Technavio has released updated information on the pharmaceutical market, with the publication of its new market research report, pharmerging markets. The pharmerging markets is expected to grow at a CAGR of around 13% between 2016 and 2020. China, Brazil, Russia, and India are the major revenue contributors, accounting for over 50% of total market revenue. These markets are experiencing rapid growth, owing to better healthcare spending by governments.
“The healthcare coverage in pharmerging markets is improving with growing demand for quality healthcare and increasing consumption of drugs. The governments of these countries are aiming to provide better reimbursement facilities to reduce the out-of-pocket charges for consumers. Also, the governments and pharmaceutical companies in these regions are making huge investments to improve accessibility to healthcare services, which is driven by rising incomes, macroeconomic expansion, and government-supported policies and programs,” says Imran Mushtaq, Lead Analyst, Healthcare & Lifesciences, Technavio Research
Major pharmaceutical companies are shifting their focus towards pharmerging markets as these are opportunity-rich regions for pharmaceutical sales. These regions have high growth potential due to their GDP and favorable healthcare spending. These markets cover around 28% of the overall pharmaceuticals market, and are expected to represent over one-third of the global pharmaceutical market by 2020.
Some of the highest revenue generating therapeutic classes in pharmerging markets include pain therapeutics, drugs for central nervous system disorders, drugs for cardiovascular diseases, anti-invectives and antivirals, and drugs for oncology, hypertension, and diabetes.
The key vendors in the pharmerging market are AstraZeneca, GlaxoSmithKline, Merck, Novartis, Pfizer and Sanofi. The market has high growth potential and is highly fragmented with the presence of many local and international vendors. Top pharmaceutical companies are adopting new strategies, including a tailored business model with strong supply chain management, to grow inorganically during the forecast period.
A more detailed analysis is available in the Technavio report, Pharmerging Markets 2016-2020.
We can customize this reports by other regions and specific segments upon request.
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