Erythropoietin Drugs Market will Rise at a Steady CAGR of 7.5% Between 2017 and 2025
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TMR has expected the global erythropoietin drugs market to grow at a 7.5% CAGR during the forecast timeframe 2017-2025 to be valued at a US$19.3 bn by the completion of 2025. As per drug application, the segment of cancer could attain a higher valuation in the coming years. In terms of region, the North America market has been foreseen to rank higher, taking cue from its US$4.2 bn valuation obtained in 2017.
Increasing Diagnostics of Chronic Diseases Assure of Unswerving Growth
The consistent rise in the rate of the diagnostics of chronic diseases has been foretold to promise a good momentum for the world erythropoietin drugs market in the near future. Published in peer-reviewed journal Annals of Oncology, an article had predicted the number 1,373,500 as a count of cancer deaths in the European Union (EU) for 2017. It bears the title “European cancer mortality predictions for the year 2017, with focus on lung cancer.” This denotes a high rise in the prevalence of cancer in the region. The application of erythropoietin drugs in cancer treatment could amount to a significant share in the foreseeable future owing to their strong pipeline.
The overall revenue of the world erythropoietin drugs market has been predicted to be vitally contributed to with the surging rate of chronic kidney disease and other renal ailments. The drug application segment of renal disease could witness a propelling growth in the market because of notable mutation rates, which are a major cause of renal disease.
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Lack of Capping on Prices of Erythropoietin Drugs Causes Demand to Dwindle
The international erythropoietin drugs market has been envisioned to be hampered by the lack of price cap regulations in some parts of Europe. The lack of price capping could be chiefly observed in hospital laboratories functioning in the region. The global market growth has been prognosticated to be hindered by substandard healthcare facilities in emerging economies of the world. The rise of the applications of erythropoietin drugs could be slowed down in developing nations due to the lack of the diagnosis of chronic diseases in rural areas.
Nonetheless, the international erythropoietin drugs market has been prophesied to rise above the challenges for the reason that the drugs are considered as a preferred treatment on account of their fewer side effects. Furthermore, the application of erythropoietin drugs in the treatment of anemia could set the tone for a boosted growth in the market. More opportunities have been expected to take shape in the coming years considering the better outcomes achieved in clinical trials and precise clinical testing enabled due to the unique design of erythropoietin drugs.
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