According to a new study by Transparency Market Research (TMR), the global pharmerging market is highly competitive in nature. Led by Johnson & Johnson, F. Hoffmann-La Roche Ltd., Novartis AG, and Merck & Co. Inc., the market demonstrates an extremely fragmented structure.
The leading players are focusing on product innovation to strengthen their market presence, which, consequently, is increasing research and development activities in the market. Over the coming years, the involvement of these players will increase in mergers and acquisitions directed towards the expansion of their businesses, states the research report.
As per TMR’s estimations, the global market for pharmerging stood at US$552.8 mn in 2015. Researchers expect it to rise at a CAGR of 11.30% during the period from 2016 to 2024 and reach a value of US$1.40 bn by the end of the forecast period. The market has been witnessing a higher demand for pharmaceuticals products and the trend is expected to continue over the next few years, thanks to the growing requirement of branded as well as generic drugs.
Hospitals to Emerge as Key Distribution Channel
Hospitals, clinics, retail pharmacies, e-commerce, and drug stores have been considered as the key types of distribution channels in the global market for pharmerging in this research report. The hospitals segment has surfaced as the most attractive distribution channel among these, thanks to the increased emphasis on establishing hospitals as primary care providers and the rising number of state-of-art hospital chains across the world. With the rise in the government investments to improve the accessibility to medicine at affordable price, this segment is likely to retain its position during the forecast period.
On the geographical front, the research report has classified the worldwide pharmerging market into Latin America, the Middle East and Africa, Asia Pacific, North America, and Europe. Asia Pacific dominated this market in 2016 with a share of 53%. Supported by the swift urbanization, infrastructural advancements in the medical and healthcare industry, and the rising investments for medical research, this regional market is likely to remain on the top throughout the forecast period.
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Driven by technological advancements, the markets for pharmerging in Europe and Latin America are also expected to experience a substantial rise in the near future.
Constant Research and Development to Drive Market
“The global market for pharmerging is heavily driven by the increasing expenditure by various governments across the world on healthcare,” says an analyst at TMR. The increasing prevalence of various diseases and the rise in healthcare issues have increased the government interventions in terms of providing healthcare services, which are accessible to all at affordable prices, reflecting positively on the growth of this market. The constant research and development in the field of pharmerging is also adding substantially to this market.
Currently, the market looks thriving and its future looks bright. However, it may face challenges in the years to come from the weakening of the economy in emerging regions, especially Africa, notes the research study.
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