A new market research report has highlighted the APAC region as an area of significant growth for the global sexual dysfunction drugs market. The global market is predicted to grow at a CAGR of nearly 3% between 2017 and 2021, research firm Technavio said on Wednesday.

The report encompasses market outlook and growth prospects. As well as geographical territories, Technavio's research split the market into four therapy segments: oral therapy, intracavernosal therapy, hormonal therapy, and transurethral therapy.

Oral therapies proved to be the most lucrative, amassing close to 74% of the market share in 2016. Meanwhile, APAC is undergoing a sexual dysfunction drug boom thanks to higher rates of disposable income, which results in the increased affordability of such drugs, especially in countries such as China, India and the Philippines.

The global market is driven by the rising incidence of diseases including diabetes, cardiovascular diseases (CVD), psychiatric or psychological disorders such as depression, and Parkinson's disease, as well as chronic diseases such as prostate cancer, all of which accelerate the development of sexual dysfunctions.

Sapna Jha, a lead analyst at Technavio for cardiovascular and metabolic disorders research, said: "The global sexual dysfunction drugs market offers both branded and generic drugs.

"This increases patient access to these medicines as the patient has a wide range of options to choose from, from low-cost drugs to high-cost drugs. The high cost of some of the branded drugs is due to high development cost and cost incurred during legal procedures to market those drugs."