Press release
Prescription Drug Market Poised for Significant Growth Amid Rising Healthcare Needs
Prescription Drug Market
The Prescription Drug Market was valued at US$ 1035.5 Bn in 2022.
The market size is expected to grow at a CAGR of 9% through the forecast period.
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Report Scope:
The report provides an in-depth analysis of the global Prescription Drug Market, covering market dynamics, segmentation, regional insights, and competitive landscape. It offers valuable insights into the drivers, restraints, and opportunities shaping this crucial market.
Research Methodology:
The report employs advanced research methodologies, including PORTER and PESTEL analysis, to provide a comprehensive understanding of the market dynamics and its future growth trajectory.
Market Drivers:
Increasing investment in research and development (R&D) by pharmaceutical companies for novel drug development.
Rising demand for generic drugs as cost-effective alternatives to branded drugs.
Increasing prevalence of cardiovascular diseases and chronic conditions globally.
Market Restraints:
High costs associated with certain prescription drugs, posing accessibility challenges for patients.
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Regional Insights:
North America dominated the market with a 40% share in 2022 and is expected to witness significant growth at a CAGR of 8.4% during the forecast period, driven by increasing healthcare costs and the presence of major pharmaceutical companies.
Europe and Asia-Pacific regions are also poised for substantial growth due to factors such as increasing research funding and rising healthcare expenditure.
Prescription Drug Market Segment Analysis:
by Type
Generics
Orphan
Other Prescription Drugs
The prescription medicine market is divided into categories based on type: generic, orphan, and other medications. In the pharmaceutical sector, only a small number of new medications that come within the biologics category are introduced annually and do not have a generic version scheduled for release anytime soon. As a result, in 2022, the prescription medicine market dominated the pharmaceutical sector. The other segment of this market is still dominated by medications for critical and life-saving diseases like diabetes, cancer, and cardiovascular disease.
The orphan medication is anticipated to grow at a faster CAGR between 2023 and 2029. It is anticipated that the growing number of clinical studies for the development of an orphan pharmaceutical would drive the expansion of the prescription industry.
by Therapy
Oncology
Anti-diabetics
Vaccines
Sensory Organs
Others
by Distribution Channels
Hospital Pharmacies
Retail Pharmacies & Drug Stores
Online Pharmacies
The Prescription Drug Market is divided into Hospital Pharmacies, Retail Pharmacies & Drug Stores, and Online Pharmacies based on the Distribution Channels. The fact that many of the therapies listed under prescription medicines can only be prescribed in a hospital setting under the supervision of licensed medical professionals is one of the primary explanations behind the dominance of the hospital pharmacy segment. Furthermore, certain medications intended to treat severe conditions including cancer and orphan diseases can only be administered intravenously by licensed healthcare professionals. Such effective therapeutic delivery often leads to improved clinical outcomes and, in many cases, permits the successful management and treatment of dangerous disorders.
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Key Players:
1. F. Hoffmann-La Roche Ltd.
2. Mylan N.V.
3. Teva Pharmaceutical Industries Ltd.
4. Sanofi
5. Pfizer Inc.
6. GlaxoSmithKline plc
7. Novartis AG
8. Merck & Co., Inc.
9. Allergan
10.AstraZeneca
11.Johnson & Johnson Private Limited
12.Hikma Pharmaceuticals PLC
13.Bristol-Myers Squibb Company
14.Bayer AG
15.Boehringer Ingelheim International GmbH.
16.Dr. 'Reddy's Laboratories Ltd.
17.Gilead Sciences, Inc.
18.Amgen Inc.
19.Eli Lilly and Company
20.AbbVie Inc.
21.Lupin
22.Allergan
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Table of content for the Prescription Drug Market includes:
Global Prescription Drug Market: Research Methodology
Global Prescription Drug Market: Executive Summary
Market Overview and Definitions
Introduction to the Global Market
Summary
Key Findings
Recommendations for Investors
Recommendations for Market Leaders
Recommendations for New Market Entry
Global Prescription Drug Market: Competitive Analysis
MMR Competition Matrix
Market Structure by region
Competitive Benchmarking of Key Players
Consolidation in the Market
M&A by region
Key Developments by Companies
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Market Dynamics
PORTERS Five Forces Analysis
PESTLE
Regulatory Landscape by region
North America
Europe
Asia Pacific
Middle East and Africa
South America
COVID-19 Impact
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Key Offerings:
Past Market Size and Competitive Landscape
Past Pricing and price curve by region
Market Size, Share, Size & Forecast by different segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by segments with their sub-segments and region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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