Prescription Drugs Market Size to Surpass USD 1864.2 Billion by 2030, exhibiting a CAGR of 8.9%
As per the report by Fortune Business Insights, The global prescription drugs market size was valued at USD 1,090.7 billion in 2022. The market is projected to grow from USD 1,162.6 billion in 2023 to USD 1,864.2 billion by 2030, exhibiting a CAGR of 8.9% during the forecast period.
Prescription Drugs Market
Pune, India, Sept. 14, 2023 (GLOBE NEWSWIRE) — Global prescription drugs market size was valued at USD 1,090.7 billion in 2022 The market is projected to grow from USD 1,864.2 billion by 2030, exhibiting a CAGR of 8.9% during forecast period. Prescription drugs are a wide range of vaccines and therapies used to treat and manage chronic and acute conditions.
Common conditions include cancer, cardiovascular disease, diabetes, and rare diseases. In today’s clinical environment, proper prescription drugs are essential for improving the clinical outcomes of almost all patients with severe conditions.
Fortune Business Insights™ mentioned this in a report titled “Prescription Drugs Market, 2023-2030.”
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Key Industry Development:
March 2020: Dr. Reddy’s Laboratories Ltd. introduced the genetic equivalent of Geodon (Ziprasidone Mesylate) injection, a drug used for schizophrenia patients in the U.S.
Key Takeaways :
- Deferred Hospital Visits Amid COVID-19 Hampered Prescription Drugs Sales
- Increasing Presence of Pipeline Candidates in Various Therapy Areas
- Increasing Launch of Generic Equivalents of Key Prescription Drugs to Fuel Product Demand
- Increasing Developments of Orphan Drugs Drive Market Growth
- High Costs Associated with Certain Prescription Drugs to Limit Market Growth
- Strong and Diversified Product Portfolio of Novartis and Pfizer to Help these Companies Retain a Leading Position
List of Key Market Players Profiled in the Report:
- Novartis AG (Switzerland)
- Pfizer, Inc. (U.S.)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Sanofi (France)
- Johnson & Johnson Services, Inc (U.S.)
- Merck & Co., Inc. (U.S.)
- AbbVie, Inc. (U.S.)
- GlaxoSmithKline plc. (U.K.)
- AstraZeneca (U.K.)
- CELGENE CORPORATION (BRISTOL-MYERS SQUIBB COMPANY) (U.S.)
COVID-19 Impact:
Pandemic Impacted Market Growth Negatively Owing to Decrease in the Number of Patients
Due to the pandemic, the market growth declined in 2020. In 2020, several regions worldwide experienced difficulties in accessing healthcare and treatment due to increase in country restrictions or lockdowns. The pandemic also led to a decrease in the number of patients visiting hospitals and decrease in the spreading of prescription drugs by healthcare professionals. This led to moderately lower demand and acceptance of prescription drugs, hindering market growth during the pandemic.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 8.9% |
| 2030 Value Projection | USD 1864.2 Billion |
| Base Year | 2022 |
| Prescription Drugs Market Size in 2022 | USD 1090.7 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 140 |
| Segments covered | Type, Therapy and Product Channel |
Drivers & Restraints:
Rising Launch of Generic Equivalents of Prominent Drugs to Drive the Market Growth
The rising emergence of generic equivalents of various important pharmaceuticals in developed countries, such as the U.S., is one of the primary factors fueling the market for prescription drugs globally. Generic alternatives are frequently used just as effectively as their brand-name counterparts and can constantly be used by patients for a fraction of the cost.
Expensive treatments for some diseases and prescription drugs to restrict the market growth.
Segments:
Increasing Number of Drugs in Healthcare to Drive the Other Prescription Drugs Segment
On the basis of product type, the market is divided into orphan, generics, and other prescription drugs. The other prescription drugs segment led the market growth in 2022. Several new drugs were launched under categories, such as biologics, to drive the segment’s growth.
Growing Occurrence of Cancer to Support Dominance of the Oncology Segment
Based on therapy, the market is divided into immunosuppressants, oncology, vaccines, central nervous system, and others. The oncology segment is estimated to lead the therapy segment, owing to the rising occurrence of cancer and high costs linked with the treatment of various forms of cancer.
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Hospital Pharmacies Segment to Drive the Market Owing to the Increase in the Treatment of Critical Diseases
According to distribution channel, the market is divided into hospital pharmacies, retail pharmacies & drug stores, and online pharmacies. The factor responsible for the dominance of the hospital pharmacies segment is that under-prescription drugs can only be prescribed under the guidance of trained medical professionals.
Report Coverage:
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Recent industry developments include product launches, partnerships, mergers, and acquisitions.
Regional Insights:
North America Dominated the Market Share Owing to the High Occurrence of Several Chronic Conditions
In 2022, the North America dominated the market in 2022. Some of the key reasons for North America’s dominance in the global market include the growing need for efficient and high-tech products in the region, particularly due to the rising occurrence of several chronic conditions. These factors, combined with high healthcare spending, robust Research & Development (R&D) of drugs in the region, and the presence of leading companies involved in the production of generic equivalent of key drugs, contribute to North America’s dominant share in the global market.
Europe is the second largest region in the market globally. The dominance of the region is due to the growing demand for prescription products fostering the market share.
Competitive Landscape:
Novartis and Pfizer to Dominate the Market Owing to their Strong Presence
The market is driven by the presence of numerous significant competitors in the market. Moreover, among all the major market participants, Pfizer and Novartis dominated the prescription drugs market share due to their market presence in oncology and vaccines, which are the primary drivers of these markets. Sanofi, Novartis AG, F. Hoffmann-La Roche Ltd., and Johnson & Johnson Services, Inc. are some of the top market participants, which are anticipated to boost the prescription drugs market growth during the projected period.
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Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Diseases – by Key Countries/ Region– 2022
- Pipeline Analysis, Key Players
- Key Industry Developments: Mergers, Acquisitions, Etc.
- Regulatory Scenario – by Key Regions
- New Product Launches, Key Players
- Impact of COVID-19 on the Market
- Global Prescription Drugs Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Product Type
- Generics
- Orphan
- Other Prescription Drugs
- Market Analysis, Insights and Forecast – By Therapy
- Oncology
- Anti-diabetics
- Vaccines
- Sensory Organs
- Immunosuppressants
- Anticoagulants
- Others
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies & Drug Stores
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Product Type
- North America Prescription Drugs Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Product Type
- Generics
- Orphan
- Other Prescription Drugs
- Market Analysis, Insights and Forecast – By Therapy
- Oncology
- Anti-diabetics
- Vaccines
- Sensory Organs
- Immunosuppressants
- Anticoagulants
- Others
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies & Drug Stores
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Market Analysis, Insights and Forecast – By Product Type
- Europe Prescription Drugs Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Product Type
- Generics
- Orphan
- Other Prescription Drugs
- Market Analysis, Insights and Forecast – By Therapy
- Oncology
- Anti-diabetics
- Vaccines
- Sensory Organs
- Immunosuppressants
- Anticoagulants
- Others
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies & Drug Stores
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Country/ sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
- Market Analysis, Insights and Forecast – By Product Type
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What is the market for prescription drugs?
Global prescription drugs market size was valued at USD 1,090.7 billion in 2022 The market is projected to grow from USD 1,864.2 billion by 2030, exhibiting a CAGR of 8.9% during forecast period.
What are the key factors driving the prescription drugs market growth?
The anticipated introduction of innovative prescription drugs in the market due to the increased prevalence of chronic and serious diseases, coupled with significant unmet clinical needs, is fueling the product demand.
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