Number of pages: 100 | Report Format: PDF | Published date: 13 October, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global prescription drugs market was pegged at US$ 1,000.3 billion in 2021 and is expected to witness a CAGR of 8.4% during the forecast period from 2022 to 2030.
Various vaccinations and treatments are only accessible by prescription and used to treat and manage different disorders or illnesses. These ailments include cancer, heart disease, diabetes, and uncommon disorders. Prescriptions play an essential role in the treatment of various diseases. Drug administration is critical for improving therapeutic outcomes for almost all patients suffering from severe diseases. Growing urbanization has resulted in unhealthy diet, increased stress level and anxiety, and sedentary lifestyles causing poor immunity, thus, increasing the prevalence of different illnesses. Thus, resulting in the growth of prescription drugs for treating such disorders.
The global prescription drugs market is expected to show significant growth during the projected period. The growth of this market can be attributed to the rising prevalence of chronic diseases such as cardiovascular diseases, cancer, respiratory disorders, etc. Additionally, the growing geriatric population, rising government and private investments and funding, and novel generic drug approvals contribute to this market growth. In addition, introducing specialty drugs, growing R&D activities, and developing orphan drugs are some market drivers. Furthermore, advancement in healthcare infrastructure and increasing unmet clinical needs significantly impact market expansion. However, the high cost of certain medications, stringent regulatory policies, and side effects of some prescribed drugs, such as drugs used in chemotherapy, radiotherapy, etc. can restrict the market growth.
The global prescription drugs market has been analyzed from four perspectives: Product type, therapy, distribution channel, and region.
Prescription Drug Market by Product Type
Based on product type, the global prescription drugs market has been segmented into brand, orphan, generic, and others. Branded drugs dominate the market with the largest revenue share. The growth of this segment can be attributed to the high preference rate by physicians and chemists, high recommendation of such drugs, and high R&D activities in branded drugs. Additionally, these drugs provide high efficiency, offer better clinical results, high patient satisfaction, and have a significant exposure to various therapies. Furthermore, this segment consists of essential and life-saving pharmaceuticals such as cancer, anti-diabetic, and cardiovascular medications. Thus, these factors are responsible for the dominance and growth of this segment. At the same time, the orphan segment is expected to show noticeable growth during the forecasted period. This growth is owed to increasing R&D activities in orphan drugs, increasing clinical trials for these drugs, and growing product approvals.
Prescription Drug Market by Therapy
Based on therapy, the global prescription drugs market has been subdivided into anticoagulants, vaccines, immunosuppressants, and others. The prescription segment leads the segment with the largest revenue share. This growth is attributed to growing cancer cases such as breast cancer, skin cancer, blood cancer, lung cancer, and many more. The vaccine segment is rapidly growing due to growing vaccination campaigns and the high number of children’s vaccinations. Furthermore, the outbreak of COVID-19 also played a vital role in the growth of the vaccine segment.
Prescription Drug Market by Distribution Channel
The prescription drugs market has been segmented based on distribution channels into hospitals, online pharmacies, and retail pharmacies. Hospital pharmacies dominate the segment with the largest revenue share due to the rising prevalence of chronic diseases. This segment has the highest patient pool due to high preference among the people. Retail pharmacies hold the second largest share in the market due to growing demands for prescription drugs due to growing incidences of various illnesses. Furthermore, the growing consumer and the increasing incidences of cancer and cardiovascular disorders in the population.
Prescription Drug Market by Region
Geographically, the prescription drugs market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America acquires high revenue shares in the market. The market growth in North America is attributed to an immense patient base, a high prevalence of chronic illnesses, a large geriatric population, and significant healthcare expenditure. Furthermore, a rise in private/government funding and investments, rapidly growing R&D activities, growing novel drug approvals, and the development of healthcare infrastructure also contribute to the market growth in this region. In terms of revenue share, Europe ranks second. The rapid adoption of novel drugs and increasing technological innovation are driving European market expansion. Conversely, the Asia Pacific is expected to show a noticeable growth during the projected period due to the rapid adoption of advanced products, improving medical tourism, and growing adoption of enhanced healthcare infrastructure.
The prominent players operating in the global prescription drugs market are: