Prescription Drugs Market: Introduction
- Prescription drugs comprise various types of vaccines and therapies for the treatment and management of chronic and acute diseases. These disorders include types of cancer, cardiovascular diseases, diabetes, and also orphan diseases.
- In a modern clinical scenario, administration of appropriate prescription drugs is critical for better clinical outcomes of almost every patient suffering from serious disorders. Many market players are engaged in clinical trials for the development of new products for a wide range of diseases; however, the prescription drugs scenario itself has undergone profound changes with an increasing influx of generic equivalents.
Key Drivers, Restraints, and Opportunities of Prescription Drugs Market
- In the prescription drugs market, increasing R&D investments by prominent companies for the development of new drugs is a key trend. This is primarily because prevalence of several chronic disorders has been increasing in the global scenario. This has fueled the demand from patients due to their unmet clinical needs and a demand for positive clinical outcomes. Several of these chronic disorders are often refractory in nature and thus, require administration of aggressive prescribed therapies. This has prompted major pharmaceutical companies to consistently engage in clinical trials for the development, and ultimately the approval of new products. An increasing number of key manufacturers are shifting their focus toward the development of drugs to treat rare diseases. This is projected to further propel the market growth of these drugs during the forecast period.
- Increase in the number of launches of generic equivalents of several key drugs in strong markets such as the U.S. is a crucial factor driving the global prescription drugs market. Rise in adoption of these generic equivalents is especially due to the fact that these generics are often as efficient as their original counterparts and can often be adopted by patients at a fraction of the costs. Patients without the access to expensive prescription products due to financial hurdles can often adopt these drugs and experience better clinical outcomes.
- In October 2019, the U.S. FDA announced that it had granted approval to 1,171 generic drugs out of which 935 were full approvals and 236 were tentative approvals. The U.S. FDA particularly approved these generic equivalents to improve drug competition, and to also encourage the increasing adoption of these low-cost drug equivalents.
North America to dominate Prescription Drugs Market
- Some of the prominent reasons for the dominance of North America in the global market include an increase in the demand for efficient and advanced products in the region, especially due to the high prevalence of several chronic diseases. These factors along with high healthcare expenditure, strong and robust R&D for drugs in the region, and presence of prominent companies in the region engaged in the production of generic equivalents of key drugs, are responsible for dominant share held by North America in the global market.
- The market in Europe accounted for the second-largest share of the global market due to increased demand for advanced prescription product and rise in product launches of efficient prescription products including orphan drugs in the region
- The market in Asia Pacific is projected to expand at a notable CAGR during the forecast period. New launches of key products in the region and the strong demand for prescription drugs are anticipated to drive the market during the forecasted period.
Key Companies of Prescription Drugs Market
The overall competition landscape of prescription drugs market depicts a competition structure where there is a presence of a large number of prominent market players. But, two major companies: Novartis and Pfizer, with their strong and diverse product portfolio, and presence in key therapeutic areas such as oncology and vaccines, are prominent reasons responsible for the dominance of these companies.
- Novartis AG
- Pfizer, Inc.
- F. Hoffmann-La Roche Ltd
- Johnson & Johnson Services, Inc
- Merck & Co., Inc.
- AbbVie, Inc.
- GlaxoSmithKline plc.
- CELGENE CORPORATION (BRISTOL-MYERS SQUIBB COMPANY)
Prescription Drugs Market, Research Scope
Prescription Drugs Market, by Product type
- Other prescription drugs
Prescription Drugs Market, by Therapeutic area
- Sensory organs
Prescription Drugs Market, by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies and Drug Stores
- Online Pharmacies
Prescription Drugs Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.