Japanese Pharmaceutical Market Value Edging Towards $80 Billion by 2020; Finds New Report
Market Research Reports, Inc. has announced the addition of “CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - Japan” research report to their website http://www.MarketResearchReports.com
Lewes, DE -- (SBWire) -- 03/31/2015 --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, driven by new product launches and the healthcare burden of the country's aging population, according to new report.
However, the company's latest report states that the Japanese government's promotion of generic drugs, its biennial pricing review system and the depreciation of the yen against the dollar will be limiting factors in what is the second largest mature pharmaceutical market in the world by value.
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 Publisher expects a steady period of recovery to follow.
Senior Analyst 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, Publisher states that increased use of generic drugs will be a key contributor to the forthcoming period of slow growth to 2020.
Senior Analyst continues: "In 2008, generics accounted for 19% of the pharmaceutical space in terms of volume, rising to 25.2% in 2013. Japan has set a goal for generics to account for 60% of all drug use by 2017.
To this end, the Ministry of Health, Labor and Welfare announced new price cuts in 2013 for drugs with generic replacement of less than 60%, a move which is likely to limit future growth in the pharmaceutical arena.
CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - Japan report provides information on the healthcare, regulatory, and reimbursement landscape in Japan. It includes annualized data on the pharmaceutical and medical device sectors from 2013 and forecast to 2020, plus an analysis of key market drivers and barriers.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by Publisher's team of industry experts.
For further information on this report, please visit- http://www.marketresearchreports.com/globaldata/countryfocus-healthcare-regulatory-and-reimbursement-landscape-japan
Find all Healthcare Reports at: http://www.marketresearchreports.com/healthcare
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