What is Prescription Drugs Market?
Prescription Drugs are the drugs which are prescribed by medical practitioner. It can be obtained by presenting medical prescription.These drugs are available offline as well as online through online pharmacy. This prescription is used to control the use of drugs and practice of medicine without licence. Due to the increasing health issues the use of prescription drugs is raising globally. According to Centers for Disease Control and Prevention, 7 out of 10 adults age from 40-79 uses at least 1 prescription drug in 30 days and 1 out of 5 adults uses at least 5 prescription drugs in United States. In addition to that, the most commonly used drug among the adults aged 40 - 59 uses antidepressants, lipid-lowering drugs, and ACE inhibitors. Also, among adults aged 60- 79, most commonly used drugs are lipid-lowering drugs, anti diabetic agents, and beta blockers.
The market study is being classified by Type (Opinoids, Stimulants and Depressants), by Application (Hospital, Clinic and Other) and major geographies with country level break-up.
AbbVie (United States), Gilead Sciences (United States), GlaxoSmithKline (GSK) (United Kingdom), Amgen (United States), AstraZeneca (United Kingdom), Bristol-Myers Squibb (United States), Eli Lilly (United States), Teva (Israel), Bayer (Germany) and Novo Nordisk (Denmark) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Shire (United States), Allergan (Ireland), Pfizer (United States), Sanofi (France) and Roche (Switzerland).
The market of Prescription Drug market is Concentrated as it consists of major players. They are looking for new product launch or expansion to increase the production and meet growing demand to gain competitive advantage in upcoming years. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Prescription Drugs market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Prescription Drugs market by Type, Application and Region.
On the basis of geography, the market of Prescription Drugs has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising Chronic Diseases is Fueling the Market
- Rising Awareness for E Pharmacy is boosting the Market
- Increasing spending on prescription drugs by consumers
Market Trend
- Rising Investments in Research and Developments
- Growing Expenditure towards the Health Care
Restraints
- Stringent Government Regulations
- Long Time Required for the Development of Prescription Drugs
Opportunities
- Increasing usage of prescription drugs for the treatment of various diseases is boosting the market. Large pharmacies and drug wholesalers keep one or two months of medicine as a backup. However, due to sudden increase in demand for experimental treatment of COVID 19, there has been shortage of these drugs which is leading to increased manufacturing which will impact the market positively.
Challenges
- Shortage of raw materials may hamper the market growth. The raw materials are imported from various countries. However, the majority of them are imported from china. Due to the current crisis of Corona virus, various countries have shut down their economy including China which will affect the market growth
Market Leaders and some development strategies
Food and Drug Administration has revised the format of prescription drug information which is called Package insert. It will reduce the risks of medical error and medication use. It will provide the up to date information in easy to read format. Further, it draws the attention of physician and patient as well to the important information.
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations, Government Agencies and Organisations