Emphasis on Product Type (Generic, Orphans and Others), Therapeutic Area (Oncology, Anti-Diabetic, Vaccines, Sensory Organs, Immunosuppressant, Anti-Coagulant, Others), Distribution channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies); and Region/Country
The Prescription drugs market was valued at USD 1000 Bn in year 2021 and is expected to grow with a CAGR of 4.5% during the forecast period (2022-2028). The increase in the launch of generic versions of prescription drugs is fueling the market growth globally. The increased adoption of generic drugs is attributed to the fact that they are therapeutically equivalent, have the same efficacy & effectiveness and are comparatively cheaper than branded drugs. Additionally, being cost-effective these drugs are able to cater for a wide range of populations including low-income population groups. Furthermore, the increase in the AND application for generic drugs approved by the US FDA is also fueling the demand for prescription drugs. For instance, in 2021 FDA approved 776 ANDA for generic drugs. Thus, the above-mentioned element is anticipated to boost the market growth for the prescription drug market in the forecast period.
Some of the major players operating in the market include F. Hoffmann-La Roche Ltd.,Teva Pharmaceuticals USA, Inc., Sanofi-Aventis U.S. LLC, Pfizer Inc., GSK plc, Novartis AG, Merck & Co., Inc., AbbVie Inc. , AstraZeneca, Johnson & Johnson Services, Inc.
Insights Presented in the Report
“Amongst product type, the orphan segment is growing with significant CAGR in 2021 market”
Based on product type, the market is segmented into generics, branded, orphans and others. Amongst these, the orphan segment is anticipated to grow with a significant CAGR in the forecast period. This is attributed towards the increase in clinical trial procedures for the treatment of rare diseases. Additionally, the increase in the prevalence of rare diseases in the population is also fueling the market growth of this segment. For instance according to the European Organization of Rare Diseases 2019 report, approximately 300 million people living have been identified with one or more 6000 identified rare diseases. Thus, with an increase in the prevalence of rare diseases globally coupled with the rise in clinical trials is propelling the market growth of this segment.
“Amongst therapeutic, the surgical segment is growing with a significant CAGR in the market in 2021”
Based on the treatment, the market is bifurcated into medication and surgery. Amongst these, the oncology segment is anticipated to grow with a significant CAGR in the forecasted period. This is attributed to the increase in cancer patient across the globe. For instance, For instance, according to the World Health Organization (W.H.O.) International Agency for Research Centre the prevalence of cancer cases would increase to 24.6M in 2030 from 19.3M in 2020. Additionally, as per the above-mentioned source, increasing obesity due to a sedentary lifestyle, consumption of processed food & sugary beverages, and increased alcohol consumption are the contributing factors to the rise in cancer prevalence globally.
Prescription Drug Market Report Coverage
Amongst distribution channels, retail pharmacies are anticipated to grow with a significant CAGR in the 2021 market.
Based on the distribution channel the market is segmented into hospital pharmacies, retail pharmacies and online pharmacies. Amongst these the retail pharmacies segment is anticipated to grow with a significant CAGR during the forecasted period. This is attributed towards the ease of accessibility to the patients, refilling of prescription medicine and service such as free home delivery to the patients. Thus, the above-mentioned factors are anticipated to fuel the market growth.
“Europe is anticipated to grow with significant CAGR of the Prescription drug market in 2021”
Europe is anticipated to grow with a significant CAGR in the 2021 market. This is attributed towards the rising prevalence of cancer cases reported in this region. According to the International Agency for cancer research 2021 report, approximately 629 thousand cancer cases were reported in 2020 and this no. is anticipated to increase to 750 thousand by 2040. Additionally, anti-cancer medication helps in the treatment management of cancer. Thus the above-mentioned factor is anticipated to boost the market growth positively in the forecasted period.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Global Prescription Drugs Market Covid-19 Impact
6. Global Prescription Drugs Market Revenue, 2020-2028f
7. Market Insights By Product Type
8. Market Insights By Therapeutic Area
9. Market Insight By Distribution Channel
10. Market Insights By Region
11. Prescription Drugs Market Dynamics
12. Prescription Drugs Market Opportunities
13. Prescription Drugs Market Trends
14. Demand And Supply-side Analysis
15. Strategic Insights
16. Competitive Scenario
17. Company Profiled
18. Disclaimer
Research Methodology for the Prescription Drug Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Prescription drug market were the three major steps undertaken to create and analyze the adoption of Prescription drug in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Prescription drug market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Prescription drug market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Prescription drug market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, therapeutic area and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Prescription drug market. Further, we conducted factor analysis using dependent and independent variables such as product type, therapeutic area and distribution channel of the Prescription drug market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Prescription drug market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Prescription drug market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Prescription drug market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, therapeutic area and channel in the global Prescription drug market.
The main objective of the Global Prescription Drug Market Study
The current & future market trends of the global Prescription drug market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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