The Global Pharmerging Market is projected to attain a CAGR of 18.3 % during the forecast period from 2021- 2030.
Pharmerging is referred as a group of countries having a lower rank on the pharmaceutical market but having a swift pace for growth. The key pharmerging markets are India, China, South Africa, Turkey Mexico, Russia among others.
The factors attributed to the growth of the pharmerging market are the growing geriatric population, increasing dispensable income, rising prevalence of non-communicable diseases, increasing life expectancy, rising government expenditure towards health care, free trade policies, and continuous R&D activities. In addition, the introduction of reimbursement schemes across numerous countries for cos reduction for the treatment of chronic diseases is also augmenting the market growth during the forecast period. Moreover, the rapid increase of insurance companies in pharmerging countries are delivering various insurance policies to minimize the extra expenditures is further propelling the demand for pharmaceuticals in such countries.
The Global Pharmerging Market is segmented by product type, indications, economy, distribution channel, and region. Based on product type, it is categorized into healthcare and pharmaceuticals. Healthcare is further segmented into diagnostic instruments, medical devices, and others (IT and record management). Moreover, pharmaceuticals are also further bifurcated into generic drugs (branded & unbranded generics), OTC drugs, and branded prescription drugs. Indication type is categorized into cancer & autoimmune diseases, lifestyle diseases, infectious diseases, and others. By economy, it bifurcates into Tier - 1, Tier - 2, and Tier – 3. The distribution channel segments into clinics, e-commerce, hospitals, retail pharmacies, and drug stores. Based on regional insights, the global pharmerging market is categorized into North America (US, Canada, Mexico, Rest of America), Asia Pacific (India, China, Rest of Asia Pacific), Europe (UK, Germany, Russia, Rest of Europe) and Rest of the world (Latin America and Middle East & Africa).
Asia Pacific region is leading the market owing to huge investments for medical research, surge in patent expiration, and rapid urbanization. Latin America region is also expected to deliver significant market growth owing to technological advancements, rising awareness for treatment, extensive R&D activities, and management of healthcare facilities in the region. The European region is also predicted to drive the market growth owing to the increasing prevalence of diseases, large population base, and rise in health expenditure in the region.
Prominent players inducing the Global Pharmerging Market are Abbott Laboratories, F. Hoffmann-La Roche Ltd., Novartis AG, Teva Pharmaceutical Industries Ltd., GlaxoSmithKline plc., Tata Consultancy Services Limited, Huadong Medicine Co. Ltd., Koninklijke Philips N.V., Merck & Co. Inc., Johnson & Johnson, AstraZeneca, LUPIN, and Sun Pharmaceutical Industries Ltd. among others.
Segmentation and Scope of the Global Pharmerging Market
Global Pharmerging Market is segmented by product type, indications, economy, distribution channel, and region.
By Product Type
By Distribution Channel
Rest of World
Middle East & Africa
Prominent players in the Global Pharmerging Market among other includes