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Sorafenib Market Size, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Sorafenib Market Size
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According to The Business Research Company's, The sorafenib market size has grown steadily in recent years. It will grow from $1.19 billion in 2023 to $1.24 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to favorable government policies and reimbursement programs, increasing approvals for new drugs, increasing apoptosis in cancer cells, rising incidence of target cancers, and growing research studies on sorafenib.
The sorafenib market size is expected to see steady growth in the next few years. It will grow to $1.47 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to the increasing incidence of thyroid cancer, increasing incidence of cancer, increase in prevalence of chronic diseases, increasing focus on precision medicine, and rising incidence of liver and renal cancers. Major trends in the forecast period include advancements in early diagnosis and treatment, innovations in alternative therapies, advanced hepatocellular carcinoma (HCC), technological innovations in drug delivery, and advanced renal cell carcinoma.
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Market Drivers and Trends:
The increasing prevalence of cancer is expected to propel the growth of the sorafenib market going forward. Cancer is a term used to describe a group of disorders in which abnormal cells grow and divide uncontrollably, with the potential to invade and harm healthy bodily tissue. The increasing prevalence of cancer is due to a combination of factors, including aging populations, lifestyle choices, environmental exposures, and advances in diagnostic technology that lead to more cases being detected. Sorafenib, a multi-kinase inhibitor, plays a crucial role in cancer treatment by targeting key signaling pathways involved in tumor growth and angiogenesis, providing an effective therapeutic option for patients with advanced renal cell carcinoma and hepatocellular carcinoma. For instance, in January 2023, according to the National Center for Biotechnology Information, a US-based intergovernmental organization, around 1,958,310 new cancer cases and 609,820 cancer deaths occurred in 2023. Therefore, the increasing prevalence of cancer is driving the growth of the sorafenib market.
Major companies operating in the sorafenib market are focusing on developing innovative products, such as sorafenib tablets in affordable generic medicines, to enhance efficacy and patient compliance while addressing specific needs in cancer treatment. Affordable generic medicines are medications that offer the same therapeutic benefits as brand-name drugs but at significantly lower prices. These medicines help reduce healthcare costs while maintaining the same clinical efficacy as their brand-name versions. For instance, in June 2022, Dr. Reddy's Laboratories, an India-based company that manufactures pharmaceuticals, launched Sorafenib tablets, a generic product used in the treatment of various cancers, in the US market approved by the US Food and Drug Administration (USFDA). This product is a generic version of Bayer's Nexavar, used for treating various cancers, including liver, kidney, and thyroid. The Sorafenib tablets are available in 200 mg dosages and are packaged in bottles containing 120 tablets.
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Major Key Players of the Market:
Pfizer Inc., Bayer AG, AstraZeneca PLC, Novartis AG, Bristol Myers Squibb , Mylan N.V., Teva Pharmaceutical Industries Ltd., Astellas Pharma Inc., Amgen Inc., Cipla Limited, Hikma Pharmaceuticals PLC, Dr. Reddy's Laboratories Ltd., Exelixis Inc., Natco Pharma, Beacon Pharmaceuticals Ltd., Hetero Healthcare Ltd., Aprazer Healthcare Private Limited, Wellona Pharma, Anant Pharmaceuticals Pvt. Ltd., Intelicure Lifescience
Sorafenib Market 2024 Key Insights:
• The sorafenib market size is expected to see steady growth in the next few years. It will grow to $1.47 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%.
• Rising Cancer Prevalence Fuels Growth In The Sorafenib Market An Overview Of Current Trends And Future Projections
• Advancements In Sorafenib Tablets Enhancing Efficacy and Patient Compliance in Cancer Treatment
• North America was the largest region in the sorafenib market in 2023
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