Chronic Kidney Disease (CKD) Drugs Market Set to Grow According to Forecasts 2016 – 2024
Albany, New York, June 27th, 2020: A lucrative growth curve will be charted by global chronic kidney disease drugs market over the forecast period of 2016 to 2024. Diverse factors of growth will be noted being responsible towards this growth. Transparency Market Research notes, “The compound annual growth rate of the market over the forecast period would be 3.60%. This will translate to various positive outcomes. Some of these include increase in market worth from USD 11.5 billion in the year 2015 to USD 15.8 billion in the year 2024.”
Some of the most significant factors of growth noted in the global chronic kidney disease drugs market are increasing burden of kidney disease, need for effective and unique treatments for patients, rapidly ageing global population, and massive technological advancement in the field. It is pertinent to note here that research and development activities in the market are extensive and increasing and this is set to ensure a positive outlook for the future.
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Increasing Incidence of Chronic Kidney Disease Mainly in Old People to Drive Growth
It is quite noteworthy here that in the year of 2015 a large number of people – 1.2 billion, lost their lives to kidney disease. As per World Health Organization, about 1.7 million lives are lost to this healthcare issue annually. The numbers are set to increase as alcohol and tobacco consumption is not just high but increasing substantially.
However, the culprits behind growing prevalence of kidney disease are not just smoking, and drinking, but also obesity, diabetes and high blood pressure. The incidence of these illnesses is growing and they are known to increase risk of chronic kidney disease.
Other factors include family history, CVD disease, and older age. Worldwide, one in every six people will be aged 65 and above by 2050 and 2 billion people will be aged 60 and above. This demonstrates that it is set to be a notable contributor of growth in the global chronic kidney disease drugs market. Regions such as North America and Europe will see pronounced ageing in their population over this period.
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North America to Top Regional Charts of Global Chronic Kidney Drugs Market over the Forecast Period of 2016 to 2024
North America boasts of a strong economic landscape owing to presence of countries such as the United States of America and Canada which demonstrate strong growth statistics. This ensures a developed and robust healthcare infrastructure. Besides, the region is known for impressive technological advancement and its high adoption. Reimbursement policy is also impressive. These factors are paving way for dominance of this region in the global chronic kidney disease drugs market over the assessment period. Additionally, the region demonstrates ageing demographic with one in every four people set to be 65 or above by 2050. Incidence of chronic illness in the region is also quite high.
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Vendor Landscape to Display Intense Competition among Global Chronic Kidney Disease Drugs Market over the Assessment Period of 2016 to 2024
Renowned players in the fragmented vendor landscape of global chronic kidney disease drugs market are Teva Pharmaceutical Industries Ltd., AstraZeneca Plc, Amgen Inc., F. Hoffmann-La Roche Ltd., AbbVie Inc., Pfizer Inc., Sanofi S.A., GlaxoSmithKline Plc, Kissei Pharmaceutical Co. Ltd., and Keryx Biopharmaceuticals Inc, among others. The players are proactive in their growth approach and that is why they are often seen deploying a mix of organic and inorganic growth strategies.
As per Transparency Market Research, “Entering into strategic alliances, which are based on mutual synergies, are a crucial way forward to enter a new market or to penetrate deeper into an existing market. Therefore, it is not unusual for players to merge with other players or acquire promising smaller regional players. Collaborations are also useful when know-how or resources are sought to be combined.”
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