Market Research Report
Pharmerging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Pharmerging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
Published: November 10, 2021
IMARC Services Private Limited
Content info: 143 Pages
Delivery time: 2-3 business days
The global pharmerging market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 10.4% during 2021-2026. Pharmerging refers to a group of countries that hold low positioning in the pharmaceutical market but have a speedy growth. Some of the key pharmerging markets include China, India, Brazil, Russia, South Africa, Mexico, Indonesia, Turkey, etc.
The increasing healthcare expenditures along with the rising number of private hospitals are currently propelling the global pharmerging market growth. Additionally, the high prevalence of numerous chronic diseases and growing consumer awareness towards early disease detection and treatment procedures are further augmenting the market growth. Moreover, the increasing geriatric population, who are more prone to serious medical conditions, such as dementia, hypertension, cardiac failure, etc., is also bolstering the demand for pharmaceuticals. Additionally, the introduction of government policies and reimbursement schemes across various countries for reducing the cost of treatment for chronic diseases is also propelling the market growth. Moreover, the growing number of insurance companies in the pharmerging countries offering numerous insurance policies to decrease the out-of-the-pocket expenditures is further augmenting the demand of pharmaceuticals in these countries. Apart from this, the rising investments in extensive R&D activities in the fields of biotechnology, immunology, oncology, etc., for the introduction of advanced treatments are also catalyzing the market growth.