Prescription Drugs

Prescription Drugs

Prescription Drugs are the types of medication that can only be available to the patient only against the written instruction from the licenced healthcare professional. It includes information about the medication, how to be consumed, duration of treatment and frequency of the medication to be taken.

The increase in the prevalence of chronic diseases such as cardiovascular diseases, hypertension and diabetes across the globe is driving the market growth of prescription medicine. For instance, the Centre for disease control 2022, reports, around 20.1 (7.2%) million adults living in the United States have some type of coronary artery disease (CAD), further as per the above-mentioned source approximately 805,000 people living in the United States have heart attacks, of these 605,000 have a first heart attack, 200,000 are those people who already have had a heart attack and about 1 in 5 heart attack are silent ie, the damage is done and the person is unaware. Additionally, the medication taken for the treatment of CAD is either consumed for a short duration or lifelong. Furthermore, these medications are only be obtained against written instruction from a licenced healthcare professional. Hence, the growing prevalence of chronic disease across the globe is anticipated to boost market growth for prescription medicine in the forecasted period.

• Based on product type, the market is segmented into generics, branded, orphans and others. Amongst these, the generic drug segment is anticipated to grow with a significant CAGR in the 2021 market. This is attributed to the patent expiration of the branded drugs coupled with their subsequent approval by the regulatory authority. Generic drugs are produced comparatively at low cost contrary to branded drugs. This creates an opportunity for generic companies to offer affordable alternatives to consumers.
• Based on the therapeutic area the market is segmented into oncology, anti-diabetic, vaccines, sensory organs, immunosuppressants, anti-coagulants and others. Amongst these, the immunosuppressant segment is anticipated to grow with a significant CAGR in the 2021 market. This is attributed to the growing prevalence of autoimmune diseases and the rise in organ transplantation procedures globally. For instance according to the Global Observatory Donation and Transplant (GODT) report, 2021 the no. of organs transplanted increased from 1,44,302 in 2021 to 1,29,680 in 2020. This accounted for 11.3% in 2021 from 2020. Additionally, these medication helps to suppress the immunity and further prevents the organ rejection response of the body. Thus, with the rising prevalence of autoimmune diseases and increase in incidences of organ transplantation procedure is driving the market growth during the forecasted period.
• Based on the distribution channel the market is segmented into hospital pharmacies, retail pharmacies and online pharmacies. Amongst these the hospital pharmacies segment is anticipated to grow with a significant CAGR during the forecasted period. This is due to patients’ preference for purchasing medicine from hospitals. Furthermore, hospital pharmacy source is reliable and safe for drug purchase, as it eliminates the purchase of misbranded drug purchased from non-reliable sources. Moreover, for inpatients, purchasing drugs from hospital pharmacies is easily accessible. Thus, the above-mentioned factors are anticipated to ful the market growth of this segment.
• For a better understanding of the market adoption of the Prescription Drugs industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (UK, Germany, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Rest of World. Asia-pacific is anticipated to grow with a significant CAGR during the forecasted period. This is primarily driven by the increase in generic drug manufacturers, rising prevalence of chronic diseases and the increase in healthcare expenditure in this region is propelling the demand for prescription drugs.
• 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.