Chronic Kidney Disease Drugs Market To Witness An Outstanding Growth By 2024

The global chronic kidney disease drugs market is largely fragmented, states a research report by Transparency Market Research (TMR). The top four players, namely Sanofi S.A., Pfizer Inc., Amgen Inc., and AbbVie Inc., accounted for a share of only 41.4% in this market in 2015.

The prominent players in this market are focusing aggressively on mergers, acquisitions, and strategic alliances to expand their product portfolio, which is likely to lead to market consolidation in the next few years, reports the research study.

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According to the report’s estimations, The Global Market For Chronic Kidney Disease Drugs was worth US$11.5 bn in 2015. Proliferating at a 3.60% CAGR during the period from 2016 to 2024, the overall opportunity in this market is anticipated to increase to US$15.8 bn by the end of the forecast period. Hospitals have surfaced as the key end users of chronic kidney disease drugs and are projected to remain so over the next few years.

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North America Chronic Kidney Disease Drug Market to Report Greater Rise than Other Regional Markets

The report states that the worldwide market for chronic kidney disease drugs is spread across Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. In 2015, North America dominated this market with a share of 31.8%. Researchers predict this regional market to retain its position over the forecast period, thanks to the high adoption rate of advanced technology products and the presence of a state-of-art medical and healthcare industry. The rising prevalence of diabetes and the alarming growth in the obese population are also expected to drive this regional market in the years to come.

On the other hand, Europe, which stood second in 2015, is likely to offer the most promising growth opportunities to market players over the next few years on the grounds of the rising pool of patients suffering from kidney cancer in Europe. The growing uptake of high quality and expensive treatments for these diseases in this region are also projected to boost the market for kidney disease drugs in Europe in the near future, states the market study.

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Advancements in Chronic Kidney Disease Drugs to Propel Market

“The significant rise in the pool of patients suffering from chronic kidney diseases and the growing demand for new and advanced treatments to increase their longevity are having a major impact on the demand for chronic kidney disease drugs across the world,” says a researcher at TMR. Another important factor boosting this market is the rising number of elderly people, prone to a variety of diseases, such as diabetes cardiovascular disorders, and several neurological conditions, thanks to their poor immunity. As these diseases affect the kidney severely, the chances of elderly people to contract chronic kidney diseases are much higher, which eventually, reflects on the demand for chronic kidney disease drugs.

Over the coming years, the innovations and technological advancements in these drugs, enabling clinicians to offer proper assistance to the patients, are likely to boost this market remarkably. However, the increasing preference for generic drug variants among consumers and the intensifying competition from biosimilars due to patent loss may restrict the growth of this market in the near future, notes the research study.

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This release was published on openPR.