2024 Global Kidney Cancer Diagnostics And Therapeutics Market Report: Key Drivers, Size, and Leading Segments
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What Growth Rate is Predicted for the Kidney Cancer Diagnostics And Therapeutics Market for 2024-2033?
In recent times, the market size for kidney cancer diagnostics and therapeutics has seen robust growth. Expected to escalate from $3.85 billion in 2023 to $4.08 billion in 2024, it boasts a compound annual growth rate (CAGR) of 5.8%. The notable expansion in the past can be credited to advancements in molecular biology research, progress in clinical trials and drug development, breakthroughs in surgical techniques, discoveries in genetics, and enhancements in healthcare accessibility.
The value of the kidney cancer diagnostics and therapeutics market is expected to surge substantially over the next few years, reaching $5.19 billion by 2028 with a compound annual growth rate (CAGR) of 6.2%. This anticipated growth during the projection period is credited to progress in biomarker research, advances in genomic sequencing, the rise of telemedicine and remote consultations, improvements in precision medicine, and fast diagnostic technologies. The future trends contributing to this growth encompass the integration of palliative care, provision for long-term survivorship care, focus on nutrition and lifestyle modifications, enlarged role of radiomics and the application of liquid biopsies.
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What Drivers Are Enhancing the kidney cancer diagnostics and therapeutics Market’s Growth?
The anticipated growth of the kidney cancer diagnostics and therapeutics market is tied to the escalating rate of kidney cancer. This cancer type initiates with an abnormal shift and unchecked growth in the cells of one or both kidneys. These cells then form a renal cortical tumor. Kidney cancer diagnostics and therapies have a pivotal role in managing and combating the disease, delivering numerous advantages for those affected, including early detection, precise diagnosis, selection of appropriate treatments, personalizing medical care, and keeping track of treatment progress. For example, the American Society of Clinical Oncology (ASCO), a US-based philanthropic organization committed to cancer care, projected in March 2023 that 81,800 individuals in the United States will be diagnosed with kidney cancer (52,360 men and 29,440 women). And a total of 431,288 individuals were reported to have been affected worldwide with the disease in 2020. Hence, the surging incidence of kidney cancer is predicted to fuel the expansion of the kidney cancer diagnostics and therapeutics market.
What Segments Are Central to the Kidney Cancer Diagnostics And Therapeutics Market?
1) By Cancer Type: Clear Cell RCC, Papillary RCC, Chromophobe RCC, Urothelial Carcinoma And Transitional Cell Carcinoma, Other Cancer Types
2) By Component: Drugs, Diagnostics
3) By Diagnostics: Biopsy, CT Scan, Nephro-ureteroscopy, Intravenous Pyelogram, Ultrasound
4) By Therapy: Targeted Therapy, Immunotherapy, Chemotherapy
5) By End-Users: Hospitals, Pharmaceutical Labs, Genomics Laboratories
What Emerging Trends Are Influencing Kidney Cancer Diagnostics And Therapeutics Industry Dynamics?
Obtaining product approval is a crucial trend emerging in the domain of kidney cancer diagnostics and therapeutics. Major players in this market are emphasizing the development of innovative products to fortify their market standing. For example, in July 2021, Merck & Co., Inc., a leading pharmaceutical entity based in the U.S., earned approval from Health Canada for their product KEYTRUDA (pembrolizumab), formulated to treat patients showing intermediate-high or substantial recurrence risk of renal cell carcinoma (RCC) post-nephrectomy. KEYTRUDA, a humanized monoclonal antibody, operates by inhibiting the programmed death ligand 1 (PD-L1) protein present on cancer cells, thus preventing the immune system from attacking the cancer cells. Significantly, KEYTRUDA marks the first-ever immunotherapy to get approval for the adjunct treatment of RCC. This approval signifies a significant progression in disease treatment and offers potential benefits such as tumor size reduction, slow down of cancer development, and enhancements in the quality of life by alleviating symptoms including discomfort, exhaustion, and nausea.
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Which Geographic Locations Are Critical to the Growth of the Kidney Cancer Diagnostics And Therapeutics Market?
North America was the largest region in the kidney cancer diagnostics and therapeutics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the kidney cancer diagnostics and therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Kidney Cancer Diagnostics And Therapeutics 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 kidney cancer diagnostics and therapeutics market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Kidney Cancer Diagnostics And Therapeutics Market Include
1. Kidney Cancer Diagnostics And Therapeutics Market Executive Summary
2. Kidney Cancer Diagnostics And Therapeutics Market Segments
3. Kidney Cancer Diagnostics And Therapeutics Market Size And Template Market Growth Rate
4. Key Kidney Cancer Diagnostics And Therapeutics Market Trends
5. Major Kidney Cancer Diagnostics And Therapeutics Market Drivers
……
25. Key Mergers And Acquisitions In The Kidney Cancer Diagnostics And Therapeutics Market
26. Top Kidney Cancer Diagnostics And Therapeutics Companies
27. Kidney Cancer Diagnostics And Therapeutics Market Opportunities And Strategies
28. Kidney Cancer Diagnostics And Therapeutics Market, Conclusions And Recommendations
29. Appendix
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