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LONDON, GREATER LONDON, UNITED KINGDOM, February 18, 2025 /EINPresswire.com/ -- How fast is the prescription drug market growing and what factors are driving its expansion?
The prescription drug market size has grown rapidly in recent years, soaring from $1289.77 billion in 2024 to an impressive $1430.3 billion in 2025. This equates to a compound annual growth rate CAGR of 10.9%. The historical growth witnessed in the prescription drug market can be attributed to a surge in the number of clinical trials, a rise in the availability of over-the-counter OTC products, an increasing need for daily prescriptions, escalating healthcare costs, and a growing prevalence of several chronic disorders.
The future of the prescription drug market appears even more promising. It is projected to reach $2145.22 billion by 2029, reflecting a CAGR of 10.7%. The growth in the forecast period will be spurred by the continued rise in clinical trials, growing availability of OTC products, increasing need for daily prescriptions, escalating healthcare costs, and the mounting prevalence of various chronic disorders. Key trends in the forecast period include a heightened demand for biologic drugs, advances in genomics and data analytics, increased awareness of mental health issues, expansion of digital health, and a shift toward preventive medication.
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What else is driving the growth of the prescription drug market?
The surge in drug production is expected to be a primary driver for the growth of the prescription drug market moving forward. Drug production involves the organized process of developing pharmaceutical products, a process that includes formulation, testing, and packaging to guarantee quality, safety, and effectiveness. The escalating drug production serves to meet the penultimate global demand for medication, address public health challenges, and ensure the timely availability of treatments for various medical conditions.
Moreover, the rise in drug production can improve availability, affordability, and innovation in the prescription drug market, bestowing benefits on both patients and the healthcare system. This improvement leads to enhanced access to essential medications and supports the achievement of superior health outcomes.
For instance, in June 2023, the European pharmaceutical industry, as represented by the Belgium-based organization, the European Federation of Pharmaceutical Industries and Associations EFPIA, experienced substantial production growth. The production escalated from $352.48 billion in 2021 to $369.95 billion in 2022. As such, the steady drive in drug production is set to power the development of the prescription drug market.
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Who are the main players in the prescription drug market?
The prescription drug market hosts several major players such as Pfizer Inc., Johnson & Johnson Private Limited, F. Hoffmann-La Roche Ltd., Merck & Co. Inc., AbbVie Inc., Allergan plc, Bayer AG, Novartis AG, Sanofi SA, Bristol-Myers Squibb Company, AstraZeneca Plc, and much more. These companies are making significant strides in the industry.
What are key trends in the prescription drug market?
One emerging trend is the development of Victoza liraglutide alternatives or similar GLP-1 receptor agonist therapies for better management of type 2 diabetes. Israel-based company, Teva recently launched an Authorized Generic of Victoza liraglutide injection 1.8mg, providing a more affordable alternative while retaining the original formulation's efficacy and quality.
How is the prescription drug market segmented?
The prescription drug market report segments the market by Type Branded, Generics, Route Of Administration Oral, Topical, Parenteral, Other Routes Of Administration, Therapy Area, End-Users, and contains subsegments on Branded and Generics drugs.
What is the geographic distribution of the prescription drug market?
North America occupied the largest region in the prescription drug market in 2024. However, the Asia-Pacific region is anticipated as the fastest-growing region in the forecast period. The market report covers other regions including Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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