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Asia-Pacific Solid Tumors Market to Reach $2.3 Billion by 2019: GBI Research
9/25/2013 8:40:34 AM
NEW YORK (GBI Research), 25 September 2013 -- The Asia-Pacific solid tumors treatment markets – bladder, ovarian, pancreatic and prostate cancers – is expected to grow from $1 billion in 2012 to $2.3 billion in 2019, at a Compound Annual Growth Rate (CAGR) of 12.3%, forecasts business intelligence provider GBI Research.
According to the company’s latest report, the fastest growing market for solid tumors in the Asia-Pacific region will be Australia, achieving an expected CAGR of 13.9% by the end of the forecast period. A slower growth rate is expected in India (9.7%) and China (5.5%), due primarily to stricter pricing regulations and recent price cuts.
The average cost of treatment for the four cancer types mentioned previously is also estimated to grow from $4,001 in 2012 to $6,212.5 by 2019, at a CAGR of 6.5%. The cost of treatment in Australia will be even higher, increasing from $3,703 in 2012 to $7,576 by 2019, at a CAGR of 10.8%, driven mainly by better access and speedier launches of new drugs in the country.
Vijaya Vulapalli, GBI Research’s Senior Analyst, says: “The solid tumors treatment market is expected to show modest growth over the forecast period due to recent drug approvals and expected product launches for ovarian, pancreatic and prostate cancers. These new approvals, which have occurred in the last two years, have the potential to influence disease treatment patterns and may therefore have an effect on market size.”
With the Chinese government’s ambitious plans for healthcare reforms, access to healthcare facilities and drugs is expected to increase in the coming decade, which could be a major driver for the solid tumors market, although pricing regulation in China and India could restrict potential growth.
“In recent years, several attempts were made by the pricing and regulatory bodies in both India and China to improve access and affordability of innovative drugs. In late 2012, Indian government approved regulations to cap prices of 348 drugs on the Essential Drugs List (EDL). Additionally, manufacturers are required to price their drugs below the ceiling price, which is fixed by taking an average cost of all drugs that have more than 1% market share,” says Vulapalli.
However, a number of recent drugs have been approved in Australia and Japan, including Afinitor, Avastin, Jevtana, Sutent and Zytiga, which could trigger a shift in the treatment paradigm in the foreseen future.
*Solid Tumors Market in Asia Pacific to 2019 - New Drug Approvals and Anticipated Product Launches to Trigger a Shift in Treatment Paradigm to Targeted Therapies
This report analyzes treatment usage patterns, market characterization, pipeline analysis and key licensing and co-development deals in bladder cancer, ovarian cancer, pancreatic cancer and prostate cancer treatment in the four APAC markets of Australia, China, India and Japan.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GBI Research’s team of industry experts.
-ABOUT GBI RESEARCH-
GBI Research is a market-leading provider of business intelligence reports, offering actionable data and forecasts based on the insights of key industry leaders to ensure you stay up-to-date with the latest emerging trends in your markets.
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