Prescription Drugs Market Size, Share, Growth Analysis, By Product type(generics, orphan and other), By Therapy(oncology, anti-diabetics, vaccines, sensory organs), By End user(Hospitals, Specialty Clinics, Homecare, Others), By Distribution channel(Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, Others), By Region - Industry Forecast 2024-2031

North America's market is expanding at a faster rate. The increasing demand for efficient and advanced products in the region, particularly due to the high prevalence of several chronic diseases, was one of the major reasons for North America's dominance in the global market. These factors, together with high healthcare expenditure, strong and robust R&D for drugs in the region, and the presence of prominent companies in the region involved in the production of generic equivalents of key drugs, account for the region's dominant share of the global market.

The European market accounted for the second largest share of the global market, with reasons including increased demand for advanced prescription products and the product launches of efficient prescription products such as orphan drugs.

During the forecast period, Asia-Pacific is expected to have a slightly higher CAGR. The market is expected to be driven by new product launches in the region and strong demand for prescription drugs between 2012 and 2028. The presence of a large potential patient population, as well as increased awareness of chronic and serious disorders among individuals, are expected to drive market growth in Asia Pacific during the forecast period. The rest of the world market, which includes Latin America, the Middle East, and Africa, is currently growing. Increasing use of advanced prescription products and rising healthcare costs are expected to drive market growth during the forecast period.