According to a new research report by Transparency Market Research (TMR), a leading market research and intelligence firm, the global pharmerging market is witnessing a considerable rise in its valuation, thanks to the rapid rise in the pharmaceutical industry. The increasing prevalence of non-communicable diseases and a rise in life expectancy has been supporting the pharmerging market considerably. The growth in the geriatric population base, escalating disposable income of consumers, and the rising government support to the healthcare sector are also adding to the global pharmerging market.
According to TMR, the global pharmerging market stood at US$552.8 mn in 2015. Developing at a healthy CAGR of 11.30% during the period from 2016 to 2024, the opportunity in this market is likely to reach US$1.40 bn by the end of the forecast period.
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However, the cost-consciousness of consumers in emerging countries, such as India, may inhibit the growth of the worldwide pharmerging market to some extent in the near future. Nonetheless, the increasing number of free trade agreements and continued research for advancements in drugs for the treatment of a host of diseases, especially in developing nations, will balance the impact of these restraining factors in the long run, states the research report.
Asia Pacific Continues to Dominate Global Pharmerging Market
In terms of the region, the worldwide pharmerging market registers its presence mainly across North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. In 2016, Asia Pacific led the global market with a share of 53%. Researchers expect this regional market to remain dominant throughout the forecast period, thanks to rapid urbanization, rise in patent expiration, and increasing investments for medical research. China is leading the Asia Pacific pharmerging market. The significantly high population base and continuous research and developments in the pharmaceutical and medical and healthcare industries have kept China on the top position in this market.
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Among other regional pharmerging markets, Latin America and Europe are expected to witness a decent rise in their market spaces. Technological advancements, progressive research and development practices, and the augmenting awareness pertaining to the management of healthcare facilities will propel the Latin America market in the near future. However, the Europe pharmerging market is anticipated to be driven by the presence of a large population size, increasing prevalence of chronic diseases, and the rise in the health expenditure, notes the market study.
Leading Players to Focus on Technological Advancements
The global pharmerging market is experiencing a high level of competition among the leading players. The presence of a large pool of participants have kept the vendor landscape fragmented while the continuous entry of new players is adding to the surging level of competition within this market significantly. Teva Pharmaceutical Industries Ltd., F. Hoffmann-La Roche Ltd., AstraZeneca, Huadong Medicine Co. Ltd., Abbott Laboratories, and GlaxoSmithKline Plc. are some of the key players in this market. These companies are concentrating on technological advancements in their product portfolios to strengthen their presence in the worldwide market.
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Over the coming years, they are likely to shift their focus towards untapped markets with potential opportunities. They are also expected to involve more into strategic collaborations. Which will encourage the market development remarkably in the near future. Tata Consultancy Services Ltd., Koninklijke Philips N.V., Merck & Co. Inc., Novartis AG, LUPIN, Johnson & Johnson, and Sun Pharmaceutical Industries Ltd. are some other leading players in this market profiled in this research report.
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