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Tepid Growth to Put Japan's Pharma Market at $80 Billion by 2020
February 26, 2015.
GlobalData reports that Japan’s pharmaceutical market value is set to grow at a "tepid Compound Annual Growth Rate (CAGR) of 1.3%" from $72.8 billion in 2013 to reach $79.8 billion by 2020.
The market was valued at $64.2 billion in 2008 and peaked at $88 billion in 2011, before a slight dip to $87.2 billion in 2012. A substantial drop in 2013 saw its value decrease by over $14 billion, but GlobalData expects a steady period of recovery to follow.
Joshua Owide, GlobalData’s Director of Healthcare Industry Dynamics, says: “Deregulation measures introduced in April 2005 have had an impact on overall market performance and more efficient drug reviews have facilitated the entry of new products. The approval process has now caught up with that outside of Japan, as highlighted by two approvals for Bristol-Myers Squibb, the Daklinza (daclatasvir) and Sunvepra (asunaprevir) dual regimen for hepatitis C, and Opdivo (nivolumab) for melanoma, prior to their approval by the US Food and Drug Administration.”
Aside from wider economic factors, such as currency exchange rates, GlobalData states that increased use of generic drugs will be a key contributor to the forthcoming period of slow growth to 2020.
For more on the GlobalData report, click here.
