The global prescription drug market is estimated to increase at a CAGR of 4.98%, from $969.3B in 2020 to $1,36T by the end of 2027, according to a report from Research & Markets.
Growing global pharmaceutical spending will have a significant impact on fueling the market growth during the forecast period. One of the main drivers is the high cost of specialty medicines and the growing use of medical treatments. The prevalence of rare disorders is further propelling the market demand during the forecast period.
The increasing number of chronic diseases worldwide is further continuing to increase the sales of prescription drugs in the forecast period. The growing number of cancer incidences worldwide is driving the market growth during the forecast period. The novel coronavirus pandemic scenario has had a positive impact on fueling the market growth in 2020.
It is, however, at a lower growth rate than the previous year. The market for prescription drugs will further proliferate with the research and development investments among companies for the manufacturing of innovative drugs. Hence, the presence of pipeline drugs indicates that a greater number of drugs are capable of gaining commercialization in the near future, further providing an opportunity for the market to thrive during the forecast period.
Furthermore, the growing number of elderly individuals worldwide has significantly raised market growth prospects in the forecast period. The developed regions of the world, particularly, North America, are projected to hold a significant market share in the global prescription drug market.