Kidney Cancer Drugs Market Poised To Witness Significant Growth Due To Rising Prevalence Of Kidney Cancer
The global kidney cancer drugs market is complex in nature owing to the involvement of various products and combination therapies targeting different stages of renal cell carcinoma. Kidney or renal cell carcinoma (RCC) is the most common type of kidney cancer in adults. Renal cell carcinoma begins in the renal tubular epithelial cells and accounts for approximately 90% of kidney cancers. Drugs to treat kidney cancer work by interfering with the growth and spread of cancer cells. Some key products include Avastin, Inlyta, Nexavar, Sutent, and Votrient.
The global kidney cancer drugs market is estimated to be valued at US$ 2.1 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising prevalence of kidney cancer due to genetic factors, obesity, smoking, and unhealthy diet is a major driver augmenting the growth of kidney cancer drugs market. According to estimates by Cancer Research UK, kidney cancer incidence rates have increased by around 50% in the UK over the last 10–15 years. In 2022, it is estimated that over 13,000 new cases of kidney cancer would be diagnosed in the UK. Additionally, advancement in targeted therapy options and availability of combination regimens have expanded treatment landscape thereby proliferating the market growth. However, high cost of targeted therapy drugs and side effects associated with chemotherapy remain a challenge.
SWOT Analysis
Strength: Kidney cancer drugs like checkpoint inhibitors have shown promise in improving patient outcomes. Several clinical trials are evaluating the effectiveness of immunotherapy drugs against kidney cancer. The introduction of new targeted therapies and combination regimens are expanding treatment options.
Weakness: Kidney cancer drugs come with significant financial toxicity as many novel drugs are very expensive. Adverse effects of immunotherapy drugs like autoimmune reactions and increased risk of other cancers are concerns. Not all patients respond well to immunotherapy.
Opportunity: Technological advances in precision medicine allow for more accurate diagnosis and identification of molecular subtypes. This enables development of personalized treatment approaches. Growing elderly population is increasing the prevalence of kidney cancer, driving the demand for innovative drugs.
Threats: Expiry of patents for major drugs will increase competition from generic versions. Stringent regulatory approval process delays market entry of new drugs. Side effects and safety issues of immunotherapy drugs reduce compliance and treatment effectiveness in some patients.
Key Takeaways
The global Kidney Cancer Drugs Market Share is expected to witness high growth over the forecast period of 2024 to 2030. The introduction of several targeted therapies and combination regimens to treat advanced renal cell carcinoma has expanded treatment options in recent years.
Regional analysis: North America currently dominates the global market due to high adoption of premium-priced drugs. The region is expected to maintain its leading position over the forecast period. Asia Pacific is projected to be the fastest growing regional market driven by rising healthcare expenditure and increasing incidence of kidney cancer in countries like China and India.
Key players: Key players operating in the kidney cancer drugs market include Pfizer, Novartis, Merck & Co, Exelixis and Bristol Myers Squibb. Pfizer leads the market with its blockbuster drug Sutent (sunitinib), while other major drugs include Afinitor (everolimus) by Novartis and Nexavar (sorafenib) by Bayer. These companies are investing in developing targeted therapies and immunotherapies to treat advanced renal cancer.
For more insights, read- https://www.newsstatix.com/kidney-cancer-drugs-market-trends-size-and-share-analysis/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/plant-based-meat-market-growth.html
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