What Is The Current and Historic Market Size Analysis Of The Prescription Drugs Market?
The prescription drugs market has seen considerable growth due to a variety of factors.
• The size of the prescription drug market has seen quick expansion in the past few years, with projections estimating a climb from $1289.77 billion in 2024 to $1430.3 billion in 2025, boasting a compound annual growth rate (CAGR) of 10.9%.
Reasons behind this growth during the historic period include an increase in clinical trials, better accessibility of over-the-counter (OTC) products, intensified demand for daily prescriptions, ballooning healthcare costs, and a growing incidence of various chronic diseases.
What Is The Forecast For The Prescription Drugs Market Size?
The prescription drugs market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the prescription drug market size to experience swift enlargement in the imminent years. The prediction is for growth to reach $2145.22 billion by 2021, with a compound annual growth rate (CAGR) of 10.7%.
This growth projection for the forecast period springs from an increase in clinical trials, greater availability of over-the-counter (OTC) items, an escalating requirement for daily prescriptions, rising medical expenses, and a growing incidence of multiple chronic diseases. Prominent trends predicted for this period encompass the need for biologic pharmaceuticals, advancements in genomics and data analysis, raised awareness of mental health complications, the broadening of digital health, and a tilt towards preventative medication.
What Are The Essential Drivers Behind The Growth Of The Prescription Drugs Market?
The prescription drug market is expected to grow due to an increase in drug production. This process involves the thoughtful creation of pharmaceutical products, from formulating to testing and packaging, ensuring their quality, safety, and effectiveness. With the rising global demand for medicines and the need to address public health concerns, boosting drug production is pivotal. This will guarantee that treatments for various medical diseases are easily available. The growth in drug production can improve accessibility, affordability, and innovation within the prescription drug market, providing immense benefits to patients and the healthcare system. It can aid in enhancing the availability of crucial drugs and foster healthier outcomes. For example, in June 2023, as reported by the European Federation of Pharmaceutical Industries and Associations (EFPIA), a Belgium-based entity that represents the pharmaceutical industry, a significant production growth was seen in the European pharmaceutical industry. It ascended from $352.48 billion in 2021 to $369.95 billion in 2022. Thus, the spike in drug production is expected to power the expansion of the prescription drug market.
How Is The Global Prescription Drugs Market Divided Into Key Segments?
The prescription drugs market covered in this report is segmented –
1) By Type: Branded, Generics
2) By Route Of Administration: Oral, Topical, Parenteral, Other Routes Of Administration
3) By Therapy Area: Oncology, Immunology, Ophthalmology, Respiratory, Dermatology, Gastroenterology, Urology, Gynecology, Endocrinology, Other Therapy Areas
4) By End-Users: Hospitals, Specialty Clinics, Homecare, Other End-Users
Subsegments:
1) By Branded: Innovative Drugs, Patented Drugs, Blockbuster Drugs, Over-the-Counter (OTC) Prescription Drugs, Biosimilars, Specialty Drugs, Orphan Drugs, Combination Drugs
2) By Generics: Small Molecule Generics, Generic Biologics, Over-the-Counter (OTC) Generics, Authorized Generics, Generic Combination Drugs, High-Volume Generics, Generic Versions Of Blockbuster Drugs
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How Are Emerging Trends Reshaping The Dynamics Of The Prescription Drugs Market?
Leading companies in the prescription drug market are focusing on the production of alternatives to Victoza (liraglutide) or comparable GLP-1 receptor agonist treatments to provide improved solutions for type 2 diabetes management. Victoza is a trademarked prescription drug that consists of the active component liraglutide, a glucagon-like peptide-1 (GLP-1) receptor agonist primarily used for controlling type 2 diabetes in adults and children above 10 years old. For example, in June 2024, an Israel-based corporation, Teva Announces, introduced an Authorized Generic of Victoza (liraglutide injection 1.8mg). This alternative is more cost-effective while retaining the same composition, effectiveness, and standard as the original branded medicine. This introduction is designed to enhance the availability of vital diabetes therapies for patients, offering affordable methods for managing type 2 diabetes and minimizing the cardiovascular risks tied to the disease.
Who Are the Key Players In The Prescription Drugs Market?
Major companies operating in the prescription drugs market are:
• Pfizer Inc.
• Johnson & Johnson Private Limited
• F. Hoffmann-La Roche Ltd.
• Merck & Co. Inc.
• AbbVie Inc.
• Allergan plc
• Bayer AG
• Novartis AG
• Sanofi SA
• Bristol-Myers Squibb Company
• AstraZeneca Plc
• GlaxoSmithKline plc
• Takeda Pharmaceutical Company Limited
• Eli Lilly and Company
• Boehringer Ingelheim International GmbH
• Gilead Sciences Inc
• Amgen Inc.
• Viatris Inc.
• Teva Pharmaceutical Industries Ltd.
• Astellas Pharma Inc.
• Biogen Inc.
• Sun Pharmaceutical Industries Ltd.
• Dr. Reddy's Laboratories Ltd.
• Hikma Pharmaceuticals PLC
• Lupin Limited
What Are The Regional Insights Into The Prescription Drugs Market?
North America was the largest region in the prescription drugs market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the prescription drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
