Healthcare infrastructure development and increased funding
are likely to drive demand for pharmerging.
WILMINGTON, Del., July 26, 2024 /PRNewswire/ -- The
pharmerging market accounted for US$ 2.1 billion in 2023. It is expected to
advance at a CAGR of 11.6% from 2024 to 2034 and reach
US$ 7.1 billion by the end of
2034. Pharmaceuticals are in higher demand to manage and treat
chronic diseases, including diabetes, cardiovascular disease, and
cancer, as they become more prevalent in emerging economies.
The pharmerging market, comprises of nations such as
Brazil, Russia, India, and China (BRIC) and other rapidly emerging
economies, these have dynamic environment with multiple
opportunities and challenges. These countries account for 40% of
the world's population, with a growing middle class and an
increasing prevalence of chronic diseases, driving demand for
pharmaceuticals. The rapid growth in healthcare expenditures in
these markets contrasts sharply with the relatively sluggish growth
in G7 countries, showing the shift in global healthcare spending
toward pharmerging economies.
The pharmaceutical sector of these countries is rapidly
developing. For example, Indian pharmaceutical business, is already
the world's third-largest in terms of volume, is forecast to
increase significantly in coming period. Similarly, patent
registrations in China and
Brazil are rapidly increasing,
indicating more industry innovation and competitiveness. This
expansion is aided by technology developments and rising industrial
capacities, both of which are required to maintain long-term growth
in the pharmaceutical industry.
Pharmaceutical businesses in emerging markets frequently employ
both legal and illicit sales techniques. These tactics address a
variety of stakeholders, including prescribers, patients,
pharmacists, and society as a whole. The study conducted in
Turkey discovered that physicians
frequently overestimate their abilities to withstand marketing
pressures and are inadequately taught on how to manage these
methods, leaving them vulnerable. Furthermore, pharmaceutical firms
use educational and infrastructure deficits to maintain and expand
their market dominance.
Effective solutions are critical for addressing these
difficulties. Creating a comprehensive national drug policy,
limiting exposure to aggressive marketing methods, and increasing
healthcare professional education and infrastructure are all
critical initiatives. While emerging markets provide tremendous
development opportunities for the pharmaceutical industry, tackling
ethical and regulatory challenges is critical to ensuring long-term
viability and fair healthcare access. With the correct legislation
and educational frameworks in place, these markets may continue to
propel the global pharmaceutical industry forward.
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The pharmaceutical industry's healthcare infrastructure is
receiving more funding from governments and the private sector in
emerging nations to facilitate better access and quality to
healthcare. Pharmerging markets frequently encounter issues
with healthcare access and drug affordability. Innovative pricing
strategies, biosimilar, and generic medications could reduce
healthcare costs in the future.
Telemedicine and digital health solutions may change how
healthcare is delivered in emerging nations as smartphone and
internet access expands. Remote consultations can be facilitated,
healthcare access can be improved, and chronic illness monitoring
can be simplified through these innovations.
Building hospitals, clinics, and diagnostic centers is essential
to improving healthcare access and provision worldwide. Among the
creative ways to develop infrastructure, modular and prefabricated
construction techniques could hasten the development of healthcare
facilities worldwide.
Developing economies are going through a transition in terms of
disease patterns as their economies develop. Pharmaceutical
research and development activities are proving to be a driving
force in the growth of various regional markets in the
pharmaceutical industries.
Key Findings of the Market Report
- Based on product type, the pharmaceuticals segment is likely to
drive demand for pharmerging market.
- In terms of indication, cancer and autoimmune diseases are
expected to drive pharmerging market growth.
- The hospitals segment generated a major share of revenue in
2023.
- In 2023, the Asia-Pacific
region held the majority of the market share.
Global Pharmerging Market: Growth Drivers
- The regulatory environment of pharmaceutical businesses is
constantly changing, which impacts their strategies and operations
as well as the prices, reimbursement policies, and entry into the
market. Healthcare infrastructure advancements such as increased
accessibility to healthcare facilities and distribution networks,
make pharmacies more accessible in emerging markets.
