The global pharmerging market is expected to reach USD 2,231.9 billion by 2025, according to a new report by Grand View Research, Inc. This market is expected to grow due to 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 are estimated to be 901 million in 2015. This number is expected to increase to 1.4 billion by 2030 and 2.1 billion by 2050. 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 global healthcare spending is expected to increase from USD 7.83 trillion in 2013 to USD 18.28 trillion in 2040. It has also been estimated that there will an increase of 3.4%, 3.0%, 2.4% in healthcare expenditure in upper middle-level income countries, lower middle-level income countries and in low-income level countries respectively.
The increasing disease burden of chronic diseases in developing countries is boosting the 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.
Browse full research report on Pharmerging Market: www.grandviewresearch.com/industry-analysis/pharmerging-market
Further key findings from the report suggest:
- Pharmaceutical segment was the major contributor for the pharmerging market in 2016.
- Pharmaceutical sector also recorded the fastest growth in the pharmerging industry.
- Tier I is driving growth in the pharmerging market.
- India among the Tier II countries is estimated to witness the fastest growth in the pharmerging industry.
- Brazil was recorded as the major contributor for Tier II countries.
- Among Tier III countries, Nigeria and Indonesia are estimated to be driving growth.
- The key players include Sanofi, Pfizer Inc., AstraZeneca, GlaxoSmithKline, F.Hoffmann-La Roche, GE Healthcare, Eli Lilly, Medtronic, Johnson and Johnson, Abbott.
- The key strategic initiatives include new product launches, acquisitions and mergers, and collaborations.
Browse more reports of this category by Grand View Research: www.grandviewresearch.com/industry/healthcare
Grand View Research has segmented the pharmerging market by product, and region:
Pharmerging Regional Outlook (Revenue, USD Billion; 2014 – 2025)
- Tier I
- Tier II
- South Africa
- Tier III
- Saudi Arabia
- Saudi Arabia
Pharmerging Product Outlook (Revenue, USD Billion; 2014 – 2025)
- Patented prescription drugs
- Generic prescription drug
- OTC drugs
- Other healthcare verticals
- Medical device
- Clinical diagnostics
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com