“The Asia-Pacific erythropoietin market is growing at a significant pace owing to the large patient pool and presence of numerous companies engaged in erythropoietin drugs development” says RNCOS
The growth of the erythropoietin market is likely to be focused around Asia-Pacific. According to a new report published by RNCOS, named, “EPO Biosimilars – The Future of Erythropoietin Market”, major reason for the high growth is the precipitously increasing uptake of erythropoietin biosimilars in this market. The low cost and good efficacy of erythropoietin biosimilars is helping them to gain value in Asia-Pacific. Countries such as India, China, Korea, and Vietnam are highly price sensitive market, and have shown remarkable erythropoietin biosimilar uptake.
Another factor driving the erythropoietin market is increasing incidences of anemia due to chronic kidney diseases and cancer in these economies. In this regard, in 2015, there were 7.4 Million incidences of cancer in Asia. This number is projected to reach 8.4 Million by 2020. Moreover, according to an article published in Economic Times, 16% of the population of India suffered from CKD in 2015. This share is estimated to increase by several folds in the coming years.
The increasing disposable income is also propelling the growth of the global erythropoietin market. The per capita gross national disposable income of India increased by 12% from the fiscal year 2012-13 to 2013-14, and by 8.8% from 2013-14 to 2014-15 . Similarly, in 2015, the national per capita disposable income of China increased by 8.9% (nominal terms) or 7.4% (real terms) over previous year to reach US$ 3,390.68 (21,966 Yuan). This increase is suggestive of the fact that people in these emerging nations can go for the best possible options for treatment in order to improve their quality of life. Therefore, the rising disposable income is bringing erythropoietin drugs within the reach of people in this region of the world.
Moreover, a number of erythropoietin biosimilars are being manufactured by companies based in Asia-Pacific. This high number of biosimilars manufactured in Asia-Pacific countries can be attributed to the less stringent local policies or regulatory framework in these parts of the world. Such a loose structure has already fuelled the launch of modified biologics within the EPO markets in key countries of Asia-Pacific. Therefore, Asia-Pacific is offering considerable opportunities for the growth of global erythropoietin drugs market.
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