Albany, NY, June 21, 2018 (GLOBE NEWSWIRE) -- According to the report, the global kidney cancer drugs market will expand at a CAGR of 6.6% over the period between 2014 and 2020.
Rapidly Rising Global Geriatric Population to Drive Demand for Kidney Cancer Drugs
Some of the key factors expected to work in favor of the global kidney cancer in the next few years are the massive rise in the world population of geriatrics and the rising incidence rate of kidney cancer. The American Cancer Society states that kidney cancer is mostly seen in higher age groups. The average age of people diagnosed with the condition is 64 and is very uncommon among people under the age of 45. Owing to this, the rapidly rising global population of geriatrics is likely to create to a vast rise in demand for kidney cancer drugs in the near future.
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The steady approval of new drug varieties and rise in the number of companies ploughing in increased funds into R&D activities surrounding the development of new drug molecules is also expected to aid the growth of the market in the near future. On the flip side, the rising sales of generic medicines owing to the high costs of branded drugs is a key challenge ahead of the global kidney cancer drugs market.
North America Continues to Remain Lucrative Regional Market
Geographically, the market for kidney cancer drugs in North America is presently the most lucrative owing to the easy commercial availability of the most prominent and advanced varieties of kidney cancer treatment drugs in the region. Moreover, the large patient-base and the well-established healthcare sector also fare well for the North America kidney cancer drugs market. The region accounted for nearly 45% of the overall market in 2013.
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Of the key varieties of drugs in the global market, the global kidney cancer drugs market acquired the maximum share in its overall valuation from the sales of Sutent, which is a drug by Pfizer. This can be attributed to the fact that the drug is often prescribed as the first-line of treatment for patients suffering from kidney cancer. Moreover, as the drug is capable of targeting a variety of RTKs (receptor tyrosine kinases), it is one of the most studied medicine in its class for several indications.
With only a handful of large vendors accounting collectively for a large share, the vendor landscape of the global market for kidney cancer drugs can be viewed as largely consolidated and tough to crack for new vendors, observes Transparency Market Research in a recent report. The level of competition among leading players is also quite stiff.
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Among the leading players, Pfizer, Inc. accounted for the maximum share in the overall market in 2013, thanks to its blockbuster drugs Axitinib and Sunitinib. Other leading companies in the market, such as GSK and Novartis have moved their gaze to emerging economies in search for new, untapped growth opportunities as developed markets increasingly witness consumer inclination towards generics.
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