Pharmerging Market: Pharmaceutical Products to Witness Strong Growth in Near Future

Analysts have pegged the global pharmerging market to expand at a highly optimistic CAGR of 11.30% within a forecast period from 2016 to 2024, owing to several drivers such as the increasing demand for pharma products overall. The market is expected to reach US$1.40 bn by the end of 2024, after being evaluated at US$552.80 mn in 2015.

Hospitals Resume High Demand for Pharmerging

Among the key distribution channels in the global pharmerging market, hospitals have emerged as the leading segment for 2016. The report predicts that hospitals are very likely to remain in the lead over the coming years, owing to growing importance given to making hospitals as the primary center for health care in its vicinity, and the growing rate of top hospital chains in the world.

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Regionally speaking, Asia Pacific led the global pharmerging market in 2016 with a share of 53% in its overall value. This region has shown – and is continuing to show – an unbridled rate of growth in terms of infrastructure expansion in several industry verticals, including healthcare. Meanwhile, Europe and Latin America are also showing a significantly high growth rate in the global pharmerging market, thanks to swift technological advancements and increasing investments.

Research and Development of Prime Importance in Pharmerging

According to a TMR analyst, “the global pharmerging market is currently needing to rely heavily on government grants and investments in order to carry its research and development efforts to the next level. While the increasing expenditure on the healthcare industry is certainly benefitting players from the global pharmerging market, they are being catapulted into prominence through the massive interest shown by several key governments and governing bodies.” Government interventions and incentivization schemes can allow players in the global pharmerging market to develop their products faster, provide them at more affordable prices, and put more focus on research and development.

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However, the global pharmerging market is expected to experience some slowdown in its growth rate due to restraints such as the weakening of economies, especially from developing nations from Africa.

Pharmaceutical Products to Shine in Future

With pharmaceuticals and healthcare being the two key product segments in the global pharmerging market, the future of the market can be more reliant on the increasing demand for pharmaceutical products. The current trend of favoring the pharmaceuticals segment – which took up a massive 65.2% in volume in 2016 – is very likely to continue over the coming years. This is expected to continue propelling several key players in the market, improving the overall profitability in it.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.