by The global 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, also known as renal cancer, refers to cancer that originates in the tissues of the kidney. The three main types of kidney cancer include renal cell carcinoma, transitional cell carcinoma, and Wilms’ tumor. The incidence of kidney cancer has increased in the past few decades due to unhealthy lifestyle factors such as smoking, obesity, etc. Kidney cancer drugs help in controlling disease progression and disease relapse after surgery. These drugs include immunotherapy drugs, angiogenesis inhibitors, mTOR inhibitors, and cytotoxic chemotherapy drugs. Immunotherapy drugs work by stimulating the body’s immune system to fight cancer. Angiogenesis inhibitors prevent the growth of new blood vessels in tumors. mTOR inhibitors block mTOR pathway which helps cancer cells grow and divide. Cytotoxic chemotherapy drugs kills fast-growing cancer cells.
Market key trends:
The kidney cancer drugs market is witnessing significant growth due to increasing research and development activities by key players to develop innovative drugs with better efficacy and safety. For instance, targeted therapy drugs such as Cabozantinib, Lenvatinib which work by blocking pathways that help tumors grow have shown promising results. In addition, approval of combination therapies and usage of biomarkers to identify patients likely to benefit most from specific drugs is a key trend in the market. Furthermore, rising prevalence of kidney cancer due to changing lifestyle coupled with increasing healthcare expenditure worldwide is fueling the kidney cancer drugs market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the kidney cancer drugs market due to the presence of stringent regulations for drug approval and high R&D costs required for drug development.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of limited treatment alternatives and life-saving nature of drugs in the market.
Bargaining power of suppliers: The bargaining power of suppliers is high due to the presence of a large number of raw material suppliers and contract manufacturing organizations.
Threat of new substitutes: The threat of new substitutes is low as kidney cancer drugs have limited treatment alternatives.
Competitive rivalry: High due to the presence of many established players.
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 prevalence of kidney cancer worldwide.
Regional analysis: North America dominates the global kidney cancer drugs market and is expected to continue its dominance over the forecast period. This is attributed to high prevalence of kidney cancer in the region and high adoption of advanced diagnostic techniques and drug therapies. Asia Pacific exhibits the fastest growth rate owing to increasing healthcare spending and expansion activities of key market players in the region.
Key players: 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
