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Key market segments


The overall performance of the corporate meetings and events industry in particular, is determined to a considerable extent by the prevailing market conditions experienced in a number of key client sectors.


-­‐ Pharmaceuticals


For the pharmaceuticals industry in Europe, the EspicomOutlook for Pharmaceuticals report predicts that the leading markets are projected to average a Compound Annual Growth Rate of 2.1 percent in US dollar terms up to 2016, which will represent a combined pharmaceutical market value of over US$240 billion. Demand for pharmaceutical products is set to increase over the coming years in order to fulfil the health needs of the ageing population. However, as governments increasingly introduce or expand generic substitution as a cost-­‐containment measure, the trend towards generics is set to continue, with several major patent expiries coming up. In addition, recent austerity measures, introduced to deal with the impact of the economic recession, have included drug price cuts or discounts in markets such as France, Germany, Greece, Italy and Spain. These price cuts could limit market growth in Europe. More positively, according to the Espicom report, the hospital market is expected to be the main driver of growth in Western European markets, with increasing investment in expensive, innovative products to treat chronic diseases, such as cancer. The investment from hospitals into new drugs should offset the falling prices of mature drugs that are soon to go off patent. There are also opportunities to further explore biotechnology advances and reformulations, which will drive the market forward in the long term.


But is the emerging economies of China, India and Brazil that are predicted to be the fastest growing regions among developing countries for the pharmaceutical industry. Ageing populations, growth of chronic diseases, expanding healthcare insurance coverage, urbanisation and increasing investment in rural healthcare services are major drivers for growth, according to the Global Pharmaceutical Industry Outlook Survey for 2011–2012.


-­‐ Automotive


As a consequence of the massive structural change in the automotive industry that followed the global economic meltdown of 2008, the landscape is widely expected to be ruled by global automakers and suppliers based in the six major auto markets – China, India, Japan, Korea, Western Europe and the US. But we are witnessing a radical shift in the location of production facilities, with automakers continuing to shift their production facilities from high-­‐cost regions such as North America and the European Union to lower-­‐cost regions such as China, India and South America. As a result, China and South America together are projected to represent more than 50 percent of growth in global light vehicle production in the auto industry by 2015, according to the Zacks Equity Research Auto Industry Stock


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