June 16, 2024
Kidney Cancer Drugs

Kidney Cancer Drugs Market is Set for Substantial Growth Owing to Technological Advancements in Targeted Drug Therapies

Kidney cancer drugs are pharmaceutical drugs used for treating kidney cancer or renal cell carcinoma. Several targeted therapies have been developed for kidney cancer treatment including VEGF inhibitors, mTOR inhibitors, BRAF and MEK inhibitors, ALK inhibitors, PD-1 and PDL-1 inhibitors. The adoption of targeted therapies has significantly improved the treatment outcomes for renal cell carcinoma. Kidney cancer is among the ten most common cancers in both men and women. The rising prevalence of kidney cancer along with the development of advanced targeted therapies with proven efficacy is fueling the growth of the global kidney cancer drugs market.

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 2031.

Key Takeaways

Key players operating in the kidney cancer drugs market 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.

The key opportunities in the Kidney Cancer Drugs Market Demand include rising healthcare expenditure, increasing awareness about kidney cancer, improved diagnosis, and development of advanced combination therapies.

Advancements in targeted drug therapies such as VEGF inhibitors, PD-1 and PDL-1 inhibitors have enhanced the treatment outcomes for kidney cancer patients. Ongoing research on developing new targeted agents and combination regimens will further drive the market during the forecast period.

Market Drivers

Growing geriatric population is one of the major drivers of the kidney cancer drugs market. Age is one of the prominent risk factors for kidney cancer, and people over 65 years have six times higher risk than younger adults. According to the National Cancer Institute, about 64% of kidney cancer cases in the US occur in people aged 65 or older.

Current Challenges in Kidney Cancer Drugs Market
The kidney cancer drugs market is facing various challenges currently which include high cost of targeted drug treatment, adverse effects associated with immunotherapy drugs, lack of awareness about early detection of kidney cancer. The treatment cost of targeted drugs in kidney cancer has risen significantly in the past few years. Immunotherapy drugs have emerged as a breakthrough in kidney cancer treatment but they are also associated with various side effects like skin rashes, diarrhea, fatigue etc. which reduces patient compliance. Many regions across the globe still lack proper awareness and screening programs for early detection of kidney cancer. Delayed diagnosis leads to higher stages of cancer which are difficult to treat. Overcoming these challenges will be crucial for the continued growth of this market.

SWOT Analysis

Strength: Growing adoption of targeted therapies and immunotherapy drugs for kidney cancer treatment. Advances in biomarker testing are improving treatment outcomes.
Weakness: High cost of newer targeted drugs and immunotherapy remains a barrier. Adverse effects of immunotherapy reduces patient compliance.
Opportunity: Scope for development of affordable biosimilar and targeted drugs. Initiatives to spread awareness about early detection can help diagnose cancer at curable stages.
Threats: Delay in new drug approvals can slow market growth. Patent expiries of blockbuster drugs will increase competition.

Geographical Regions with Highest Market Value

North America currently dominates the kidney cancer drugs market in terms of value and accounted for over 40% market share in 2024. Presence of advanced healthcare facilities, favorable reimbursement policies, and high adoption of premium-priced targeted drugs and immunotherapies have consolidated North America’s position as the largest market. Europe is the second largest region for kidney cancer drugs owing to growing cancer burden and increasing government support for cancer treatment.

Fastest Growing Geographical Region

Asia Pacific region is poised to grow at the fastest pace in the kidney cancer drugs market during the forecast period. Factors such as rising healthcare spending, large patient pool, and growing penetration of targeted therapies due to increasing awareness will support the market growth. Countries like China, India, and Japan are witnessing tremendous growth in cancer incidence which will spur the demand for effective treatments. Initiatives to spread awareness to detect cancer early when cure is possible also provide high growth opportunities in Asia Pacific kidney cancer drugs market.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it