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Nephrology Drugs Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
Nephrology Drugs Global Market
According to The Business Research Company's, The nephrology drugs market size has grown strongly in recent years. It will grow from $16.18 billion in 2023 to $17.08 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to rising prevalence of chronic kidney diseases (ckd), advancements in drug development, increasing awareness and diagnosis, government initiatives and healthcare policies, increasing incidence of diabetes.
The nephrology drugs market size is expected to see strong growth in the next few years. It will grow to $21.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to emerging therapies and drug innovations, precision medicine and personalized treatment approaches, increasing healthcare expenditure, telehealth and remote patient monitoring, global health initiatives. Major trends in the forecast period include collaborations and partnerships, technological advancements in dialysis, advancements in treatment modalities, growing emphasis on early diagnosis and intervention, technological integration in nephrology management.
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Market Drivers and Trends:
The rising prevalence of chronic kidney disease is expected to propel the growth of the nephrology drugs market going forward. Chronic kidney disease (CKD) refers to damaged kidneys that are unable to filter blood as effectively as they should. because kidney damage develops gradually over a lengthy period of time. Wastes could accumulate in the body as a result of this injury. Nephrology drugs are primarily used in the treatment of chronic kidney disease to enhance kidney function and slow the disease, preventing it from doing more harm to the body, so these factors boost the nephrology drug market. For instance, in July 2022, according to reports shared by the Centers for Disease Control and Prevention (CDC), a US-based health protection agency, it was estimated that in the US, more than 37 million people were diagnosed with chronic kidney disease, which is more common in people aged 65 years or older (38 percent). Furthermore, according to the Kidney Foundation of Canada, a Canada-based non-profit organization, 4 million Canadians are suffering from kidney diseases. 35 percent of diabetic patients are the leading cause of kidney failure. These numbers are expected to rise in the future. Therefore, the rising prevalence of chronic kidney disease is driving the growth of the nephrology drug market.
Product innovation is a key trend gaining popularity in the nephrology drug market. Major companies operating in the nephrology drug market are innovating new products and drugs to sustain their position in the market. For instance, in March 2022, Zydus Lifesciences Limited., an Indian-based pharmaceutical company, launched OxemiaTM (desidustat) for chronic kidney disease (CKD). It is an oral, small-molecule hypoxia-inducible factor-prolyl hydroxylase (HIF-PH) inhibitor with a convenient therapeutic option for the treatment of anemia. And approved by the Drug Controller General of India. in Phase III clinical trials It demonstrated good safety profiles, hepcidin downregulation, better iron mobilization, and a reduction in LDL-C in chronic kidney disease patients. Also, by providing treatment at a reasonable price and enhancing patients quality of life, this will lessen the burden of disease.
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Major Key Players of the Market:
AstraZeneca plc; AbbVie Inc.; Akebia Therapeutics Inc.; Amgen Inc.; F. Hoffmann-La Roche AG; FibroGen Inc.; Johnson And Johnson; Pfizer Inc.; GlaxoSmithKline plc; Teva Pharmaceutical Industries Limited; Boehringer Ingelheim International GmbH; Reata Pharmaceuticals Inc.; Ardelyx Inc.; Novo Nordisk A/S; Novartis AG; Baxter International Inc.; Bristol Myers Squibb Company; Kissei Pharmaceutical Co. Ltd.; Kyowa Kirin Co. Ltd.; Mallinckrodt Pharmaceuticals; OPKO Health Inc.; Sanofi S.A.; Takeda Pharmaceutical Company Limited; Vifor Pharma Group; Bayer AG; Amicus Therapeutics; Chugai Pharmaceutical Co. Ltd.; Otsuka Pharmaceutical Co. Ltd.; Mylan N.V.; Endo Pharmaceuticals plc
Nephrology Drugs Market 2024 Key Insights:
• The nephrology drugs market will grow to $21.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Addressing The Silent Epidemic The Growing Prevalence Of Chronic Kidney Disease Fuels Expansion In The Nephrology Drugs Market
• Zydus Lifesciences Introduces Oxemiatm A Novel Hif-Ph Inhibitor Elevating Treatment Options In The Nephrology Drug Market
• North America was the largest region in the nephrology drug market in 2023
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