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.
Request a PDF Sample of this Report Now
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=8200
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.
Unlock Growth Potential in Your Industry! Download PDF Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=8200
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
Buy this Premium Research Report: https://www.transparencymarketresearch.com/checkout.php?rep_id=8200<ype=S
More Trending Reports by Transparency Market Research -
- Vaccines Market- The global vaccines market is projected to advance at a CAGR of 4.2% from 2023 to 2031
- Diabetes Devices Market - The global diabetes devices market is projected to expand at a CAGR of 6.0% during the forecast period from 2022 to 2031
- Tympanostomy Products Market is expected to grow at a CAGR of 3.4% from 2023 to 2031 and reach US$ 139.7 Mn by the end of 2031
- Hemostatic Agents Market is estimated to grow at a CAGR of 6.2% from 2023 to 2031 and reach US$ 4.5 Bn by the end of 2031
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Email: sales@transparencymarketresearch.com
Follow Us: LinkedIn| Twitter| Blog | YouTube
Logo: https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/pharmerging-market-set-to-hit-usd-7-1-billion-by-2034--driven-by-surge-in-demand-for-cost-effective-innovative-drugs-and-comprehensive-insurance-policies--report-by-tmr-302207485.html
