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Kinase Inhibitors Market Research Report 2024-2033 | Insights, Demand, Forecast
Kinase Inhibitors Market Research
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According to The Business Research Company's, The kinase inhibitors market size has grown strongly in recent years. It will grow from $58.49 billion in 2023 to $62.75 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to increasing prevalence of cancer, advancements in targeted therapy, rising healthcare expenditure, approval of new kinase inhibitors, and growing adoption of personalized medicine.
The kinase inhibitors market size is expected to see strong growth in the next few years. It will grow to $83.56 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to ongoing research and development activities, introduction of novel kinase inhibitors, expanding applications beyond oncology, increasing investment in biotechnology, and growing awareness about precision medicine. Major trends in the forecast period include expansion of precision oncology treatments, development of combination therapies, increasing focus on rare and hard-to-treat cancers, advancements in biomarker-driven drug development, and growing adoption of next-generation sequencing technologies.
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Market Drivers and Trends:
A rise in surgical processes is expected to propel the growth of the filter needle market going forward. Surgical processes refer to medical procedures performed by surgeons or medical professionals to treat diseases, injuries, or deformities through operative interventions. The increase in surgical procedures is due to advancements in medical technology, expanded access to healthcare services, and the growing prevalence of chronic diseases requiring surgical intervention for treatment. Filter needles are used in surgical procedures to ensure the purity and sterility of medication solutions, protecting patient safety and reducing the risk of contamination or infection during surgeries. For instance, in March 2023, according to the British Association of Aesthetic Plastic Surgeons, a UK-based organization responsible for safety and education in cosmetic surgery, cosmetic surgical procedures performed in 2022 was 31,057 in the UK, marking a 102% increase from the previous year. Therefore, a rise in surgical processes is driving the growth of the filter needle market.
Major companies operating in the kinase inhibitors market are developing selective tyrosine kinase 2 (TYK2) inhibitors to address unmet needs in treating autoimmune and inflammatory diseases. Selective tyrosine kinase 2 (TYK2) inhibitors help treat cancer by modulating immune responses and reducing inflammation, which can enhance the body's ability to target and destroy cancer cells and create a less favorable environment for tumor growth. For instance, in September 2022, Bristol-Myers Squibb Company, a US-based pharmaceutical company, received approval of Sotyktu (deucravacitinib) by the U.S. Food and Drug Administration (FDA). Sotyktu is an oral selective tyrosine kinase 2 (TYK2) inhibitor designed to treat moderate-to-severe plaque psoriasis in adults who require systemic therapy or phototherapy. The introduction of Sotyktu represents a significant advancement in treating plaque psoriasis, offering a new option for patients who may not respond adequately to existing therapies.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd, Merck & Co. Inc., Bristol-Myers Squibb Company, AstraZeneca Plc, Abbott Laboratories, Novartis AG, GlaxoSmithKline PLC, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Teva Pharmaceutical Industries Ltd, Astellas Pharma Inc, Cipla Inc, Dr. Reddy's Laboratories Ltd, Endo International Inc., Amneal Pharmaceuticals LLC, Lupin Limited, Exelixis Inc, Glenmark Pharmaceuticals Ltd, Torrent Pharmaceuticals Ltd, Hutchison China MediTech Limited, Akorn Incorporated, Ocular Therapeutix Inc., Sierra Oncology Inc
Kinase Inhibitors Market 2024 Key Insights:
• The kinase inhibitors market size is expected to see strong growth in the next few years. It will grow to $83.56 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Rise In Cases Of Autoimmune Diseases To Expand Kinase Inhibitors
• Advances In Selective TYK2 Inhibitors Addressing Unmet Needs In Autoimmune Diseases And Cancer Treatment
• Asia-Pacific was the largest region in the kinase inhibitors market in 2023
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