The global pharmerging market is experiencing a significant rise, especially in the emerging economies across the world.
Global Pharmerging Market: Snapshot
The global pharmerging market is experiencing a significant rise, especially in the emerging economies across the world. The rising prevalence of non-communicable diseases, aging population, increasing life expectancy, escalating income, surging government expenditure on health care, free trade agreement, and the constant research and development are some of the key factors behind the growth of this market.
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With the increasing incidence rate of various diseases, the demand for highly innovative and better outcome products is also increasing, which is likely to result in a substantial growth of this market in the future. The continual innovation and advancements in the drugs for the treatment of a host of diseases are also anticipated to drive this market over the next few years. The global market for pharmerging, which stood at US$552.8 mn in 2015, is expected to rise at a CAGR of 11.30% between 2016 and 2024 and reach a value of US$1.40 bn by the end of 2024.
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Pharmaceutical Products to Witness Strong Growth in Near Future
On the basis of type of product, pharmaceuticals and healthcare are the two main segments of the global market for pharmerging. The pharmaceuticals segment dominated the overall market in 2016 with a share of 65.2%. The scenario is expected to continue like this over the next few years, thanks to the significant rise in the demand for both, the branded as well as generic drugs.
Apart from this, the increasing number of innovative therapies for the treatment of various diseases at affordable price is also projected to boost this segment in the years to come. On the other hand, the healthcare segment is likely to be driven by the growing emphasis on medical devices used in the diagnosis and treatment of a number of diseases.
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Based on the indication, the worldwide market for pharmerging has been classified into lifestyle diseases, cancers and autoimmune diseases, and infectious diseases. Among these, lifestyle-borne and cancer and autoimmune diseases are projected to offer lucrative opportunities for the growth of this market with attractiveness index over the forthcoming years.
Asia Pacific to Remain on Top
In terms of the geography, the global pharmerging market reports its presence across Latin America, the Middle East and Africa, Asia Pacific, North America, and Europe. With a share of 53%, Asia Pacific led this market in 2016. Researchers expect this regional market to remain on the top, thanks to rapid urbanization, increasing patent expiration, and the surge in the investments for medical research. China has emerged as the key domestic market for pharmerging in Asia Pacific.
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Among other regional markets for pharmerging, Europe and Latin America are likely to witness healthy growth in the near future. Technological advancements, extensive research and development practices, and the increasing awareness regarding the treatment and the management of healthcare facilities are likely to propel the Latin America market. The Europe market is predicted to be drive by the large population size, growing disease prevalence, and the increasing health expenditure in the region.
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Huadong Medicine Co. Ltd., Sun Pharmaceutical Industries Ltd., Tata Consultancy Services Ltd., LUPIN, GlaxoSmithKline Plc., AstraZeneca, Teva Pharmaceutical Industries Ltd., Johnson & Johnson, Novartis AG, Merck & Co. Inc. F. Hoffmann-La Roche Ltd., Koninklijke Philips N.V., and Abbott Laboratories are the leading players in the global pharmerging market.
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