Press release
Sorafenib Market Size Projected To Reach $1.52 Billion By 2034 With A Cagr Of 4.2%
Sorafenib
What Is the Projected Growth of the Sorafenib Market?
The sorafenib market size will grow from $1.24 billion in 2024 to $1.3 billion in 2025 at a compound annual growth rate (CAGR) of 4.4%. This market growth is attributed to favorable government policies, increased drug approvals, apoptosis promotion in cancer cells, rising cancer incidences, and research on sorafenib.
The sorafenib market is expected to grow to $1.53 billion by 2029, at a CAGR of 4.2%. Growth is driven by increasing cancer incidences, especially thyroid, liver, and renal cancers, the rise in chronic diseases, a focus on precision medicine, and advancements in early diagnosis and treatment. Major trends include innovations in alternative therapies, hepatocellular carcinoma (HCC) advancements, drug delivery technology improvements, and renal cell carcinoma developments.
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What Are the Different Sorafenib Market Segments?
The sorafenibmarket covered in this report is segmented -
1) By Product: Patented Drugs, Generic Drugs
2) By Distribution Channel: Hospital Pharmacies, Drug Store And Retail Pharmacies, Online Pharmacies
3) By Application: Kidney Cancer, Liver Cancer, Thyroid Cancer
Subsegments:
1) By Patented Drugs: Nexavar
2) By Generic Drugs: Generic Sorafenib Tosylate, Other Generic Variants
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What Are the Primary Drivers Shaping the Sorafenib Market?
The increasing prevalence of cancer is expected to drive the growth of the sorafenib market. Cancer refers to conditions where abnormal cells divide uncontrollably and may invade healthy tissue. This rise is attributed to aging populations, lifestyle factors, environmental exposures, and improved diagnostic technologies. Sorafenib, a multi-kinase inhibitor, is crucial in treating cancers like advanced renal cell carcinoma and hepatocellular carcinoma. For example, in January 2023, the National Center for Biotechnology Information reported approximately 1,958,310 new cancer cases and 609,820 cancer-related deaths in the U.S. in 2023. Thus, the growing cancer cases are contributing to the expansion of the sorafenib market.
Which Companies Are Leading in the Sorafenib Market?
Major companies operating in the sorafenib market are 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
What Trends Are Driving Growth in The Sorafenib Market?
Major Companies in the sorafenib market are focusing on developing affordable generic medicines, such as sorafenib tablets, to improve efficacy and patient compliance in cancer treatment. Generic medicines offer the same therapeutic benefits as brand-name drugs at a lower cost. For example, in June 2022, Dr. Reddy's Laboratories, an India-based pharmaceutical company, launched Sorafenib tablets in the US, providing an affordable generic version of Bayer's Nexavar for treating cancers like liver, kidney, and thyroid.
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What Are the Top Revenue-Generating Geographies in the Sorafenib Market?
North America was the largest region in the sorafenib market in 2024. The regions covered in the sorafenib market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Sorafenib Market?
2. What is the CAGR expected in the Sorafenib Market?
3. What Are the Key Innovations Transforming the Sorafenib Industry?
4. Which Region Is Leading the Sorafenib Market?
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