The kidney cancer drugs market is estimated to be valued at US$ 6.2 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Kidney cancer drugs are predominantly used for the treatment of renal cell carcinoma, which is the most common type of kidney cancer. Kidney cancer drugs inhibit tumor growth and stop cancer cells from multiplying. The rising prevalence of kidney cancer globally drives the demand for kidney cancer drugs.
Market key trends:
One of the key trends driving the growth of the kidney cancer drugs market is rising incidence of renal cell carcinoma. According to the National Kidney Foundation, renal cell carcinoma accounts for approximately 90% – 95% of kidney cancers. The incidence rates of renal cell carcinoma are estimated to be on the rise globally. Additionally, advancements in drug development for better treatment outcomes are also fueling the market growth. Many pharmaceutical companies are investing heavily in research & development activities to develop novel kidney cancer drugs with higher efficacy and fewer side effects. This is expected to create lucrative opportunities for players in the kidney cancer drugs market over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires huge investment in R&D for developing new drugs. Further, the stringent regulations for approval of new drugs act as barriers.
Bargaining power of buyers: The bargaining power of buyers is low as the treatment options are limited and the drugs available are focus of specialist cancer care hospitals and clinics.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the key players have to depend on suppliers of active pharmaceutical ingredients and raw materials for production.
Threat of new substitutes: There exists a low threat of new substitutes due to limited line of treatment available and high investment required for developing new drug molecules.
Competitive rivalry: Intense due to presence of major pharmaceutical companies.
SWOT Analysis
Strength: Wide product portfolio and strong pipeline, presence across major markets, focus on R&D.
Weakness: Heavy dependence on few blockbuster drugs, patent cliffs, high development costs.
Opportunity: Rising incidence of kidney cancer globally, potential in emerging markets, partnerships and collaborations.
Threats: Price erosion, generic competition, stringent regulations.
Key Takeaways
The Global Kidney Cancer Drugs Market Size is expected to witness high growth, exhibiting CAGR of 6.4% over the forecast period, due to increasing incidence of kidney cancer worldwide. The US market held the largest revenue share in 2023 and is projected to maintain its dominance during the forecast period.
Regional analysis Asia Pacific is projected to be the fastest growing region during the forecast period due to improving healthcare infrastructure and increasing healthcare expenditure.
Key players operating in the Kidney Cancer Drugs market are Pfizer Inc., Novartis International AG, Genentech, Inc., Active Biotech AB, Amgen Inc., Bayer AG, Cipla Limited, Hoffmann-La Roche AG, Bristol-Myers Squibb Company, Eisai Co., Ltd., and Exelixis, Inc.
For More Insights, Read: https://www.newswirestats.com/kidney-cancer-drugs-market-demand-growth-and-regional-outlook-by-2030/
