India's Gastrointenstinal Market to Grow by 7.7% by 2019
The gastrointestinal (GI) therapeutics market for Irritable Bowel Syndrome (IBS), Ulcerative Colitis (UC) and Crohn’s Disease (CD) in the Asia-Pacific (APAC) region will increase in value from $564m in 2012 to $784m by 2019 (a CAGR of 4.8%).
The gastrointestinal (GI) therapeutics market for Irritable Bowel Syndrome (IBS), Ulcerative Colitis (UC) and Crohn’s Disease (CD) in the Asia-Pacific (APAC) region will increase in value from $564m in 2012 to $784m by 2019 (a CAGR of 4.8%), according to a new report from GBI Research.
The company’s latest report states that in the APAC region, comprising Australia, India, China, and Japan, India will experience the fastest growth during the forecast period, with a higher CAGR of 7.7%. This will be followed by the Chinese market, which is expected to achieve a CAGR of 6.4%.
This is at a time when the global GI market value is anticipated to decline from $6.8 billion in 2012 to $6.6 billion by 2019, at a negative CAGR of 0.3%, due to major patent expiries.
Any further revenue increase in India and China, however, will be hindered by low diagnosis rates, patent expiry of major marketed drugs, and reduced prescription of branded medicine, says GBI Research analyst Arti Singh.
“In the APAC region, especially in China, most of the GI market consists of herbal and other traditional Chinese medicines, resulting in very low market penetration for branded medicines,” says Singh. “There is also limited uptake of branded drugs in India, thanks to large prescriptions of generics, branded generics and herbal treatments instead, which will impede the region’s GI market ability to achieve greater sales by 2019.”
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