and the presence of prominent companies in the region involved in the production of generic equivalents of key drugs, account for the region's dominant share of the global market.
The European market accounted for the second largest share of the global market, with reasons including increased demand for advanced prescription products and the product launches of efficient prescription products such as orphan drugs.
During the forecast period, Asia-Pacific is expected to have a slightly higher CAGR. The market is expected to be driven by new product launches in the region and strong demand for prescription drugs between 2012 and 2028. The presence of a large potential patient population, as well as increased awareness of chronic and serious disorders among individuals, are expected to drive market growth in Asia Pacific during the forecast period. The rest of the world market, which includes Latin America, the Middle East, and Africa, is currently growing. Increasing use of advanced prescription products and rising healthcare costs are expected to drive market growth during the forecast period.
Global prescription drugs market By product type, 2022-2030, 2024-2031
- Largest
- Fastest
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Global Prescription Drugs Market Dynamics
Prescription Drugs Market Drivers
Launch of Novel Products are Bolstering Revenue Generating Opportunities for Players
- One of the primary market drivers of the worldwide market for prescription medications is the rising launch of generic versions of various important drugs in developed markets like the United States. These generic alternatives are becoming increasingly popular, in part because patients can frequently receive them for a fraction of the price while they are frequently just as effective as their brand-name counterparts. These medications frequently help patients and produce superior clinical results even when they cannot afford expensive prescription medications. Patients in emerging markets and those living in developed nations who lack access to suitable prescription drug payment plans should pay particular attention to this. Such factors are expected to drive global market growth during the forecast period.
- One of the major market-driving variables influencing the prescription medicine market is the rising R&D spending by well-known corporations on the creation of drugs for rare diseases. The aforementioned elements will likely fuel demand for these kinds of prescription goods and accelerate the expansion of the global market, along with the requirement for efficient therapies for seriously disabling uncommon disorders.
Prescription Drugs Market Restraints
High Cost to Hinder Market Growth
- The acceptance of new products is being hindered by a number of problems, despite the fact that essential illnesses like cancer and cardiovascular disease are becoming more common worldwide and are more prevalent in developing nations like Africa, Latin America, and Asia. One of the key problems impeding market expansion is the high cost of many prescription medications. As a result, only a tiny percentage of patients use these medications, and a sizable portion of these patients experience financial challenges as a result of taking these goods. The cost of a prescription medicine can frequently vary from USD 100,000 to USD 500,000, yet the illnesses are frequently not even treatable.
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Global Prescription Drugs Market Competitive Landscape
prescription drugs market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Prescription Drugs Market Top Player's Company Profiles
- Pfizer Inc.
- Roche Holding AG
- Novartis AG
- Sanofi S.A.
- Merck & Co., Inc.
- AstraZeneca plc
- GlaxoSmithKline plc
- Johnson & Johnson
- Eli Lilly and Company
- Bristol-Myers Squibb Company
- AbbVie Inc.
- Takeda Pharmaceutical Co. Ltd.
- Amgen Inc.
- Boehringer Ingelheim GmbH
- Bayer AG
- Gilead Sciences, Inc.
- Biogen Inc.
- Allergan plc
- Teva Pharmaceutical Industries Ltd.
- Mylan N.V.
Prescription Drugs Market Recent Developments
- In October 2022, Drug firm Lupin received an approval from the US health regulator to market Darunavir Tablets, used to treat Human Immunodeficiency Virus (HIV) infection, in the American market.
- In July 2022, French drugmaker Sanofi will make 30 of its treatments, including insulin, available on a not-for-profit basis in 40 lower-income countries in the first step of its plan to increase access to its medicines.
Global Prescription Drugs Key Market Trends
- One of the main key trends in the prescription drugs market is the increasing R&D investments by prominent companies for the development of new drugs. This is primarily due to the increasing prevalence of several chronic diseases in the global scenario. This has resulted in increased patient demand due to unmet clinical needs and a desire for positive clinical outcomes. A number of these chronic disorders are frequently refractory in nature, necessitating the use of aggressive prescribed therapies. As a result, major pharmaceutical companies are constantly involved in clinical trials for the development and, eventually, approval of new products. A growing number of major pharmaceutical companies are shifting their focus to developing drugs to treat rare diseases. This is expected to drive the market growth of these drugs even further during the forecast period.
Global Prescription Drugs Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our prescription drugs market analysis, in terms of Product type Generic drug manufacturers and the use of generics as prescription medications are further driving the market's expansion during the forecast period. And in terms of therapy, the oncology segment contributes to the market growth due to increasing prevalence of cancer. Moreover, The increased prevalence of cardiovascular diseases, Increasing investment for healthcare infrastructure and increased prevalence of chronic diseases boost the market growth. Whereas, the high cost associated with drug development and distribution can hamper the prescription drugs market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1037 billion |
| Market size value in 2031 | USD 2197 billion |
| Growth Rate | 8.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Prescription Drugs Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Prescription Drugs Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Prescription Drugs Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Prescription Drugs Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Prescription Drugs Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Prescription Drugs Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Prescription Drugs Market Report Snapshots
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