Kidney Cancer Therapeutics & Diagnostics Market Forecastaanikhil | August 13, 2019 | 0 | Pharmaceutical and Healthcare
Kidney Cancer Therapeutics & Diagnostics Market
The market is anticipated to record a CAGR of 10.5% for the period 2018-2023. One of the frequent urologic cancers is kidney cancer. The rate of carcinoma of renal cells has gradually increased over the past few years. Global Kidney Cancer Diagnostics and Therapeutics Market growth is driven mainly by factors such as rising aging population, lifestyle changes such as increased alcohol intake and disproportionate smoking, and government policies to better care for kidney cancer.
Increasing Number of Kidney Cancer Cases:
The need for early identification of these diseases will lead to growth in the market for therapy and diagnostics of kidney cancer. Increasing detection of presymptomatic tumors through imaging procedures, such as ultrasonography, computed tomography, and magnetic resonance imaging, does not fully explain upward trends in renal cell carcinoma occurrence. Other factors, such as increased pharmaceutical companies R&D expenditure and increased incidences of chronic disease and aging population, will lead to market growth over the forecast period.
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High Cost Associated with Treatment:
Kidney cancer drugs are very expensive because of all the regulatory studies involved in obtaining approvals to move findings from development stage to market for commercial use. With the introduction of an approved new drug, it is possible to view the older drug, which is now generic, as a substandard form of treatment, adding to the situation. In cases where regulatory bodies, such as FDA, may want to consider taking into account economy and cost-effectiveness, there are certain legal barriers to prevent them from doing so when approving new drugs. Because most cases of kidney cancer are diagnosed at the end stage, the seriousness of cancer and its diagnosis plays an important role in the patients and physicians decision to pay the high treatment price even for marginal outcome improvements. This can act as a restrictive factor in the growth of the therapeutic and diagnostic market for kidney cancer. Other factors such as low success rate in cancer drug clinical trials and regulatory issues will result in market slowdown.
North America to Dominate the Market:
North America holds the largest share of the global kidney cancer therapy and diagnostics market. An increasing number of cases of kidney cancer and other kidney diseases is the major driving factor in this region’s growth. However, in the forecast period, Asia-Pacific is expected to be the most rewarding market. Growing patient awareness, lower drug production costs, and rising patient base with disease, such as renal cell carcinoma, are expected to drive market growth in this region.
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Key Market Developments:
November 2017 — The U.S. Food and Drug Administration today approved Sutent sunitinib malate for adjuvant treatment of adult patients with high risk of kidney cancer renal cell carcinoma returning after removal nephrectomy — Bayer, F. Hoffmann-La Roche, GlaxoSmithKline, Novartis, Pfizer, Abbott Laboratories.
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