According to Nova One Advisor, the global pharmerging market size was valued at USD 1.79 trillion in 2023 and is poised to grow from USD 1.95 Trillion in 2024 to USD 4.13 trillion by 2033, at a CAGR of 8.73% during the forecast period (2024-2033).
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The Market growth is expected due to the increasing need for affordable generics. There is an increasing preference for over-the-counter medications for digestive problems, critical disorders, pain, and colds. Furthermore, government policies that promote localization are anticipated to draw from generic drug manufacturers. In addition, some other factors such as growing demand for generics and technological advancement are driving the market growth.
The pharmerging market is used to describe a group of countries with a poor position in the pharmaceutical sector but rapid expansion. Turkey, Indonesia, Mexico, South Africa, Russia, Brazil, India, China, and others are some of the most important pharmerging markets. The pharmerging markets include 21 countries divided into Tier l, Tier ll, and Tier lll nations based on pharmaceutical markets and macroeconomic considerations. Tier ll countries, such as Russia, Brazil, and India are anticipated to develop significantly due to the upgrading of healthcare infrastructure, favorable government policies, and fast-growing elderly populations, which are expected to drive the growth of the pharmerging market during the forecast period.
In addition, leading to a higher demand for generic therapies, pharmaceutical companies invest more in research and development. Improved healthcare access and increasing healthcare spending are also accelerating the market growth. Furthermore, the increasing demand for inexpensive medications to handle chronic conditions in their initial phase is driving the demand of the pharmerging industry.
The increasing number of private hospitals, increasing expenditure on the healthcare industry, increasing prevalence of chronic diseases, and increasing demand for innovative therapies and drugs at affordable prices are further attributed to driving the growth of the pharmerging market.
Pharmerging Market Key Takeaways
- The North America pharmerging market dominated the global market and accounted for the largest revenue share of 43.09%.
- The Asia Pacific pharmerging market is expected to grow with a CAGR of 4.2% over the forecast period.
- The pharmaceutical product segment dominated the market and accounted for the largest revenue share of 77.00% in 2023.
- The healthcare verticals are expected to grow at a CAGR of 4.8% over the forecast years.
- The tier-1 economy led the market, accounting for the largest market share at 61.5% in 2023.
- The tier 2 is expected to grow at a CAGR of 4.3% over the projected years.
- Infectious diseases dominated the market and held a revenue share of 30.68% in 2023.
- Lifestyle diseases are expected to grow at a CAGR of 3.5% over the forecast years
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U.S. Pharmerging Market Size and Forecast 2024 to 2033
The U.S pharmerging market size was USD 0.54 trillion in 2023, calculated at USD 0.59 billion in 2024 and is expected to reach around USD 1.28 trillion by 2033, expanding at a CAGR of 9.0% from 2024 to 2033.
North America dominated the pharmerging market in 2023. The market growth is attributed to the expansion of private hospitals and the rise in healthcare expenditure, which are boosting the development of the healthcare market across the globe. Furthermore, the rising awareness of early disease treatment and detection methods and the increasing prevalence of chronic diseases among individuals drive the market growth. In addition, the geriatric population in various countries is highly susceptible to various medical conditions such as high blood pressure, dementia, and heart failure. These age-related diseases are boosting the demand for pharmerging markets in North America.
U.S. Pharmerging Market Trends
In the U.S., the market growth is dominated the market in the region with the highest market share in 2023. The market growth is attributed to the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and diabetes, the increasing geriatric population, and the increasing demand for pharmaceuticals are expanding government efforts and enhanced healthcare access. In the U.S., growing health knowledge and patient empowerment encourage people to search prescription drugs and medical treatment driving the growth of the pharmerging market.
Europe Pharmerging Market Trends
Europe pharmerging market is expected to experience substantial growth in the pharmerging market due to the prevalence of different diseases on the rise, leading to a growing interest in cutting-edge and superior outcomes. This trend is expected to drive substantial growth in the market in the near future.
The pharmerging market in the UK is expected to grow substantially owing to the rise in non-communicable diseases, increasing population, expanding healthcare industry, rising incomes, escalating government spending on healthcare, international collaborations, and ongoing innovation are key factors driving the growth of this market. Ongoing advancements in medical treatments for various conditions are projected to propel the pharmerging market forward in the coming years.
Asia Pacific Pharmerging Market Trends
The Asia Pacific pharmerging market is expected to grow with a CAGR of 4.2% over the forecast period. The region is now the eye of the global pharmaceutical industry and has grown in the market driving development, innovation, progress, and betterment in leading countries in the region. China is the fastest-growing country in the healthcare industry. The growth is driven by government investments, urbanization, and patent expiration, providing various opportunities in the market.
The market is expected to experience significant growth, due to the increasing demand for generic therapy and the entry of critical companies. In addition, to reduce costs, China's healthcare systems are promoting generic medications and transitioning towards raising awareness about generic therapies via private-public collaborations.
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Pharmerging Market Segment Insights
By product type
The pharmaceutical product segment dominated the market and accounted for the largest revenue share of 77.00% in 2023. Due to the rising healthcare expenditures and cost-consciousness in these regions, the generic prescription pharmaceutical sector is expected to grow. Furthermore, the increasing need for patented drugs, generic prescriptions, and over-the-counter medications on a global scale is a vital factor behind the segment's growth. The pharmaceutical industry has a significant position in the healthcare industry of developing countries. The rising growth in the generic prescription drug market is expected to drive the pharmaceutical market upwards.
