Wilmington, Delaware, United States, Transparency Market Research, Inc., Oct. 17, 2024 (GLOBE NEWSWIRE) — 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 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.
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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 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 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.
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 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
- 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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