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Home » Report: Asia-Pacific solid tumors market to reach $2.3 billion by 2019

Report: Asia-Pacific solid tumors market to reach $2.3 billion by 2019

October 7, 2013
CenterWatch Staff

Research and Markets, a producer of international market research reports and market data, has found 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%

According to the Solid Tumors Market in Asia Pacific to 2019 report, the fastest growing market for solid tumors in the  region is 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%), primarily due to stricter pricing regulations and recent price cuts.

The average cost of treatment for the four cancer types also is estimated to grow from $4,001 in 2012 to $6,212 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, senior analyst, said 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 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, said 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.

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