Pharmerging Market To Experience Lucrative Growth Due To Growing Chronic Diseases Till 2024: Grand View Research, Inc.
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
- China
- Tier II
- India
- Brazil
- Russia
- South
Africa
- Tier III
- Argentina
- Mexico
- Poland
- Ukraine
- Turkey
- Saudi
Arabia
- Egypt
- Algeria
- Nigeria
- Thailand
- Indonesia
- Pakistan
- Saudi
Arabia
Pharmerging
Product Outlook (Revenue, USD Billion; 2014 - 2025)
- Pharmaceutical
- Patented
prescription drugs
- Generic
prescription drug
- OTC
drugs
- Other
healthcare verticals
- Medical
device
- Clinical
diagnostics
- Other
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-pharmerging-market
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.
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