Pharmerging Market Size to Worth Around US$ 3.21 Trillion by 2030

Ottawa, June 10, 2022 (GLOBE NEWSWIRE) -- The global pharmerging market size was estimated at USD 1.48 trillion in 2021. The Pharmerging market is a growing market in developing and under developed countries which deals with pharmaceutical companies. This market includes both over-the-counter (OTC) and prescription of drugs. It covers a wide range of acute and chronic ailments, such as diabetes, cancer, heart disease, and respiratory disorders. The increasing occurrence of cancer, increase in demand for specific therapies and multiple investments by pharmaceutical companies in the development of essential drugs.

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Regional Snapshots

Countries such as China, Brazil, Russia, India, and South Africa among many others are foreseen under the research scope. Expenditure on drugs in these economies is rising at a constant rate, hence these are foreseen as attractive targets for drug companies to invest in the future. Geographically, the market is broadly divided into Tier I, Tier II and Tier III economies. Chinese pharmerging market includes under the Tier I category which is seen as one amongst the highest revenue producing nation.

Scope of the Report

Report Highlights

• The pharmaceutical segment includes over the counter drugs generic prescription drugs. Patented prescriptions drugs, during the forecast period the generic prescription drugs are estimated to have the largest market growth
• Based on the distribution channel the online store segment shall have the largest market share during the forecast period and the online stores segment is also expected to have a good sales volume during the forecast
• The Asia Pacific region will be in a dominating position as there is increasing patent expiration, increased urbanization and a growth in the medical research investments by various governments. It is estimated that the Asia Pacific region will remain on top during the forecast period
• Among the other regional markets the Latin American and the European market will also witness healthy growth in the near future for this pharmerging market.

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Market dynamics

Drivers

The pharmerging market includes the study regarding developing countries where the consumption of pharmaceuticals is tremendously growing and is foreseen to experience strong growth in the future. There is a gradual rise of people suffering with chronic disorders due to the adaptation to modern lifestyle. The number of cancer, respiratory, cardiovascular and diabetes patients are increasing everyday. For example heart conditions like cardiomyopathy, strokes, , rheumatic heart disease, and coronary heart disease are found to be the major reasons of mortality and morbidity in countries that are at a developing stage.

Restraints

The dynamic nature of the pharmerging market environment in the current worldwide economy is increasing the need amongst business experts to update their knowledge with recent scenarios in the market, lacking which the growth of the business will be hampered during the forecast period. The increasing cost of the raw materials for the production of pharmaceutical consumables is also obstructing the growth of the market. The major setback is seen in the developing and under developed countries. All these factors restrain the growth of the pharmerging market during the forecast period.

Opportunities

The breakout of the pandemic showed a positive impact on the growth of the market due to the high demand of essential drugs which play a vital role in restoring health of the patients. Increasing awareness among people regarding a healthy lifestyle has also led to the increased sales of supplements and other accessory pharmaceutical products. The increase in the geriatric population also provides a great opportunity for the heavy sales of medicine used in the treatment of chronic ailments, therefore presenting an upward market during the forecast period.

Challenges

The huge diversity in the market has created a competition among the various pharmaceutical and industries. Showing a significant growth in such a market creates a challenge during the forecast period. Increasing health awareness among people has led to the reduced consumption of chemically formulated drugs to avoid side effects in the future. The pandemic has forced people to adapt to healthier lifestyle and hence there is a decline in the number of people suffering from minor ailments. These factors together challenge the growth of the market during the forecast period.

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Recent Developments

• Healthcare company GoodRx reported during January 2021 that the prices of 832 drugs were increased by an average of 4.5%. (Pharmaceuticals usually hike the prices in July and January).
• The U.S. Centers for Medicare and Medicaid Services has forecasted that from 2024 to 2028 prescription drug expenditure will rise by an average of 5.9%, mainly because of the increase in drug prices and in their consumption.

Market Segmentation

By Product

• Pharmaceuticals
  • Patented Prescription Drugs
  • Generic Prescription Drugs
  • OTC Drugs
• Healthcare
  • Medical Devices
  • Clinical Diagnosis
  • Others

By Indication

• Lifestyle Diseases
• Cancer and Autoimmune Diseases
• Infectious Diseases
• Others

By Economy

• Tier-1
• Tier-2
• Tier-3
  
  

By Distribution Channel

• Hospitals
• online stores
• retail pharmacies
• others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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