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What Long-Term Growth Rate is Expected for the Prescription Drugs Market Between 2025 and 2034?

In the past few years, the size of the prescription drug market has experienced significant growth. It is projected that the market will expand from $1289.77 billion in 2024 to $1430.3 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.9%. Such growth in the historical period is due to a surge in the number of clinical trials, improved access to over-the-counter (OTC) products, growing requirement for daily prescriptions, increasing health care expenditure, and a rising prevalence of various chronic conditions.

Expectations are high for the prescription drug market, with significant growth predicted in the upcoming years. It’s set to expand to a worth of $2145.22 billion by 2029, growing at a compound annual growth rate (CAGR) of 10.7%. Contributing factors to this projected growth include heightened numbers of clinical trials, an increase in over the counter (OTC) products, a growing demand for daily prescriptions, escalating healthcare costs, and a rise in various chronic diseases. Notable trends within the forecasted period encompass: the craving for biologic drugs, advancements in genomics and data analytics, heightening awareness about mental health issues, the progression of digital health, and a move towards preventive medication.

What Combination of Drivers Is Leading to Accelerated Growth in the Prescription Drugs Market?

The prescription drug market is set to benefit from the anticipated growth in drug production. This systematic procedure of manufacturing pharmaceutical products, ensuring their formulation, testing, and packaging, is crucial for quality, safety, and effectivity. With the world’s demand for medications surging, an increase in drug production is essential to tackle public health issues and provide timely treatment for a variety of health conditions. The prescription drug market will be impacted positively as increased drug production makes medications more available, affordable, and innovative, thus benefiting the patients and the healthcare system by enhancing access to essential drugs and facilitating improved health results. For example, the European pharmaceutical industry, represented by the Belgium-based organization – European Federation of Pharmaceutical Industries and Associations (EFPIA), witnessed considerable production growth in June 2023. The production rose from $352.48 billion in 2021 to $369.95 billion in 2022. As such, the growth of the prescription drug market will be driven by this increase in drug production.

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What Are the Key Firms That Are Driving Transformation 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.

What Current Trends in the Prescription Drugs Market Should Industry Players Pay Attention To?

Primary businesses in the market for prescription medications are producing alternatives to Victoza (liraglutide) or similar GLP-1 receptor agonist treatments in an effort to offer improved methods for managing type 2 diabetes. Victoza is a medication sold under a specific brand name that includes liraglutide, a glucagon-like peptide-1 (GLP-1) receptor agonist, as its active component and is primarily used in the treatment of type 2 diabetes in adults and kids who are 10 years old or more. For example, in June 2024, Teva Announces, a firm based in Israel, launched the Authorized Generic of Victoza (liraglutide injection 1.8mg); it’s a cheaper option that retains the original product’s formulation, effectiveness, and quality. The purpose of this introduction is to enhance the availability of crucial diabetes treatments for patients, offering economical alternatives for type 2 diabetes management and lowering the cardiovascular dangers linked with this disorder.

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How Are Market Segments in the Prescription Drugs Industry Positioned for Long-Term Growth?

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

What Regions Are Driving Expansion in 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.

What Key Parameters Define the Prescription Drugs Market’s Scope?

Prescription drugs refer to medications that are legally available only with a valid prescription from a licensed healthcare provider, used to treat, manage, or prevent various medical conditions. It is used to diagnose, treat, manage, or prevent medical conditions under the supervision of a healthcare professional, ensuring the appropriate use and minimizing the risk of misuse or adverse effects.

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