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.
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.
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.
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.
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.
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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