Growing Incidences of Chronic Kidney Disease and Cancer to Expand the Market
Chronic Kidney Disease is more common in older people aged 65 and above, with 38% prevalence, as compared with people aged 18-44 years (7%) and 45-64 years (13%) in the United States as per the CDC. The rising cases of this disorder along with other renal disorders that have a direct impact on the blood cells results in an increased demand for erythropoietin stimulating agents. Moreover, the growing incidences of various types of cancers, especially blood cancers, is another factor resulting in a high demand for blood cells in the body. These factors are anticipated to lead to the market growth over the forecast period. According to the statistics presented by the Leukemia & Lymphoma Society, it was suggested that a total of 176,200 people living in the United States were expected to be diagnosed with leukemia, lymphoma or myeloma in 2019. CLICK TO DOWNLOAD SAMPLE REPORT
Increase in Production of Biosimilar Drugs to Boost the Market Growth
Numerous pharmaceutical manufacturers are taking initiatives to develop and produce erythropoietin stimulating agents (ESAs) after the expiration of Amgen’s patent for Epogen. The growing commercialization of these drugs further results in reduction of their prices. This is anticipated to become another growth factor for the market in the upcoming years.
The erythropoietin stimulating agents market is anticipated to record a significant CAGR over the forecast period i.e. 2020–2028. The market is segmented by agent, by application and by region, out of which, the application segment is further divided into cancer, neural disorders, kidney disorders, anemia and others.
According to Centers for Disease Control and Prevention (CDC), 15% of total number of adults in the United States, i.e., around 37 million people were estimated to have chronic kidney disease in 2019.
On the basis of this, the kidney disorders segment is anticipated to hold the largest share in the market as a result of erythropoietin stimulating agents being used for the treatment of anemia among patients with chronic kidney disease. Additionally, the cancer segment is anticipated to hold a significant share in the erythropoietin stimulating agents market on account of growing use of erythropoietin for improving anemia in cancer patients. Data presented by the World Bank indicated that the prevalence of anemia among women between 15 and 49 years, i.e., of the reproductive age, is 32.8% in the world. Cancer-associated anemia interferes with cancer therapies, including chemotherapy, which increases the demand for these agents.
Side Effects Associated with EPAs to Restrict the Market Growth
Erythropoietin stimulating agents have been known to exhibit certain side effects in patients taking them as drugs. These might include, fever, swelling, high blood pressure, nausea, dizziness and pain at the injection site. This is estimated to restrict the market growth during the forecast period.
Our in-depth analysis of the erythropoietin stimulating agents market includes the following segments:
On the basis of regional analysis, the erythropoietin stimulating agents market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific is anticipated to expand at the highest rate on account of growing developments and innovations in the field of medicine in the region. Moreover, the rising purchasing power of people and growth in medical tourism are anticipated to lead to the market growth as well. Erythropoietin stimulating agents have displayed high effectiveness when used in the treatment of various disorders such as neural disorders, cancer, chronic kidney disease (CKD) and anemia, among several others. The market for erythropoietin stimulating agents in North America is estimated to hold the largest share in the global market on account of high occurrence of various disorders that eventually cause anemia in the region.
The erythropoietin stimulating agents market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani