The global Kidney Cancer Drugs Market Size 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Kidney cancer drugs are used in the treatment of renal cell carcinoma (RCC), which is the most common type of kidney cancer in adults. These drugs include immunotherapy, targeted therapy and chemotherapy. Immunotherapy drugs boost the body's natural defenses to fight kidney cancer. Targeted therapy drugs target the specific vulnerabilities within tumor cells. Chemotherapy involves using drugs to kill cancer cells.

Market Dynamics:
The rising incidence of kidney cancer across the globe acts as a key driver for the kidney cancer drugs market. According to Cancer Statistics, 2020, kidney cancer ranks 7th and accounts for about 3.8% of all new cancer cases in the US. Furthermore, rising geriatric population also contributes to the growth of the market as kidney cancer is more prevalent in older adults. For example, according to Population Reference Bureau, the number of Americans aged 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060. This rise in aging population will increase the patient pool for kidney cancer. Moreover, increasing healthcare spending in developing countries provides opportunities for the market players to expand their presence in these regions. However, the high cost of targeted drugs for advanced kidney cancer acts as a major restraint in the market.

SWOT Analysis

Strength: Kidney cancer drugs have significantly improved survival rates of patients over the past decade. Many new drugs such as immunotherapy drugs, targeted therapy drugs etc. have shown promising results in clinical trials. The rising funding for R&D of advanced kidney cancer treatment options is driving innovation.

Weakness: Kidney cancer drugs are very expensive which limits their widespread adoption. The side effects of many new drugs can reduce patient compliance. Late diagnosis of kidney cancer remains a major challenge.

Opportunity: The increasing incidence of kidney cancer worldwide presents a huge market potential. Expanding insurance coverage and access to healthcare in developing nations will boost the demand for effective drugs. Growing elderly population susceptible to kidney cancer augurs well for market growth.

Threats: Patent cliffs of blockbuster drugs result in revenue decline for companies. Lower priced generics severely impact sales of innovator companies. Stringent regulatory processes for drug approval delays market entry of pipeline drugs.

Key Takeaways

The global kidney cancer drugs market is expected to witness high growth, exhibiting CAGR of 6.4% over the forecast period, due to increasing incidence of kidney cancer and supportive government initiatives for effective treatment.

Regional analysis

North America currently dominates the global kidney cancer drugs market owing to high healthcare spending and widespread adoption of advanced drugs. The Asia Pacific region is anticipated to exhibit the fastest growth during the forecast period, with China and India emerging as highly lucrative markets due to rising healthcare investments, growing disposable incomes and expanding patient population.

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. Key players are making significant R&D investments to develop novel treatment options and targeted therapies for better outcomes. Partnerships and licensing deals are also rampant in the industry.

Read More: https://www.rapidwebwire.com/targeted-therapy-is-driving-growth-in-the-kidney-cancer-drugs-market/