Japan's Schizophrenia Market to Double by 2022, Says Report
Japan’s schizophrenia treatment market value will see revenues doubling from $0.7 billion in 2012 to $1.4 billion by 2022 (a Compound Annual Growth Rate [CAGR] of 7.74%), says a new report from GlobalData.
Japan’s schizophrenia treatment market value will see revenues doubling from $0.7 billion in 2012 to $1.4 billion by 2022 (a Compound Annual Growth Rate [CAGR] of 7.74%), says a new report from GlobalData.
The report states that out of the seven major markets (the U.S., France, Germany, Italy, Spain, the UK and Japan), Japan will experience the greatest expansion over the forecast period, followed by the UK and France with CAGRs of 5.58% and 4.65%, respectively.
A key driver behind Japan’s schizophrenia market revenue growth will be the doubling of available therapy options between 2012 and 2022.
Kyle Nicholson of GlobalData says: “The Japanese schizophrenia market is young in comparison to those of the US and European (EU) countries. During the forecast period, [the country] will experience 11 new product launches and only five patent expirations. Disease management … involves using long-acting injectable (LAI) antipsychotics less often than the US and EU regions. However, the role of these drugs in schizophrenia treatment is undergoing a growing popularity … and we expect to see a rapid uptake of new LAI therapies in the country over the coming years.”
However, there are barriers to growth in this market in Japan, such as biennial price reduction and additional regulatory procedures. Nicholson adds: “Foreign drug applications must also be submitted in Japanese… [This] can result in delayed launches of new products and the temporary restriction of the most current medications until the requirements are met, subsequently posing a challenge to a higher level of market revenue growth by 2022.”
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