This is the second of a three-part series analyzing the Rx Market´s prospects through 2035.
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With an expected global valuation of 1,8 trillion US$ in 2035, the Rx market is likely to continue to grow considerably over the next few years. Continue reading to discover the trends that will guide the growth of the Rx market, and to see if your company strategy is suitable for the evolution of this industry.
Map: Global Rx Market Growth (2035 prospect)
Read the previous article at this link: The Future of Prescription Markets in the world in 2035: Latin America – Chameleon Pharma Consulting
The General Evolution of the Rx Market
The prescription market was worth 1 trillion USD in 2020, and even with the COVID-19 pandemic, it is expected to recover very quickly and reach a total value of 1,8 trillion USD in 2035, experiencing an average growth rate of 4% globally.
The pandemic has amplified different trends regarding the use of prescription products that vary from region to region.
Here is an overview of the Asian Rx market, a region with high potential, and its future development, so that you can hold all the cards to best prepare your international strategy.
Infographic: Global Rx Market
Growing middle class: the rise of prescriptions
The growth of specific segments in Asia is directly linked to the evolution of its lifestyle and demographics. The expansion of the middle class in the continent in addition to its increasing purchasing power and access to healthcare and medicine will ensure the growth of the prescription market in the next 15 years. Private healthcare spending by urban Chinese patients will grow at 11.6% a year for the next two decades, offering huge opportunities for pharmaceutical companies and healthcare providers. The prescription market in Asia should, according to our forecast, be valued at USD 443 billion in 2035, equating to 23,98% of the global prescription market, surpassing the European market by more than USD 100 billion.
An Aging Population and New Diseases
The population in Asian countries is aging, which explains the rise of chronic conditions and the need for prescription drugs that OTC products alone can not cure. In China, the proportion of the population aged 60 years or more will increase to 28% in 2040, compared to 12,4% in 2010. Diseases like cancer or cardiovascular diseases should account for 80% of all deaths in people aged over 60 years old in the near future.
China Rx Market Insights
There is a greater uptake and use of new original medicines offset by pressures on off-patent and generic pricing. China’s growth remains the largest driver among emerging countries, driven by a shift in the types of products used and the use of new medicines. Furthermore, the aging population and the expanding middle class are also positive factors for the future growth of the prescription market in this high-potential country.
How Chameleon Pharma Consulting Group can support you to expand your business internationally:
We offer systematic country analysis and selection in Latin America, as well as partner identification services to assist you to identify the best-fitting country and segment for your current portfolio and expansion goals. Our services can support you to expand your business internationally and be best prepared for the future of the prescription market. If you want to learn more about expanding your business in Asia, contact us today!