- Innovations in biotechnology and personalized medicine are
propelling pharmaceutical research and development. This results in
novel treatments and therapies being introduced. Biotechnology
advancements are propelling the creation of customized medications
based on the genetic composition and disease attributes of
particular patients.
- Pharmaceutical markets may be able to make use of these
advancements to lower medical expenses and enhance treatment
results. Drug delivery innovations, like implantable devices and
systems based on nanotechnology, have the potential to improve
patient adherence to treatment plans and increase medication safety
and efficacy.
- Pharmaceutical companies have benefited from health insurance
plans and universal healthcare coverage, increasing patient access
to pharmaceuticals and improving healthcare quality. Growing
patient empowerment and health knowledge encourage people to seek
medical treatment and prescription drugs, propelling the growth of
the pharmaceutical industry in emerging markets.
Pharmerging Market Report Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2034
|
Base
Year
|
2020-2022
|
Size in 2023
|
US$ 2.1 Bn
|
Forecast (Value) in
2034
|
US$ 7.1 Bn
|
Growth Rate
(CAGR)
|
11.6 %
|
No. of
Pages
|
192
Pages
|
Segments
covered
|
By Product Type, By
Indication, By Distribution Channel, By Region
|
Global Pharmerging Market: Regional Landscape
- Asia Pacific is expected to
lead the pharmerging market. With countries like China and India having large populations, the
Asia-Pacific area is home to a
sizable share of the global population. Numerous governments in the
area are investing in healthcare infrastructure, including
broadening the reach of healthcare facilities, implementing
universal health coverage, and improving regulatory frameworks to
facilitate pharmaceutical growth.
- The need for pharmaceuticals for prevention, treatment, and
management is driven by changes in disease patterns, such as an
increase in the prevalence of non-communicable diseases (NCDs) like
diabetes, cardiovascular disease, and cancer. Healthcare reforms
drive pharmaceutical market expansion to enhance healthcare
quality, cost, and access. Intellectual property rights, pricing
and reimbursement practices, and regulatory harmonization are a few
examples of these reforms.
- Healthcare technology, including telemedicine, digital health
solutions, and genomics, is advancing quickly in Asia-Pacific. Pharmaceutics research,
development, and market expansion are fueled by these developments,
especially in the biotechnology and specialty medication
sectors.
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Global Pharmerging Market: Competitive Landscape
Pharma and healthcare companies can form strategic partnerships
with other companies, research institutions, and healthcare
providers to drive innovation, expand market reach, and improve
drug discovery, development, and delivery capabilities.
Key Players Profiled
- Abbott Laboratories
- Koninklijke Philips N.V.
- F. Hoffmann-La Roche Ltd.
- Merck & Co., Inc.
- Novartis AG
- Johnson & Johnson
- Teva Pharmaceutical Industries Ltd.
- AstraZeneca
- GlaxoSmithKline plc
- Lupin
- Tata Consultancy Services Ltd.
- Sun Pharmaceutical Industries Ltd.
- Huadong Medicine Co. Ltd.
Key Developments
- Abbott Laboratories is a leading product manufacturer of
medical devices, generic pharmaceuticals, diagnostics, nutritional
products, and branded pharmaceuticals.
- Koninklijke Philips N.V. is an international company
that specializes in healthcare, lighting, and consumer products.
Aside from healthcare equipment, they offer a variety of
services.
- F. Hoffmann-La Roche Ltd. is one of the world's leading
pharmaceutical and diagnostic companies. Innovative treatments are
offered in fields such as immunology, oncology, infectious
diseases, and others.
Global Pharmerging Market: Segmentation
Product Type
- Pharmaceuticals
- Branded Prescription Drugs
- Generic Drugs
- Branded Generics
- Unbranded Generics
- OTC Drugs
- Healthcare
- Medical Devices
- Diagnostic Instruments
- Others (IT and Record Management)
Indication
- Lifestyle Diseases
- Cancer and Autoimmune Diseases
- Infectious Diseases
- Others
Distribution Channel
- Hospitals
- Clinics
- Retail Pharmacies
- E-commerce
- Drugs Stores
Region
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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