Prescription Drugs Market to Reach Valuation of USD 1.4 Billion by 2030 – Growth in the Usage of Prescription Drugs in Automotive Application Drives the Market

In terms of revenue, the Global Prescription Drugs Market is expected to reach USD 1.4 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 8.5% from 2023 to 2030.

The global market for prescription drugs is influenced by a variety of factors, including changing demography, the prevalence of diseases, technological advancement, government support, changes in lifestyle, and pandemics and epidemics, have an impact on the global market for prescription drugs. The sector is dominated by North America, which has a huge ageing population, high healthcare spending, strong capacities for research and development, a stable regulatory framework, and a well-established healthcare infrastructure. Rising healthcare expenses, an increase in the prevalence of diseases, and an expanding middle class are all contributing to this trend. These factors, as well as ongoing R&D investments and improvements in medicine discovery and delivery technologies, are expected to cause the market for prescription medications to grow overall.

Key Highlights from the Report

· Based on Type, orphan drug type are dominating the market due to the rising number of clinical trials conducted for the same.

· Based on Distribution Channel, hospital pharmacy dominates the market because many of the treatments listed under prescription medicines may frequently only be prescribed in a hospital setting under the supervision of certified medical staff is one of the key factors leading to the hospital pharmacy segment's dominance.

· In terms of Region, North America held the major market share in 2021 and is likely to be the most gainful market in the future. In addition, the market will expand in the North America region due to a sizable ageing population, high healthcare expenses, and a high incidence of chronic diseases in the North America After Covid-19.

Market Dynamics

The market for prescription drugs is displaying an increase in the use of specialised treatments and expensive prescription drugs that are used to treat difficult, long-lasting, or uncommon medical diseases. Due to the rise in chronic diseases and the ageing population, there has been an increase in demand for these medications.

The market is growing because cardiovascular disorders are becoming more common. Cardiovascular illnesses are the main cause of death and disability worldwide, and they include heart and blood vessel problems. The increase in healthcare spending, which aids in enhancing its infrastructure, is a crucial factor influencing the growth rate of the prescription medicine industry. The market dynamics will be further impacted by various government organisation efforts to strengthen the healthcare infrastructure by boosting funding.

The global market for prescription drugs is being driven by the rising number of generic versions of various important treatments that are being introduced. The fact that generic alternatives are becoming accepted is in part due to the fact that they are frequently just as effective as their brand-name equivalents and can frequently be obtained by patients for a much lower price. Individuals who are financially unable to purchase expensive prescription medications can frequently benefit from these medications and get better clinical results.

There are some factors preventing the adoption of products despite the rising frequency of serious illnesses like cancer and cardiovascular diseases worldwide and their increased prevalence in developing nations like Africa, Latin America, and Asia. The high expenses incurred by many prescription pharmaceuticals are one of the main reasons limiting the market's growth. As a result, only a small percentage of patients use the medications, and a sizable portion of user experience financial difficulties.

In terms of market share and revenue, North America currently dominates the prescription drug industry, and this dominance is expected to grow over the projection period. The increased need for disease-specific treatments and rising healthcare costs, which will further accelerate the market's growth rate in this area. The market's growth rate in this region will also be further fueled by the rising use of newer technologies and the expanding presence of major key players.

The Global Prescription Drugs Market is Segmented as follows

• Type
  • Branded
  • Generic
• Therapy Area
  • Oncology
  • Immunology
  • Ophthalmology
  • Respiratory
  • Dermatology
  • Gastroenterology
  • Urology
  • Gynaecology
  • Endocrinology
  • Other Therapy Areas
• Route of Administration
  • Oral
  • Topical
  • Parenteral
  • Other Routes of Administration
• End-Users
  • Hospitals
  • Specialty Clinics
  • Homecare
  • Other End-Users
• Distribution Channel
  • Hospital Pharmacy
  • Retail Pharmacy
  • Online Pharmacy
  • Other Distribution Channels
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Prescription Drugs Market is

F. Hoffmann-La Roche Ltd. (Switzerland), Mylan N.V. (U.S.), Teva Pharmaceutical Industries Ltd. (Ireland), Sanofi (France), Pfizer Inc. (U.S.), GlaxoSmithKline PLC (UK), Novartis AG (Switzerland), Merck & Co. Inc. (U.S.), Allergan (Ireland), AstraZeneca (UK), Johnson & Johnson Private Limited (U.S.), Hikma Pharmaceuticals PLC (UK), Bristol-Myers Squibb Company (U.S.), Bayer AG (Germany), Boehringer Ingelheim International GmbH (Germany), Dr. Reddy's Laboratories Ltd. (India), Gilead Sciences Inc. (U.S.), Amgen Inc. (U.S.), Eli Lilly & Company (U.S.), AbbVie Inc. (U.S.), Lupin (India), Allergan (Ireland)

The Global Prescription Drugs Market Scope can be Tabulated as below