Pharmerging Market Overview
As per MRFR analysis, the Pharmerging Market Size was estimated at 359.10 (USD Billion) in 2024. The Pharmerging Market Industry is expected to grow from 392.57 (USD Billion) in 2025 to 875.43 (USD Billion) till 2034, at a CAGR (growth rate) is expected to be around 4.40% during the forecast period (2025 - 2034).
Key Pharmerging Market Trends Highlighted
Key market drivers in the Pharmerging Market include rising healthcare expenditure, increasing prevalence of chronic diseases, expanding access to healthcare services, and government initiatives to improve healthcare infrastructure. Opportunities to be explored or captured in this market include the development of affordable and accessible healthcare solutions, the expansion of telemedicine and digital health services, and the investment in research and development of new therapies.
Trends in recent times in the Pharmerging Market include the rapid adoption of digital health technologies, the increasing focus on value-based healthcare, and the growing demand for personalized medicine. By addressing these key drivers, opportunities, and trends, stakeholders in the Pharmerging Market can effectively cater to the evolving needs of patients and healthcare providers, thereby driving growth and innovation in this dynamic market.
Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review
Pharmerging Market Drivers
Rising Demand for Healthcare Services in Emerging Economies
The growing population and increasing disposable income in emerging economies are driving the demand for healthcare services. This is leading to a surge in the demand for pharmaceuticals, medical devices, and other healthcare products and services. The Pharmerging Market Industry is well-positioned to meet this demand, as it offers a wide range of affordable and accessible healthcare products and services.
The increasing demand for healthcare services in emerging economies is expected to continue to drive the growth of the Pharmerging Market Industry in the coming years.
Government Initiatives to Improve Healthcare Infrastructure
Many governments in emerging economies are implementing initiatives to improve healthcare infrastructure. This includes building new hospitals and clinics, upgrading existing facilities, and training healthcare professionals. These initiatives are creating a more favorable environment for the Pharmerging Market Industry, as they are making it easier for people to access healthcare services.
The government initiatives to improve healthcare infrastructure are expected to continue to support the growth of the Pharmerging Market Industry.
Technological Advancements in the Pharmaceutical Industry
The pharmaceutical industry is constantly evolving, with new technologies being developed all the time. These technologies are leading to the development of new and more effective drugs, which is benefiting patients in emerging economies and can help the Pharmerging Market Industry. The technological advancements in the pharmaceutical industry are expected to continue to drive the growth of the Pharmerging Market Industry in the coming years.
Pharmerging Market Segment Insights
Pharmerging Market Product Type Insights Â
The Pharmerging Market is segmented by product type into pharmaceuticals, medical devices, diagnostics, biotechnology, and generics. The pharmaceuticals segment is expected to hold the largest market share in 2023, accounting for over 50% of the global market. The medical devices segment is expected to be the fastest-growing segment, with a CAGR of over 10% during the forecast period.
The growth of the pharmaceuticals segment is attributed to the increasing prevalence of chronic diseases, the rising adoption of biologics, and the growing demand for personalized medicine.
The growth of the medical devices segment is attributed to the increasing demand for minimally invasive procedures, the growing adoption of robotic surgery, and the rising demand for home healthcare devices. The diagnostics segment is expected to grow at a steady pace during the forecast period.
The growth of this segment is attributed to the increasing demand for early disease detection, the growing adoption of point-of-care testing, and the rising demand for personalized medicine. The biotechnology segment is expected to grow at a robust pace during the forecast period.
The growth of this segment is attributed to the increasing demand for biopharmaceuticals, the growing adoption of gene therapy, and the rising demand for personalized medicine. The generics segment is expected to grow at a moderate pace during the forecast period. The growth of this segment is attributed to the increasing demand for affordable healthcare, the growing adoption of biosimilars, and the rising demand for generic drugs in emerging markets.
The Pharmerging Market is expected to witness significant growth over the forecast period, driven by the increasing prevalence of chronic diseases, the growing demand for healthcare services, and the rising adoption of innovative technologies.
Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review
Pharmerging Market Application Insights Â
The Pharmerging Market is segmented by Application into Therapeutic, Diagnostic, Preventive, and Research and Development. The Therapeutic segment accounted for the largest market share in 2023, and is expected to continue to dominate the market over the forecast period.
The growth of this segment can be attributed to the increasing prevalence of chronic diseases, such as cancer, diabetes, and cardiovascular diseases. The Diagnostic segment is also expected to witness significant growth over the forecast period, due to the rising demand for early and accurate diagnosis of diseases.
The Preventive segment is expected to grow at a steady pace, driven by the increasing awareness of preventive healthcare measures. The Research and Development segment is expected to witness moderate growth over the forecast period, due to the increasing investment in the development of new and innovative drugs and therapies.
Pharmerging Market Disease Area Insights Â
The Pharmerging Market segmentation by Disease Area comprises Cancer, Cardiovascular Diseases, Respiratory Diseases, Infectious Diseases, and Neurological Disorders. Among these, Cancer accounted for the largest revenue share in 2023, owing to the rising prevalence of various types of cancer and the increasing adoption of advanced treatment modalities.
The Cardiovascular Diseases segment is expected to exhibit a significant growth rate during the forecast period, driven by the growing burden of cardiovascular diseases and the increasing demand for effective treatment options.
The Respiratory Diseases segment is also poised for growth, driven by the rising prevalence of respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD). The Infectious Diseases segment is expected to witness steady growth, fueled by the increasing incidence of infectious diseases and the need for effective vaccines and therapeutics. The Neurological Disorders segment is anticipated to grow at a moderate pace, driven by the rising prevalence of neurological disorders such as Alzheimer's disease and Parkinson's disease.
Pharmerging Market Business Model InsightsÂ
The Pharmerging Market is segmented based on business model into branded generics, biosimilars, innovative therapeutics, diagnostics and monitoring devices, and contract research and manufacturing organizations. Among these segments, branded generics are expected to hold the largest market share in 2023, owing to their lower cost and increased accessibility compared to their branded counterparts. Biosimilars are also expected to witness significant growth, driven by the increasing adoption of biologics and the expiration of patents for several blockbuster drugs.
Innovative therapeutics, which include novel drugs and therapies, are expected to contribute to the growth of the Pharmerging Market due to their potential to address unmet medical needs. Diagnostics and monitoring devices are also expected to witness steady growth, driven by the increasing demand for early disease detection and monitoring. Contract research and manufacturing organizations are expected to benefit from the growing outsourcing trend in the pharmaceutical industry.
Pharmerging Market Distribution Channel Insights Â
The distribution channel segment plays a critical role in the Pharmerging Market, influencing the accessibility and availability of products to end-users. Hospitals and clinics accounted for the largest revenue share in 2023, driven by the high volume of patient visits and the need for specialized medications.
Retail pharmacies also hold a significant market share, offering convenience and accessibility to consumers. Online marketplaces are gaining traction, particularly for chronic medications and over-the-counter products, as they provide a wider selection and competitive pricing.
Wholesale distributors facilitate the distribution of products from manufacturers to various distribution channels, ensuring efficient and cost-effective delivery. Direct-to-consumer channels, including e-commerce platforms and subscription services, are emerging as viable options, offering personalized and tailored healthcare experiences.
Pharmerging Market Regional Insights Â
The regional segmentation of the Pharmerging Market comprises North America, Europe, APAC, South America, and MEA. Among these regions, North America held the largest market share in 2023, accounting for around 35.8% of the global revenue. The growth in this region can be attributed to the presence of well-established pharmaceutical companies, favorable government policies, and high healthcare expenditure.
Europe is another significant region in the Pharmerging Market, with a market share of approximately 28.4% in 2023. The region's growth is driven by factors such as increasing healthcare awareness, rising demand for innovative treatments, and a strong healthcare infrastructure.
Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review
Pharmerging Market Key Players And Competitive Insights:
Major players in Pharmerging Market industry are constantly striving to gain a competitive edge by investing in research and development, expanding their product portfolio, and acquiring smaller players. Leading Pharmerging Market players are focusing on developing innovative drugs and therapies to address unmet medical needs and cater to the growing demand for healthcare solutions in emerging markets.
The Pharmerging Market development landscape is characterized by strategic partnerships, collaborations, and joint ventures between key players to leverage expertise, share resources, and expand market reach. The competitive landscape is expected to remain dynamic as new entrants and established players continue to vie for market share.
Novartis, a leading pharmaceutical company, holds a strong position in the Pharmerging Market industry. The company's focus on developing innovative drugs and expanding its presence in emerging markets has contributed to its success.
Novartis has a diversified product portfolio covering various therapeutic areas, including cardiovascular diseases, oncology, neuroscience, and respiratory diseases. The company's commitment to research and development has resulted in the development of blockbuster drugs such as Gleevec and Cosentyx, which have gained significant market share in Pharmerging markets.
Pfizer, another major player in the Pharmerging Market industry, is known for its strong vaccine portfolio and presence in emerging markets. The company has been actively expanding its operations in these markets through strategic acquisitions and partnerships.
Pfizer's vaccine portfolio includes Prevnar 13, which is used to prevent pneumococcal diseases, and Comirnaty, the COVID-19 vaccine developed in collaboration with BioNTech. The company's focus on expanding access to essential medicines and vaccines in emerging markets has contributed to its strong position in the Pharmerging Market industry.
Key Companies in the Pharmerging Market Include:
- Biocon
- Cipla
- Alembic Pharmaceuticals
- Hetero Labs
- Reddy's Laboratories
- Lupin
- Glenmark Pharmaceuticals
- Torrent Pharmaceuticals
- Intas Pharmaceuticals
- Piramal Enterprises
- Cadila Healthcare
- USV
- Aurobindo Pharma
- Zydus Cadila
- Sun Pharmaceutical Industries
Pharmerging Market Industry Developments
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Q1 2024: Novartis’s slippage on the league table in 2024 reflects the spin-out of its Sandoz generics and biosimilars business in October 2023. Its core pharmaceutical business performed strongly, however, with the company reporting 12% growth of net pharma sales to $50.3bn. Novartis completed the spin-out of its Sandoz generics and biosimilars business in October 2023, focusing on its core pharmaceutical segment which reported 12% net sales growth to $50.3 billion in 2024.
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Q1 2024: CEO Vas Narasimhan believes CDK4/6 inhibitor breast cancer drug Kisqali (ribociclib) will help drive ongoing growth and could eventually reach annual sales of $8bn. Kisqali sales grew by 49% to $3bn in 2024. Novartis reported a 49% increase in sales of its breast cancer drug Kisqali (ribociclib), reaching $3 billion in 2024, with expectations for continued growth.
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Q1 2024: BMS is implementing cost-cutting plans with recently appointed CEO Christopher Boerner adding $2bn in cuts in 2025–2027 to a $1.5bn plan already in place since last year. Bristol Myers Squibb announced a new $2 billion cost-cutting initiative for 2025–2027 under CEO Christopher Boerner, supplementing an existing $1.5 billion plan.
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Q1 2024: He highlighted 'a multitude of important data readouts over the next 24 months with the potential to launch 10 or more new medicines and pursue over 30 indication expansion opportunities over the next five years.' Bristol Myers Squibb expects to launch 10 or more new medicines and pursue over 30 indication expansions in the next five years, based on upcoming clinical data readouts.
Pharmerging Market Segmentation Insights
Pharmerging Market Product Type Outlook
- Pharmaceuticals
- Medical Devices
- Diagnostics
- Biotechnology
- Generics
Pharmerging Market Application Outlook
- Therapeutic
- Diagnostic
- Preventive
- Research and Development
Pharmerging Market Disease Area Outlook
- Cancer
- Cardiovascular Diseases
- Respiratory Diseases
- Infectious Diseases
- Neurological Disorders
Pharmerging Market Business Model Outlook
- Branded Generics
- Biosimilars
- Innovative Therapeutics
- Diagnostics and Monitoring Devices
- Contract Research and Manufacturing Organizations
Pharmerging Market Distribution Channel Outlook
- Hospitals and Clinics
- Retail Pharmacies
- Online Marketplaces
- Wholesale Distributors
- Direct-to-Consumer
Pharmerging Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
|
Market Size 2024
|
 359.10 (USD Billion)
|
|
Market Size 2025
|
 392.57 (USD Billion)
|
|
Market Size 2034
|
 875.43 (USD Billion)
|
|
Compound Annual Growth Rate (CAGR)
|
 4.40% (2025 - 2034)
|
|
Report Coverage
|
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
|
|
Base Year
|
2024
|
|
Market Forecast Period
|
2025 - 2034
|
|
Historical Data
|
2020 - 2024
|
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Biocon, Cipla, Alembic Pharmaceuticals, Hetero Labs, Dr. Reddy's Laboratories, Lupin, Glenmark Pharmaceuticals, Torrent Pharmaceuticals, Intas Pharmaceuticals, Piramal Enterprises, Cadila Healthcare, USV, Aurobindo Pharma, Zydus Cadila, Sun Pharmaceutical Industries |
| Segments Covered |
Product Type, Application, Disease Area, Business Model, Distribution Channel, Regional |
| Key Market Opportunities |
Growing chronic disease prevalence rising healthcare expenditure increasing government support expanding health insurance coverage and technological advancements |
| Key Market Dynamics |
Market growth increasing demand government initiatives innovation and competitive landscape |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ):
The Pharmerging Market is projected to reach an impressive USD 300.42 billion in 2023.
The market is poised for substantial growth, with an anticipated valuation of approximately USD 875.43 billion by 2034.
The market is projected to exhibit a steady growth trajectory, with a CAGR of approximately 9.3% from 2023 to 2032.
The Asia-Pacific region is anticipated to lead the market, driven by factors such as rising healthcare expenditure and increasing prevalence of chronic diseases.
The market encompasses a wide range of applications, including disease prevention, diagnosis, treatment, and rehabilitation.
Key players in the market include pharmaceutical companies, biotechnology firms, and medical device manufacturers.
Factors such as increasing healthcare expenditure, technological advancements, and rising health consciousness are propelling market growth.
Challenges include regulatory complexities, intellectual property protection, and reimbursement issues.
Opportunities lie in emerging markets, personalized medicine, and advancements in digital health technologies.
Trends include precision medicine, data-driven healthcare, and the rise of value-based care.
