In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Erythropoiesis is the process of formation of red blood cells. The process is initiated with the help of a hormone known as erythropoietin, which is released by the kidneys and stimulates the bone marrow in order to synthesize more blood cells. Erythropoietin stimulating agents are drugs which work in a manner similar to erythropoietin and are taken in order to increase the number of blood cells in the body. This is usually done in cases of anemia caused as a result of various health diseases such as cancer, blood disorders, neural disorders, chronic kidney disease, HIV and several others.
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.
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
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.
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: