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, according to a report from research and consulting firm GlobalData.
The growth will be driven by new product launches and the healthcare burden of the country’s aging population. However, the report adds 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 GlobalData expects a steady period of recovery to follow.
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