According to a report published by Grand View Research, Inc.; global pharmerging market is predicted to reach at USD 2,231.9 billion by 2025. The market is projected to expand at a CAGR of 17.1 % during the forecast period (from 2018 to 2025). Growing need for advanced healthcare facilities and effective drugs owing to the rising cases of chronic diseases can fuel the demand for pharmerging. Pharmerging offers various products and services that play an essential role in effective treatment of several chronic diseases. Increasing number of hospitals and other medical centers providing advanced medical services is also expected to spur the market growth. Growing geriatric population that is prone to chronic diseases due to low immunity would also have a positive impact on the market expansion.
Full Research Report On Pharmerging Market Analysis:
Growing healthcare expenditure from government and private organizations across the globe can stimulate market development in the forthcoming years. Increasing mortality rate attributed to non-communicable diseases such as cancer, Cardiovascular Diseases (CVDs), and Chronic Obstructive Pulmonary Disease (COPD) can influence market growth in the coming years. The global pharmerging market can be segregated on the basis of product and region. Based on type of product, the market can be categorized into pharmaceuticals and other healthcare products. Pharmaceutical segment is expected to hold majority of the global market share. The segment is further divided into generic prescription drugs, patented prescription drugs, and over-the-counter (OTC) drugs.
Generic prescription drugs are predicted to account for more than 70 % of the market share by 2025. This, in turn, is likely to fuel segment development over the forecast period. In addition, rising healthcare expenditure and price sensitivity in pharmerging countries can boost the demand for generic prescription drugs. Other healthcare vertical includes clinical diagnostics, medical devices, and other products & services such as biotechnology and healthcare software services. The medical devices segment is expected to drive growth in the other healthcare products segment during the forecast period. Regional segmentation includes Tier 1, Tier 2, and Tire 3 countries. Tier 1 countries include China.
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Tier 2 countries include India, Brazil, Russia, and South Africa. Tier 3 countries include Argentina, Mexico, Poland, Ukraine, Turkey, Saudi Arabia, Egypt, Algeria, Nigeria, Thailand, Indonesia, Pakistan, and Saudi Arabia. In 2016, tier 1 segment dominated the market and accounted for the largest market share. It is anticipated to grow at similar pace even during the forecast period. Brazil accounted for the maximum market share among all tier 2 countries in 2016. However, India is expected to witness the maximum growth in the years to come. Healthcare market in Tier 3 countries is expected to have a sluggish development. However, it is likely to grow well in the countries including Thailand, Nigeria, and Indonesia in the next few years.
Some of the leading companies in the pharmerging market are Medtronic PLC; Johnson and Johnson; Abbott laboratories; GE Healthcare; and Pfizer Inc. Most companies are actively involved in strategic initiatives such as M&A, new product launches, and collaborations to maintain their market value. For example, JW Holdings recently announced that it has signed export agreements with India’s Alniche Lifescience and Brazil’s Sif Participacoe to supply drugs such as three-chamber general nutritional solutions. In another instance, Novartis and Amgen recently announced that their drug named Aimovig recently received approval from the Food and Drug Administration (FDA) to commercialize the drug. The new drug is the first and only FDA-approved medicine designed to block Calcitonin Gene-Related Peptide Receptor (CGRP-R) that plays a key role in migraine.
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