In addition, other healthcare verticals are anticipated to grow at the highest rate in 2023. The segment growth is attributed to government initiatives to develop and advance the healthcare industry, the increasing prevalence of chronic diseases, and the increasing demand for diagnostic equipment.
By economy type
The tier-1 economy led the market, accounting for the largest market share at 61.5% in 2023. The segment growth is attributed to the growing emphasis on medical devices for disease diagnosis and treatment and the increasing demand for innovative and affordable therapies. The healthcare industry in Tier 1 countries, such as China, is driving the growth of the pharmerging market across the globe. In addition, factors such as rising investments in medical research by governments, increased urbanization, and patent expiration contributed to the dominance of the region.
In addition, tier 2 is anticipated to grow at a significant rate during the forecast period. Tier 2 comprises South Africa, Russia, India and Brazil. Led by its supportive government regulations, increasing consumer awareness and rising aging population. Moreover, India’s market is enhanced by healthcare spending, a considerable middle-class population, and initiatives led by the government.
By indication type
Infectious diseases dominated the market and held a revenue share of 30.68% in 2023. The segment growth is attributed to the increasing prevalence of infectious diseases and rising rapid developments in healthcare infrastructure across the globe. In addition, the increasing prevalence of malaria, HIV, tuberculosis, malaria, and others increases the demand for antivirals and vaccines globally.
Lifestyle diseases are anticipated to grow at the fastest rate during the forecast period leading to rising obesity rates, unhealthy diets, sedentary lifestyles, and increasing urbanization. Furthermore, increasing life expectancy in pharmerging countries, the increasing geriatric population, and the increasing prevalence of non-communicable diseases such as diabetes, cardiovascular diseases, and cancer.
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Browse More Insights:
U.S. Generic Drugs Market : The U.S. generic drugs market size was valued at USD 133.59 billion in 2023 and is projected to surpass around USD 188.44 billion by 2033, registering a CAGR of 3.5% over the forecast period of 2024 to 2033.
U.S. Pharmaceutical Market : The U.S. pharmaceutical market size was valued at USD 602.19 billion in 2023 and is projected to surpass around USD 1,093.79 billion by 2033, registering a CAGR of 6.15% over the forecast period of 2024 to 2033.
Generic Drugs Market : The global generic drugs market size was estimated at USD 465.19 billion in 2023 and is projected to hit around USD 779.68 billion by 2033, growing at a CAGR of 5.3% during the forecast period from 2024 to 2033.
Pharmaceutical Market: The global pharmaceutical market size was valued at USD 1,501.90 billion in 2023 and is projected to surpass around USD 2,717.72 billion by 2033, registering a CAGR of 6.11% over the forecast period of 2024 to 2033.
Biotechnology Market : The global biotechnology market size was estimated at USD 1.54 Trillion in 2023 and is projected to hit around USD 5.68 Trillion by 2033, growing at a CAGR of 13.95% during the forecast period from 2024 to 2033.
Pharmerging Market Company Insights
Some of the major companies in the market for pharmerging such as Johnson and Johnson, Abbott, Medtronic, Eli Lilly and Company, GE Healthcare, F. Hoffmann-La Roche Ltd., GlaxoSmithKline, AstraZeneca, Pfizer Inc., Sanofi, and others are focusing to gain a competitive edge and focusing on development in the industry. Therefore, major market players are taking various strategic initiatives.
- Abbott markets, manufactures, develops, and discovers a diverse range of healthcare products, such as pediatric and adult nutritional products, diagnostic tests and systems, and generic pharmaceuticals. They also provide various medical devices, such as structural and vascular heart devices, rhythm management, electrophysiology, and heart failure.
- GE Healthcare manufactures diagnostics software, imaging agents, and scanners to help physicians improve patient management and see the internal brain more clearly in the healthcare system.
Key Pharmerging Companies:
The following are the leading companies in the pharmerging market. These companies collectively hold the largest market share and dictate industry trends.
- Sanofi
- Pfizer Inc.
- AstraZeneca
- GlaxoSmithKline
- F. Hoffmann-La Roche Ltd.
- GE Healthcare
- Eli Lilly and Company
- Medtronic
- Abbott
- Johnson and Johnson
Pharmerging Market Recent Developments
- In May 2024, to create AI-powered software to effectively bring new medicines and speed up drug development, Sanofi collaborated with OpenAI and Formation Bio. The teams are expected to combine software and databases to grow custom solutions and purpose-built solutions replacements across the drug development lifecycle.
- In March 2024, a clinical-stage company developing next-generation radioconjugates for cancer treatment, AstraZeneca acquired Fusion Pharmaceuticals. The deal is expected to bring new expertise in actinium-based radioconjugates and expand AstraZeneca's oncology portfolio.
Pharmerging Market Report Segmentation
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Pharmerging market.
By Product
- Pharmaceutical
- Patented Prescription Drugs
- Generic Prescription Drugs
- OTC Drugs
- Other Healthcare Verticals
- Medical Device
- Clinical Diagnostics
- Others
By Economy
- Tier-1
- Tier-2
- Tier-3
By Indication
- Lifestyle Diseases
- Cancer & Autoimmune Diseases
- Infectious Diseases
- Others
By Distribution Channel
- Hospitals
- online stores
- retail pharmacies
- others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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