San Francisco, 21 November 2024: The Report Pharmerging Market Size, Share & Trends Analysis Report By Product (Pharmaceutical, Healthcare), By Economy (Tier-1, Tier-2), By Indication (Lifestyle Disease, Infectious Disease), By Region, And Segment Forecasts, 2024 - 2030

The global pharmerging market size is expected to reach USD 2.08 trillion in 2030 and is projected to grow at a CAGR of 2.6% from 2024 to 2030. This market is expected to grow due to the increasing geriatric population, increasing disease burden of chronic disorders, and increasing healthcare expenditure.

According to the United Nations (UN), the number of people above the age of 60 years is estimated to be 901 million in 2015. The increasing geriatric population boosts the demand for better treatment options for chronic diseases such as hyperlipidemia, hypertension, cancer, dementia, congestive heart failure. According to a study conducted by Deloitte in 2011, the geriatric population accounts for almost 23.0-40.0% of the prescription drug market, and 40.0-50.0% of the OTC drug market. Another driving factor for the pharmerging market is increasing healthcare expenditure.

The increasing disease burden of chronic diseases in developing countries is boosting growth in the market. According to the Global Health Observatory data, in 2015, 70.0% of the deaths were due to non-communicable diseases (NCD). The major NCDs are cardiovascular diseases (CVD) which caused 45.0% of all NCD deaths, cancer which caused 22.0% of all NCD deaths and chronic obstructive pulmonary disease (COPD) which causes 10.0% of all NCD deaths, and diabetes which caused 4.0% of all NCD deaths.

This growth is attributed to the growing requirement for affordable generics. In addition, government policies that promote localization are expected to draw from generic drug manufacturers rather than original drug makers. At the same time, some other significant aspects of market rise include technological advancement and growing demand for generics. Furthermore, there is a rising interest in over-the-counter medications for colds, pain, critical disorders, and digestive problems.

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The rising aging population is also impacting the sector in various nations across the globe. It is estimated that by 2030, one in six people will be over the age of 60. Pharmaceutical companies invest more in research and development, leading to a higher demand for generic therapies. Furthermore, the increasing healthcare spending and improved healthcare access are also driving the market growth. The pharmerging market is the growing public knowledge about the early detection of chronic illnesses to enable prompt treatment, which is closely linked to the investment in cost-efficient solutions for these illnesses. The rising demand for inexpensive medications to deal with chronic diseases in their early phases is propelling the demand of the pharmerging sector.

Pharmerging Market Report Highlights

• The pharmaceutical product segment dominated the market and accounted for the largest revenue share of 85.0% in 2023.
• The tier-1 economy led the market, accounting for the largest market share at 60.5% in 2023.
• The key strategic initiatives include new product launches, acquisitions and mergers, and collaborations.

The pharmaceutical product segment dominated the market and accounted for the largest revenue share of 85.0% in 2023. The generic prescription pharmaceutical sector is forecasted to grow due to cost-consciousness in these regions and rising healthcare expenditures. In addition, the increasing need for over-the-counter medications, generic prescriptions, and patented drugs on a global scale is a crucial driver behind the growth of this sector in the projected period. The pharmaceutical industry has a strong position in the healthcare sector of emerging economies. Growth in the generic prescription drug market is anticipated to propel the pharmaceutical industry upward.

Pharmerging Market Report Scope

Furthermore, other healthcare verticals are expected to grow at a CAGR of 4.8% over the forecast years. This growth is attributed to the increasing demand for diagnostic equipment, the growing incidence of chronic disorders, and government initiatives to advance and develop the healthcare sector. Furthermore, the rising demand for medical imaging devices, the adoption of point-of-care treatment, and continuous innovative practices by companies further drive the market.