Pharmerging Market to Reach a Value of US$ 1.40 Billion by the End of 2024

The pharmerging market is choc-o-bloc with vendors. This makes it both fragmented and cutthroat. The big names among them such as Merck & Co. Inc., F. Hoffmann-La Roche Ltd., Novartis AG, and Johnson & Johnson hold small amounts of share in the market on account of it. The new players, as of now, have found it difficult to gain a foothold for the very same reason.

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To beat competition and surge ahead under such tough conditions, players in pharmerging market are seen pulling out all stops to expand into relatively untapped markets and grow their consumer base through product development.

A recent report by Transparency Market Research on the pharmerging market finds that it would rise at a healthy 11.3% CAGR over the course of the forecast period beginning from 2016 and ending in 2024. At this pace, the market which was worth US$552.80 mn in the year 2015 would likely attain a value of US$1.40 bn by 2024-end.

Product-wise, the pharmerging market is broadly classified into healthcare and pharmaceuticals. Of the two, the segment of pharmaceuticals accounts for a leading share because of the surging demand for both generic and branded drugs. Besides, emergence of various new and more effective therapies for treating a range of health conditions at affordable rates is also benefitting the market. Geographically, Asia Pacific has come to hold over half the market share and hence stands out among the rest of the regions. Going forward too, its market will likely retain sway over the rest because of swift pace of urbanization, increasing spends on medical research, and patent expirations. China is said to be mainly powering the region’s growth.

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The term pharmerging refers to developing nations where the usage of pharmaceuticals is growing by leaps and bounds. Their total spends on drugs has increased dramatically thus making them attractive targets for drug makers. Elaborates the lead analyst of the report, “The rising incomes, free trade agreements, improved life expectancies, large pool of elderly, and rising occurrence of non-communicable diseases are mainly serving to drive demand in pharmerging market. In addition, thrust on research and development is also having a positive impact.”

However, one factor posing a challenge to the market for pharmerging is the cost conscious nature of consumers in the emerging economies. As a result they mostly opt for lower-cost generics which makes it difficult for branded expensive products to gain traction. This is in turn is impacting negatively the overall revenue in the market.

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Notwithstanding such setbacks, the market is predicted to rise owing to governments of various nations pouring in money to improve their healthcare sectors. Currently, cancer and autoimmune diseases alongside lifestyle diseases are generating maximum sales in the pharmerging market.

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This release was published on openPR.