Competition between Kidney Cancer Drugs Market Producers to Intensify Further, Expansion of Distribution Networks to Play Catalyst, Reports TMR
Increasing Pool of Kidney Cancer Patients Creates Huge Demand
A substantial rise in the prevalence of kidney cancer has been witnessed across the world. According to SEER program of the U.S. National Cancer Institute, a total of 358,603 U.S. residents were diagnosed with renal pelvis and kidney cancer in 2011. By 2014, SEER estimated the pool of kidney cancer patients in the U.S. alone to reach a number of approximately 64,000.
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The increase in tobacco consumption, rise in the global base of the geriatric population, growing prevalence of obesity, and various genetic and hereditary issues are the key factors behind this rise in the pool of kidney cancer patients in the U.S. and across the world. “This significant surge in the patient pool has created a huge demand for kidney cancer drugs, which is likely to remain the main cause fuelling this market over the next few years,” states an analyst at TMR.
In addition, the recent approval of novel targeted drugs and therapies for the treatment of kidney cancer is projected to have a positive influence on the global kidney cancer drugs market in the forthcoming years, notes the study.
High Cost of Kidney Cancer Drugs to Impede Sales
Although the demand for kidney cancer drugs is witnessing a steady rise, its growth trajectory may face obstructions in the near future due to the high cost of these drugs. For a monthly dose, the prices for various cancer treatment drugs, including kidney cancer drugs, range from US$5,000 to approximately US$100,000, which makes them less affordable for general people.
As a result, the preference of generic drug variants has been increasing across the world, which is likely decrease the sale of kidney cancer drugs in the long run, creating a negative impact on the market’s growth rate.
Asia Pacific to Present Lucrative Opportunities for Market Growth
According to TMR, the opportunity presented by the global market for kidney cancer drugs was worth US$2.6 bn in 2013. Increasing at a CAGR of 6.60% between 2014 and 2020, the market is anticipated to reach a valuation of US$4.5 bn by the end of the forecast period.
With a revenue of US$1.2 bn, North America emerged as the key regional contributor to this market in 2013. The region is anticipated to remain dominant throughout the period of forecast. The most promising opportunities, however, will be presented by Asia Pacific in the coming years. The revenue generated by kidney cancer drugs in this region is likely to expand at a CAGR of 7.90% between 2014 and 2020.
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Transparency Market Research is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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