Prescription Drugs Market Size is Estimated to Reach USD 1,890 Million by 2030

The Global Prescription Drugs Market Size accounted for USD 883 Million in 2021 and is estimated to garner a market size of USD 1,890 Million by 2030 rising at a CAGR of 9% from 2022 to 2030.

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Prescription Drugs Market Dynamics

Launching of generic drugs acts as a key equivalent of prescription drug market globally

Rise in launch of generic equivalent of several drugs in strong markets such as US, drives the global prescription drugs market. Increasing adoption of these generic equivalents especially due to facts that generics are efficient than original counterparts and often been adopted by patients at lesser costs. For instance, in October 2019, the US Food and Drug Administration (USFDA) announced that they had given 1,171 generic drug approvals out of that 935 received full approval and 236 receive tentative approvals. The USFDA particularly approved generic equivalent to improve drug competition, to encourage the increasing adoption of such low cost drug equivalents.

Prescription Drugs Market Business Strategies

• In November 2020, Shionogi & Co., Ltd. announced collaboration with F. Hoffmann-La Roche Ltd. The company holds worldwide rights to "Xofluza" excluding Japan and Taiwan and has received US Food and Drug Administration (USFDA) approval for a supplemental New Drug Applications (sNDA) for Xofluza® (baloxavir marboxil) as a treatment to prevent influenza in people 12 years of age and older following contact with someone with influenza (known as post-exposure prophylaxis) The approval was in advance of the Prescription Drug User Fee Act (PDUFA) date for an FDA decision of November 2020.

• In January 2019, Novartis AG, announced the acquisition of Xiidra (lifitegrast ophthalmic solution) 5% of the first and only prescription treatment approved to treat both signs and symptoms of dry eye by inhibiting inflammation caused by the disease. This delivers ongoing treatment to reimaging medicine for patients suffering from a variety of eye diseases and acts as critical groundwork for future, potential front-of-eye pipeline product.

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Prescription Drugs Market Segmentation

The prescription drugs market is segmented based on product type, therapy, and distribution channel. By product type, the market is segmented as generics, orphan, and other prescription drugs. Based on therapy, the market is segmented as oncology, anti-diabetics, vaccines, sensory organs, immunosuppressants, anticoagulants, and others. By distribution channel, the market is segmented as hospital pharmacies, retail pharmacies & drug stores, and online pharmacies.

Prescription Drugs Market Share

Based on therapy, the oncology segment accounts major dominating share of the global prescription drugs market. The surge in the prevalence of cancer cases and the high cost associated with the treatment of various forms of cancer is one of the prominent factors that stimulate the growth of the global prescription drug market.

Based on distribution channels, hospital pharmacies are predicted to dominate the global prescription drug market. The reason for dominance involves a rising number of therapeutics used in the treatment of critical diseases such as cancer and orphan disease and can be administered only intravenously by trained medical professionals. Such effective administration of therapeutics often allows for the appropriate treatment and management of critical diseases, resulting in improved clinical outcomes.

Prescription Drugs Market Regional Growth

North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa comprise the global Prescription Drugs industry (MEA). North America held dominating market share of the global prescription drugs market. The factors responsible for the dominance involve a surge in demand for efficient and advanced products in this region specifically during the high prevalence of chronic diseases. These factors with healthcare expenditure, robust R&D for drugs in this region, and the presence of prominent players/key players involved in the launching of product generic products and equivalent of key drugs dominate the global prescription drug market.

On the other hand, the market in Europe holds the second largest market share of the global prescription drugs market. Apart from that, Asia-Pacific is projected to record the largest growth rate in terms of CAGR during the forecast period. The presence of prominent players, rising awareness of the chronic and serious disorders among individuals, and rising healthcare expenditure are the factors that foster the growth of the global prescription drugs market.

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Prescription Drugs Market Players

Some of the leading prescription drugs companies operating in the industry include Abbvie, Inc., AstraZeneca, F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., Merck & Co., Inc.,Novartis AG, Pfizer Inc., and Sanofi.

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