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This level of growth-a compound annual growth rate of 4-7 percent on a constant currency basis-will be slightly higher than the 5.2 percent recorded over the past five years, as the introduction of new specialty medicines and increased accessibility for patients coincides with lower impacts from patent expiries in developed markets.
Global economic recovery continued in 2013 and is expected to strengthen during the first half of the forecast period
The report also points that significant downside risks remain due to uneven economic recovery in Europe, political tension in Russia, and recent events in Africa and the Middle East
The global population aged 65 and over will grow faster than any other age segment, and will account for almost 30 percent of overall population growth in the next five years
Strong economic recovery in the US and recent healthcare reform have already had a positive impact on the use of medicines and will grow the market through the first half of the forecast period
Drug spending in Europe will remain limited by a weak economic recovery, low population growth, and continued efforts to reduce public debt, including healthcare and drug spend
Southeast and East Asia will grow at twice the global average, driven by population growth, rising incomes and improved access to healthcare
North America is said to continue to contribute the largest proportion to growth, but Asia seems to be gaining.
