Prescription Drugs Market to Exhibit a CAGR of 8.9% by 2026; Development of Advanced Prescription Drugs to Augment Growth, states Fortune Business Insights™
Pune, May 05, 2020 (GLOBE NEWSWIRE) — The global prescription drugs market size is predicted to reach USD 1,562.15 billion by 2026, exhibiting a CAGR of 8.9% during the forecast period. The increasing prevalence of chronic diseases, such as cancer, cardiovascular diseases and diabetes will spur sales opportunities for the prescription drugs market revenue during the forecast period. The growing cases of orphan diseases will also have a tremendous impact on the prescription drugs market share.An Overview of the Impact of COVID-19 on this Market:The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.To get the short-term and long-term impact of COVID-19 on this Market.Please visit: https://www.fortunebusinessinsights.com/prescription-drugs-market-102709
Grant for Oxbryta by FDA to Accelerate GrowthThe U.S. Food and Drug Administration announced that it has granted the approval to Oxbryta (voxelotor) for the treatment of sickle cell disease (SCD) in adults and pediatric patients 12 years of age and older. The growing incidence of sickle disease will spur demand for Oxbryta, which, in turn, will boost the global prescription drugs market growth. Sickle cell disease can be classified as lifelong, inherited blood disorder. The red blood cells are unusually shaped, thus restricting the flow in blood vessels and limits oxygen delivery to the body’s tissues and leading to acute pain and critical damage. Furthermore, FDA Commissioner Adm. Brett P. Giroir, M.D., said in a statement, “Our scientific investments have brought us to a point where we have many more tools available in the battle against sickle cell disease, which presents daily challenges for those living with it.We remain committed to raising the profile of this disease as a public health priority and to approving new therapies that are proven to be safe and effective. Together with improved provider education, patient empowerment, and improved care delivery systems, these newly approved drugs have the potential to immediately impact people living with SCD.” Moreover, M.D., director of the FDA’s Oncology Center of Excellence and acting director of the Office of Oncologic Diseases, Richard Pazdur, mentioned, “With Oxbryta, sickle cells are less likely to bind together and form the sickle shape, which can cause low hemoglobin levels due to red blood cell destruction. This therapy provides a new treatment option for patients with this serious and life-threatening condition.”Robust Development of Advanced Prescription Drugs to Boost MarketNorth America generated a revenue of USD 396.58 billion in 2018 and is predicted to grow rapidly during the forecast period owing to the growing development of advanced prescription drugs to cater to the demand of the consumers. The rising prevalence of chronic diseases will boost business in the region. Moreover, the rising R&D and high healthcare expenditure will contribute positively to the market growth. The market in Asia Pacific is likely to exhibit a high growth rate during the forecast period owing to the growing awareness regarding chronic disorders. In addition, the presence of eminent players will positively impact the market in Asia Pacific. The market in Europe is predicted to grow rapidly in the forthcoming years owing to rising demand for advanced prescription drugs. The increasing product launches for orphan disease by key players will bolster healthy growth of the market in the forthcoming years.
List of Key Companies Operating in the Prescription Drugs Market areNovartis AG
F. Hoffmann-La Roche Ltd
Johnson & Johnson Services, IncMerck & Co., Inc.AbbVie, Inc.GlaxoSmithKline plc.AstraZenecaCELGENE CORPORATION (BRISTOL-MYERS SQUIBB COMPANY)Others
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Detailed Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsPrevalence of Key Diseases – by Key Countries – 2018Pipeline AnalysisKey Industry DevelopmentsRegulatory Scenario – by Key RegionsNew Product ApprovalsGlobal Prescription Drugs Market Analysis, Insights and Forecast, 2015-2026Key Findings / SummaryMarket Analysis, Insights and Forecast – By Product TypeGenericsOrphanOther Prescription DrugsMarket Analysis, Insights and Forecast – By TherapyOncologyAnti-diabeticsVaccinesSensory OrgansImmunosuppressantsAnticoagulantsOthersMarket Analysis, Insights and Forecast – By Distribution ChannelHospital PharmaciesRetail Pharmacies & Drug StoresOnline PharmaciesMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia PacificLatin AmericaMiddle East & AfricaTOC Continued….!!!
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