Global Prescription Drugs Market to Exhibit a CAGR of 8.9% and Reach USD 1,562.15 Billion by 2026; Development of Advanced Prescription Drugs to Augment Growth, states Fortune Business Insights™

Key Prominent Players Covered in the Prescription Drugs Market Research Report Are Novartis AG, Pfizer, Inc., F. Hoffmann-La Roche Ltd, Sanofi, Johnson & Johnson Services, Inc, Merck & Co., Inc., AbbVie, Inc., GlaxoSmithKline plc., AstraZeneca, CELGENE CORPORATION and other key market players.

Pune, India, Dec. 03, 2020 (GLOBE NEWSWIRE) -- The global prescription drugs market size is predicted to reach USD 1,562.15 billion by 2026, exhibiting a CAGR of 8.9% during the forecast period. The increasing prevalence of chronic diseases, such as cancer, cardiovascular diseases and diabetes will spur sales opportunities for the prescription drugs market revenue during the forecast period. The growing cases of orphan diseases will also have a tremendous impact on the prescription drugs market share. The market size stood at USD 811.00 billion in 2018. North America generated a revenue of USD 396.58 billion in 2018 and is predicted to grow rapidly during the forecast period owing to the growing development of advanced prescription drugs to cater to the demand of the consumers.

KEY INDUSTRY DEVELOPMENTS:

• April 2020 – Lupin Pharmaceuticals, Inc., announced the launch of the generic drug, Mycophenolic acid delayed-release tablets used for the prevention of the organ rejection in kidney transplant patients in the United States.

• March 2020 – Dr Reddy’s Laboratories Ltd. announced the launch of the generic equivalent of Geodon (Ziprasidone Mesylate) injection, a drug used for schizophrenia patients in the United States.

• February 2020 – Dr Reddy’s Laboratories Ltd. announced the launch of the generic equivalent of Vimovo (naproxen and esomeprazole magnesium), a drug used for inflammation in the United States.

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Grant for Oxbryta by FDA to Accelerate Growth

The U.S. Food and Drug Administration announced that it has granted the approval to Oxbryta (voxelotor) for the treatment of sickle cell disease (SCD) in adults and pediatric patients 12 years of age and older.

The growing incidence of sickle disease will spur demand for Oxbryta, which, in turn, will boost the global prescription drugs market growth. Sickle cell disease can be classified as lifelong, inherited blood disorder. The red blood cells are unusually shaped, thus restricting the flow in blood vessels and limits oxygen delivery to the body’s tissues and leading to acute pain and critical damage.

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Robust Development of Advanced Prescription Drugs to Boost Market

North America generated a revenue of USD 396.58 billion in 2018 and is predicted to grow rapidly during the forecast period owing to the growing development of advanced prescription drugs to cater to the demand of the consumers. The rising prevalence of chronic diseases will boost business in the region.

Moreover, the rising R&D and high healthcare expenditure will contribute positively to the market growth. The market in Asia Pacific is likely to exhibit a high growth rate during the forecast period owing to the growing awareness regarding chronic disorders. In addition, the presence of eminent players will positively impact the market in Asia Pacific.

The market in Europe is predicted to grow rapidly in the forthcoming years owing to rising demand for advanced prescription drugs. The increasing product launches for orphan disease by key players will bolster healthy growth of the market in the forthcoming years.

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The Report Lists the Key Companies in the Prescription Drugs Market:

• Novartis AG

• Pfizer, Inc.

• F. Hoffmann-La Roche Ltd

• Sanofi

• Johnson & Johnson Services, Inc

• Merck & Co., Inc.

• AbbVie, Inc.

• GlaxoSmithKline plc.

• AstraZeneca

• CELGENE CORPORATION (BRISTOL-MYERS SQUIBB COMPANY)

• Others

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Prescription Drugs Market Segmentations:

By Product Type

• Generics

• Orphan

• Other Prescription Drugs

By Therapy

• Oncology

• Anti-diabetics

• Vaccines

• Sensory Organs

• Immunosuppressants

• Anticoagulants

• Others

By Distribution Channel

• Hospital Pharmacies

• Retail Pharmacies & Drug Stores

• Online Pharmacies

By Geography

• North America (U.S. and Canada)

• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

• Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia-Pacific)

• Latin America (Brazil, Mexico, and the Rest of Latin America)

• The Middle East & Africa (South Africa, GCC, and the Rest of Middle East & Africa)

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SECONDARY DATA SOURCES THAT WE REFER TO:

• Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market

• Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.

• Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics

• Industry journals and paid databases

SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:

• Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies

• Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.

• Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility

• Number of procedures and average price of procedures

• Replacement rate and pricing of capital equipment

• Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities

• Market & technological trends, new product developments, product pipeline.

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