April 20, 2024
Kidney Cancer Drugs Market

Kidney Cancer Drugs Market is Estimated to Witness High Growth Owing to Increasing Incidence of Kidney Cancer

The global kidney cancer drugs market is dominated by immunotherapy drugs such as checkpoint inhibitors owing to their effectiveness and reduced side effects. Immunotherapy drugs such as checkpoint inhibitors act by enhancing the body’s natural immune response against cancer cells. Rising incidence of kidney cancer and increasing demand for effective drugs with better tolerability profile are key drivers for the adoption of immunotherapy drugs in kidney cancer treatment.

The global kidney cancer drugs market is estimated to be valued at US$ 7.15 Bn in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Global Kidney Cancer Drugs Market Demand are Celanese Corporation, British Petroleum, Eastman Chemical Company, Jiangsu Sopo (Group) Co., Ltd., China Petroleum & Chemical Corporation (Sinopec), Lyondell Basell Industries, Saudi Basic Industries Corporation (SABIC), Mitsubishi Chemical Company, PetroChina Co. Ltd., PetroChina Co. Ltd., BASF SE. Collaborations between pharmaceutical companies and hospitals for clinical trials and new drug development presents lucrative growth opportunities.
Rising prevalence of kidney cancer especially in developed regions has triggered several pharmaceutical giants to invest in R&D for developing novel and effective treatment options. This is likely to boost the global kidney cancer drugs market during the forecast period. The increasing adoption of immunotherapy, targeted therapy, and combination therapy for treating renal cancer has propelled drug makers to expand their product portfolios and geographical presence worldwide.

Market drivers

The rising incidence of kidney cancer is a major factor fuelling the growth of the kidney cancer drugs market. According to estimates by the American Cancer Society, there were over 76,000 new cases of kidney cancer in 2022 in the United States. Early diagnosis and availability of more effective treatment options have significantly increased the lifetime of kidney cancer patients over the past decade. This is expected to augment the demand for kidney cancer drugs during the forecast period.

PEST Analysis

Political: The government policies related to healthcare spending, drug pricing, reimbursement policies, and regulatory environment plays a crucial role in affecting the growth of the kidney cancer drugs market. The tight regulatory guidelines for approval of new drugs make the entry of new players difficult in the market.

Economic: The global economic trends impact the healthcare spending of individuals and governments. Higher disposable income levels allow people to spend more on quality healthcare and treatment. However, economic slowdowns can negatively impact the market growth.

Social: Rising incidents of kidney cancer globally due to changing lifestyle habits, growing geriatric population, increasing consumption of tobacco and alcohol are the key social factors augmenting the demand for effective treatment drugs. Higher health awareness also contributes to early detection and treatment seeking behavior.

Technological: Advancements in drug delivery systems, personalized medicine, biologics and targeted therapies have widened the treatment options for kidney cancer patients. Ongoing research aims to develop more efficacious and safer drug formulations with lesser side-effects. Integration of AI and big data can help optimize treatment protocols.

Geographical regions where the market is concentrated in terms of value:

North America accounts for the lion’s share of the global kidney cancer drugs market owing to the rising prevalence of the disease, availability of advanced healthcare facilities, higher healthcare spending, and presence of major market players in the region. The US dominates the North American as well as global kidney cancer drugs market.

Europe holds the second largest market position mainly due to growing elderly population base susceptible to kidney cancer, increasing funding for cancer research, and supportive government initiatives for cancer treatment and drug development.

The fastest growing region for the kidney cancer drugs market:

Asia Pacific region is expected to exhibit the highest growth rate during the forecast period owing to rapidly developing healthcare systems, rising healthcare spending, growing incidence of lifestyle-linked cancers, and increasing focus of international players to tap opportunities in emerging Asian countries. Furthermore, the presence of a large patient pool makes the Asia Pacific region an attractive market for kidney cancer drug manufacturers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it