GI market in APAC to witness growth: GBI
Posted on Jan 29 2014 | IBNS
New York, Jan 29 : Business intelligence provider GBI Research on Tuesday in a new report said that 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 USD 564m in 2012 to USD 784m by 2019, at a Compound Annual Growth Rate (CAGR) of 4.8 percent.
GBI'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 percent.
This will be followed by the Chinese market, which is expected to achieve a CAGR of 6.4 percent.
This increase will occur at a time when the global GI market value is anticipated to decline from USD 6.8 billion in 2012 to USD 6.6 billion by 2019, at a negative CAGR of 0.3 percent, due to major patent expiries.
Arti Singh, analyst for GBI Research, said, "As the most populated countries in the world, China and India account for a large usage of these drugs. Indeed, one of the major reasons behind the market growth in these locations, besides upcoming product launches, is a high number of patients, which will ultimately boost the size of the overall region's GI market."
However, any further revenue increase will be hindered by various barriers, including low diagnosis rates, the patent expiry of major marketed drugs, such as Humira, and reduced prescription of branded medicine.
Singh added, "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."
"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," the analyst said.