Prescription Drugs Market to Surpass 2197 Billion by 2030 Drives Due to Growing Healthcare Needs
SkyQuest projects that the prescription drugs market will attain a USD 2197 billion value by 2030, with a CAGR of 8.9% over the forecast period (2023-2030). The global prescription drugs market is propelled by the rising demand for medications driven by aging populations and the prevalence of chronic diseases. This necessitates a consistent supply of prescription drugs to manage health conditions effectively.
Westford, USA, Oct. 18, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the relentless progress in pharmaceutical research and technology fuels the creation of groundbreaking drugs and therapies, broadening the prescription drugs market’s spectrum. This innovation effectively addresses various medical requirements, propelling the market’s growth while catering to diverse global healthcare needs.
Browse In-Depth TOC on the “Prescription Drugs Market”
- Pages – 157
- Tables – 122
- Figures – 77
Favorable regulatory environments and streamlined approval processes for new drugs incentivize pharmaceutical companies to invest in research and development, fostering prescription drugs market growth while ensuring the safety and efficacy of new prescription medications.
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Prominent Players in the Prescription Drugs Market
- 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.
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Oncology Segment is Expected to Grow the Market Due to Rising Global Cancer Incidence
The rapid growth of the oncology segment in the prescription drugs market is attributed to the rising global cancer incidence, driven by factors such as aging populations and lifestyle changes. Additionally, ongoing breakthroughs in cancer research and innovative therapies enhance the demand for oncology drugs, making it a dynamic and high-growth segment within the pharmaceutical industry.
Europe region stands out as a rapidly growing sector within the global prescription drugs market, driven by factors such as a burgeoning elderly population, increasing prevalence of chronic diseases, robust healthcare infrastructure, and substantial investments in pharmaceutical research. These elements collectively contribute to Europe’s expanding role as a significant and dynamic player in the global pharmaceutical landscape.
Generics Segment is Expected to Dominate the Market Due to the Cost-Effectiveness
The dominance of the generics segment in the prescription drugs market is primarily due to its cost-effectiveness and widespread availability. Generics offer affordable alternatives to brand-name drugs, making healthcare more accessible to a broader population. This segment’s growth is driven by the increasing focus on cost containment and the expiration of patents for many branded drugs, leading to a surge in generic prescriptions.
North America asserts its dominance in the prescription drugs market due to a well-established healthcare system, high healthcare expenditure, and extensive pharmaceutical R&D investments. These elements facilitate advanced drug development, rapid market access, and a strong regulatory framework, solidifying North America’s prominent position as a critical driver and influencer in the global pharmaceutical industry.
A comprehensive analysis of the major players in the prescription drugs market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in the Prescription Drugs Market
- In 2022, Lupin, a pharmaceutical company, obtained clearance from the US health regulatory body to distribute Darunavir Tablets in the market. These tablets are utilized for managing Human Immunodeficiency Virus (HIV) infection.
- Sanofi, a pharmaceutical company based in France recently announced its initiative to provide 30 treatments, including insulin, to 40 lower-income countries on a non-profit basis. This marks the initial phase of their strategy to enhance the accessibility of their medicines and expand global reach.
Key Questions Answered in Prescription Drugs Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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