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

Prescription Drugs Market size was valued at USD 1125.6 billion in 2022 and is poised to grow from USD 1225.78 billion in 2023 to USD 2424.57 billion by 2031, growing at a CAGR of 8.90% in the forecast period (2024-2031).

Over-the-counter (OTC) treatments lack the potency of prescription drugs. Because of this, using them incorrectly could have negative side effects. Customers are only permitted to receive these medications with a doctor's prescription. On notepads for doctor's prescriptions and on signs at the majority of pharmacies, the letter Rx, which stands for medical prescription, can be found. Throughout the forecast period, rising worldwide pharmaceutical spending will significantly affect market expansion. The high cost of specialised drugs and the rising use of medical treatments are two major contributors. The incidence of rare illnesses will further fuel market demand over the course of the projection period. Sales of prescription drugs are increasing during the projection period due to the rising prevalence of chronic diseases worldwide.

Companies engaged in the production of novel drugs As a result, the presence of pipeline drugs suggests that a greater number of drugs will be commercialised in the near future, providing an opportunity for the market to thrive during the forecast period.

Furthermore, the growing number of elderly people globally has significantly increased market growth prospects over the forecast period. The developed world, particularly North America, is expected to hold a sizable market share in the global prescription drug market. The Asia-Pacific region, on the other hand, is regarded as one of the fastest-growing, owing to the prevalence of a large population base in need of treatment. Furthermore, significant investments in improving healthcare infrastructure and providing better health facilities are creating opportunities for the market to grow during the forecast period.

US Prescription Drugs Market is poised to grow at a sustainable CAGR for the next forecast year.