Prescription Drugs Market to Grow Gradually by Achieving a Valuation of USD 1,864.2 Billion by 2030 with a CAGR of 8.9% from 2023-2030

The prescription drugs market size is projected to grow from USD 1,162.6 billion in 2023 to be valued t USD 1,864.2 billion by 2030. As per a report by Fortune Business Insights™ titled, “Prescription Drugs Market Size, Share & COVID-19 Impact Analysis, By Product Type (Generics, Orphan, and Other Prescription Drugs), By Therapy (Oncology, Central Nervous System, Vaccines, Immunosuppressants, and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies & Drug Stores, and Online Pharmacies), and Regional Forecast, 2023-2030”, the market stood at USD 1,090.7 billion in 2022. It is set to exhibit a CAGR of 8.9% during 2023-2030.

COVID-19 Hindered Market Growth Owing to Disruptions in Supply Chains

The sudden breakout of the COVID-19 pandemic impacted market growth negatively due to stringent lockdown restrictions. To mitigate the spread of COVID-19, the authorities imposed a strict lockdown that has caused delays in the export of medicines. Disruptions in supply chains and obstacles faced in assessing medical care and treatment owing to the restrictions also impacted the prescription drugs market growth. The lockdown caused shortages of critical medications and decreased drug revenue globally.

Rising Development of Orphan Drugs Drive the Market Growth

The growing R&D expenditures by key players for the manufacturing of medicines for rare diseases is one of the major market driving factors. BioMarin, a significant pharmaceutical company that generates treatments for rare diseases, is a perfect example of a market participant making such strategic activities. The business also has a robust orphan drug pipeline with candidates in several phases of clinical trials, including medications for the mucopolysaccharidoses (MPS) group of illnesses, which are included in BioMarin's product portfolio. Hence, the increase in demand for prescription drugs is anticipated to propel the market growth during the forecast period.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/prescription-drugs-market-102709

Dr. Reddy’s Laboratories Ltd. Introduced Edecrin Tablets in the U.S. to Boost Market Development

The company declared the launch of the generic equivalent of Edecrin Tablets, 25 mg, in the U.S., a drug used to treat edema. It launched the drug after receiving approval from the Food and Drug Administration. The product will be manufactured at Lupin’s Nagpur OSD facility in India, which is indicated for treating edema cases.

Competitive Landscape:

Strong Presence and Robust Demand for Products of Pfizer and Novartis to Boost Market Growth

The market has the presence of many major players that drives market growth. Still, among all the prominent players, the two companies, Pfizer and Novartis, marked their presence in the market in areas, such as vaccines and oncology, which are major reasons responsible for the leading position of these companies. The other leading players include Sanofi, F. Hoffmann-La Roche Ltd., and Johnson & Johnson Services, Inc.

Notable Industry Development:

• January 2023: Amgen Inc. introduced AMJEVITA (adalimumab-atto), a biosimilar to Humira (adalimumab) in the U.S.

List of the Companies Profiled in the Report:

• Novartis AG (Switzerland)
• Pfizer, Inc. (U.S.)
• F. Hoffmann-La Roche Ltd (Switzerland)
• Sanofi (France)
• Johnson & Johnson Services, Inc (U.S.)
• Merck & Co., Inc. (U.S.)
• AbbVie, Inc. (U.S.)
• GlaxoSmithKline plc. (U.K.)
• AstraZeneca (U.K.)
• CELGENE CORPORATION (BRISTOL-MYERS SQUIBB COMPANY) (U.S.)

Further Report Findings:

• North America dominated the market in 2022 with the highest revenue. The reason for the dominance of the market in North America is due to increase in the occurrence of chronic diseases; hence, the demand for advanced and efficient products has increased.
• Europe held the second position in the market share owing to the surged demand for advanced prescription products including orphan drugs.
• Asia Pacific is estimated to register a reasonably higher CAGR during the projected period. The introduction of key products in the region and the robust demand for prescription drugs are expected to drive the market during the forecast period.
• The rest of the world comprises Latin America and the Middle East & Africa. Rising use of advanced prescription products will drive the market growth.

Table of Segmentation: