Healthcare infrastructure development and increased funding are likely to drive demand for pharmerging. WILMINGTON, Del. , July 26, 2024 /PRNewswire/ -- The pharmerging market accounted for US$ 2.
1 billion in 2023 . It is expected to advance at a CAGR of 11.6% from 2024 to 2034 and reach US$ 7.
1 billion by the end of 2034. Pharmaceuticals are in higher demand to manage and treat chronic diseases, including diabetes, cardiovascular disease, and cancer, as they become more prevalent in emerging economies. The pharmerging market, comprises of nations such as Brazil , Russia , India , and China (BRIC) and other rapidly emerging economies, these have dynamic environment with multiple opportunities and challenges.
These countries account for 40% of the world's population, with a growing middle class and an increasing prevalence of chronic diseases, driving demand for pharmaceuticals. The rapid growth in healthcare expenditures in these markets contrasts sharply with the relatively sluggish growth in G7 countries, showing the shift in global healthcare spending toward pharmerging economies. The pharmaceutical sector of these countries is rapidly developing.
For example, Indian pharmaceutical business, is already the world's third-largest in terms of volume, is forecast to increase significantly in coming period. Similarly, patent registrations in China and Brazil are rapidly increasing, indicating more industry innovation and competitiveness. This expansion is aided by technology de.