Number of pages: 100 | Report Format: PDF | Published date: October 13, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study by Growth Plus Reports, the global prescription drugs market was valued at US$ 1000.3 billion in 2021 and is expected to register a revenue CAGR of 8.4% to reach US$ 2067.25 billion by 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 diets, increased stress levels and anxiety, and sedentary lifestyles causing poor immunity, thus, increasing the prevalence of different illnesses and resulting in the growth of prescription drugs for treating such disorders.
The global prescription drugs market is expected to register significant revenue growth during the projected period. The revenue 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 novel generic drug approvals contribute to this market revenue growth. In addition, introducing specialty drugs, growing R&D activities, and developing orphan drugs are supporting the market revenue growth. Furthermore, advancement in healthcare infrastructure and increasing unmet clinical needs are expected to significantly impact the market revenue growth. 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. are expected to restrict the market revenue growth to some extent.
The global prescription drugs market is 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 is segmented into brand, orphan, generic, and others.
The branded drugs segment dominates the market with the largest revenue share. The revenue 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 significant exposure to various therapies. Furthermore, this segment consists of essential and life-saving pharmaceuticals such as cancer, anti-diabetic, and cardiovascular medications.
The orphan drug segment is expected to register noticeable revenue growth during the forecast 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 is segmented into anticoagulants, oncology, vaccines, immunosuppressants, and others.
The oncology drugs segment leads the global prescription drugs market with the largest revenue share. The revenue growth of this segment is attributed to growing cancer cases such as breast cancer, skin cancer, blood cancer, lung cancer, and many more. As reported by the WHO, by 2040, the global cancer burden will reach 27.5 million new cases, and cancer-related deaths will reach 16.3 million. This is a result of rapid population growth, an increasing pool of geriatrics, and the growing rates of risk factors such as obesity, senescent lifestyle, smoking, etc.
Prescription Drug Market by Distribution Channel
Based on distribution channels, the prescription drugs market is segmented into hospitals, online pharmacies, and retail pharmacies.
Hospital pharmacies dominate the market 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 account for the second largest revenue share in the market due to growing demands for prescription drugs to cure various illnesses. Furthermore, the growing consumer and the increasing incidences of cancer and cardiovascular disorders in the population are also contributing to the segment’s revenue growth.
Prescription Drug Market by Region
Based on region, the prescription drugs market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America accounts for the largest revenue share in the market. The revenue 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 are also contributing to the market revenue growth in this region.
In terms of revenue share, Europe ranks second. The rapid adoption of novel drugs and increasing technological innovations are driving the European market’s revenue growth.
The Asia Pacific is expected to register a noticeable revenue growth during the forecast 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:
The oncology segment accounts for the largest revenue share of the global prescription drugs market.
The global prescription drugs market is expected to be valued at US$ 2,067.25 billion in 2030.
The high cost of certain drugs, stringent regulatory policies, and side effects of some prescribed drugs are restricting the revenue growth of the global prescription drugs market.
The Asia Pacific region is expected to be the revenue-generating market for prescription drugs.
The global prescription drugs market is expected to register a revenue CAGR of 8.4% during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain