Global Nephrology Drugs Market Forecast 2024-2033: Estimated Market Size And Growth Rate
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How Much Growth is Expected for the Nephrology Drugs Market from 2024 to 2033?
There has been a substantial expansion in the market size for nephrology drugs in the last few years. The value will escalate from $16.18 billion in 2023 to $17.08 billion in 2024, with a compound annual growth rate (CAGR) of 5.6%. The historic period’s growth is attributable to increased cases of chronic kidney diseases (ckd), advancements in the development of drugs, improved awareness, and diagnosis, governmental endeavors, and healthcare regulations, as well as a rising occurrence of diabetes.
The market for nephrology drugs is projected to experience significant expansion in the coming years, growing to a notable $21.53 billion in 2028 with a compound annual growth rate (CAGR) of 6.0%. The projected growth in the forecast period is set to be driven by the rise of new therapies and drug innovations, precision medicine and personalized treatments, increased spending in healthcare, telehealth and remote patient supervision, as well as global health initiatives. The forecasted period will witness major trends such as collaborations and partnerships, advancements in dialysis technology, improved treatment modalities, an increased focus on early diagnosis and intervention, along with an integration of technology in nephrology management.
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What Factors Are Encouraging Growth in the nephrology drugs Market?
The escalating incidence of chronic kidney disease (CKD) is predicted to fuel the nephrology drugs market’s expansion. CKD is characterized by kidney damage that impairs their functioning, preventing them from properly filtering blood. This leads to waste products building up in the body over an extended period. Nephrology drugs play a crucial role in treating CKD by improving kidney function and decelerating the disease’s progression, safeguarding the body from further damage, thereby bolstering the nephrology drugs market. For instance, data released by the US-based health watchdog Centers for Disease Control and Prevention (CDC) in July 2022 revealed that upwards of 37 million people were diagnosed with CKD in the US, predominantly those 65 years or older (38 percent). In addition, the Kidney Foundation of Canada, a non-profit organization in Canada, states that 4 million Canadians are afflicted with kidney ailments, with diabetic patients, forming 35 percent, leading in kidney failure diagnoses. These increasingly common cases are anticipated to drive the nephrology drug market’s growth.
Which Segments Play a Vital Role in the Nephrology Drugs Market?
1) By Drugs: Antihypertensive Agents, Erythropoiesis-Stimulating Agents, Diuretics, ACE Inhibitors, Antidiabetic Agents, Other Drugs
2) By Route Of Administration: Oral, Parenteral, Other Route Of Administration
3) By Distribution Channel: Hospital Pharmacy, Online Pharmacy, Retail Pharmacy
4) By End User: Hospitals, Homecare, Specialty Clinics, Other End Users
What Trends Are Driving Change in the Nephrology Drugs Market?
The trend of product innovation is picking up steam in the nephrology drug market. To secure their place in the market, leading companies are introducing new drugs and products. For example, Zydus Lifesciences Limited., a pharmaceutical company based in India, released OxemiaTM (desidustat) for the treatment of chronic kidney disease (CKD) in March 2022. The drug is an oral, small-molecule hypoxia-inducible factor-prolyl hydroxylase (HIF-PH) inhibitor, providing a suitable solution for anemia. It obtained approval from the Drug Controller General of India based on its Phase III clinical trials, showing positive safety profiles, the downregulation of hepcidin, improved iron mobilization, and a drop in LDL-C in patients with chronic kidney disease. By offering therapy at an affordable cost, and improving the patient’s quality of life, it contributes to reducing the disease burden.
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What Regions Are Contributing Significantly to the Growth of the Nephrology Drugs Market?
North America was the largest region in the nephrology drug market in 2023. Europe will be the second-largest growing region in the nephrology drug market in 2023. The regions covered in the nephrology drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Nephrology Drugs Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the nephrology drugs market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Nephrology Drugs Market Include
1. Nephrology Drugs Market Executive Summary
2. Nephrology Drugs Market Segments
3. Nephrology Drugs Market Size And Template Market Growth Rate
4. Key Nephrology Drugs Market Trends
5. Major Nephrology Drugs Market Drivers
……
25. Key Mergers And Acquisitions In The Nephrology Drugs Market
26. Top Nephrology Drugs Companies
27. Nephrology Drugs Market Opportunities And Strategies
28. Nephrology Drugs Market, Conclusions And Recommendations
29. Appendix
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