The global healthcare market is projected to reach USD 10.059 trillion by 2022, up from 7.5 trillion in 2016.
That’s a lot of zeroes. The pie will continue to grow as we continue to age. The need for new forms of treatment and devices improving health outcomes won’t be slowing down any time soon. However, this growth will be coming from new sources.
One of these are, what industry players in the Life Sciences space colloquially refer to as, the “pharmerging markets.”
The three geographical areas which typically fall under this designation are Southeast Asia, Latin America, and Africa. Each present varying conditions which will create new business opportunities. They share a common trait – despite not being close to equaling the volume of more traditional markets, their growth rate eclipses them.
Source: Frost & Sullivan, Torreya Partners
Let’s put the above figures in perspective. Three countries out of the top five in the graphic above are pharmerging markets – China, Brazil & Mexico. China is already the second largest Life Sciences market in the world, trailing only the United States. While these countries are not there yet in terms of volume, their growth outpaces that of the more mature markets.
This can be attributed to the relative stability of these regions, with legislative changes in recent years welcoming foreign investment and imports. Countries such as Brazil possess a great infrastructure for R&D and production. To boot, a growing middle class with money to spend on medication spurs demand.
Simply put, business in these parts of the world is good. Localization buyers and language service providers alike should be factoring this into their future growth strategies while curating existing business in mature markets such as the US or Japan.
If you wish to learn more about the Life Sciences market, read on the full report on Life Sciences available to Nimdzi Partners.
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