Pharmerging Market Size to Accelerate at a Rapid CAGR of 11.30% by 2024

Analysts have pegged the global pharmerging market to expand at a highly optimistic CAGR of 11.30% within a forecast period from 2016 to 2024, owing to several drivers such as the increasing demand for pharma products overall. The market is expected to reach US$1.40 bn by the end of 2024, after being evaluated at US$552.80 mn in 2015.
Hospitals Resume High Demand for Pharmerging
Among the key distribution channels in the global pharmerging market, hospitals have emerged as the leading segment for 2016. The report predicts that hospitals are very likely to remain in the lead over the coming years, owing to growing importance given to making hospitals as the primary center for health care in its vicinity, and the growing rate of top hospital chains in the world.

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Regionally speaking, Asia Pacific led the global pharmerging market in 2016 with a share of 53% in its overall value. This region has shown – and is continuing to show – an unbridled rate of growth in terms of infrastructure expansion in several industry verticals, including healthcare. Meanwhile, Europe and Latin America are also showing a significantly high growth rate in the global pharmerging market, thanks to swift technological advancements and increasing investments.
Research and Development of Prime Importance in Pharmerging
According to a TMR analyst, “the global pharmerging market is currently needing to rely heavily on government grants and investments in order to carry its research and development efforts to the next level. While the increasing expenditure on the healthcare industry is certainly benefitting players from the global pharmerging market, they are being catapulted into prominence through the massive interest shown by several key governments and governing bodies.” Government interventions and incentivization schemes can allow players in the global pharmerging market to develop their products faster, provide them at more affordable prices, and put more focus on research and development.

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However, the global pharmerging market is expected to experience some slowdown in its growth rate due to restraints such as the weakening of economies, especially from developing nations from Africa.
Pharmaceutical Products to Shine in Future
With pharmaceuticals and healthcare being the two key product segments in the global pharmerging market, the future of the market can be more reliant on the increasing demand for pharmaceutical products. The current trend of favoring the pharmaceuticals segment – which took up a massive 65.2% in volume in 2016 – is very likely to continue over the coming years. This is expected to continue propelling several key players in the market, improving the overall profitability in it.

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As stated in a research report recently published by Transparency Market Research, an intensely competitive landscape awaits interested new entrants into the global pharmerging market. The market’s competitive landscape has been extensively fragmented in nature so far, with the likes of Merck & Co. Inc., Novartis AG, F. Hoffmann-La Roche Ltd., and Johnson & Johnson taking lead and yet holding minor shares in it.
According to the TMR report, the top names in the global pharmerging market are currently focusing on gaining larger shares through product innovation as well as aggressive expansion strategies. Mergers and acquisitions are becoming more and more commonplace in the global pharmerging market as larger player continue to gain market share. 

Pharmerging Market Segment Forecasts up to 2024, Research Reports

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.

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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.

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.

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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.