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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).

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. '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.'

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 market growth during the forecast period.

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 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.

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 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 market.

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Global Prescription Drugs Market

Product ID: SQMIG35I2109