New York, USA, Feb. 06, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global nephrology drugs market is anticipated to generate a revenue of $21,454.5 million and rise at a CAGR of 6.0% over the estimated timeframe from 2021 to 2028.
As per our analysts, with the increasing cases of kidney diseases such as kidney fibrosis and kidney failure among individuals all across the globe, the nephrology drugs market is expected to witness exponential growth during the forecast period. Besides, the rising geriatric population worldwide is further expected to bolster the growth of the market throughout the estimated period. Moreover, the deployment of product portfolios by leading companies is predicted to uplift the growth of the market during the analysis timeframe. However, the high cost of nephrology drugs may hinder the growth of the market over the estimated period.
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Segments of the Nephrology Drugs Market
The report has divided the market into segments based on type, route of administration, distribution channel, and region.
Type: ACE Inhibitor Nephrology Drugs Sub-Segment to be Most Productive
The ACE inhibitor nephrology drugs sub-segment is predicted to generate a revenue of $8,581.8 million during the analysis timeframe. The increasing use of ACE inhibitor drugs to treat various disorders like chronic kidney disease and heart failure is predicted to upsurge the growth of the market sub-segment throughout the forecast period.
Route of Administration: Oral sub-segment to be Most Lucrative
The oral sub-segment is expected to garner a revenue of $14,052.7 million over the estimated timeframe. This is mainly due to the non-invasive drug administration route of oral drugs. In addition, the increasing cases of kidney failure among millenials are predicted to boost the growth of the nephrology drugs market sub-segment during the analysis period.
Distribution Channel: Hospital Pharmacies Sub-Segment to be Most Profitable
The hospital pharmacies sub-segment is generating a revenue of $11,049.0 million throughout the forecast timeframe. The increasing number of hospital visits with chronic kidney disease leads to an increase in the hospitalization rate across the globe which is expected to amplify the growth of the market sub-segment during the estimated period.
North America Region to Hold the Maximum Share of the Market
The North America region of the nephrology drugs market is expected to generate a revenue of $8,581.8 million over the analysis timeframe. This is majorly due to the strong presence of major pharmaceutical companies in this region. Moreover, the growing geriatric population and the increasing prevalence of chronic kidney diseases among people in this region are predicted to thrive the regional growth of the market throughout the forecast period.
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Covid-19 Impact on the Nephrology Drugs Market
The outbreak of the Covid-19 pandemic has negatively impacted the nephrology drugs market. Due to the spontaneous spread of the deadly coronavirus and the increasing prevalence of serious symptoms many patients suffering from various kidney diseases have delayed their regular hospital visits and consultations. Moreover, many healthcare professionals have started postponing renal surgeries due to the transmission of the virus. In addition, many drug manufacturing companies have put a hold on the production of nephrology drugs during the period of crisis. All these factors have declined the growth of the market during the pandemic period.
Key Players of the Market
The major players of the nephrology drugs market include
- F. Hoffmann-La Roche
- GlaxoSmithkline PLC.
- FibroGen Inc.
- Johnson & Johnson Inc.
- Amgen Inc.
- Akebia Therapeutics Inc.
- AstraZeneca
- Teva Pharmaceutical Industries Limited.
- AbbVie Inc.
These players are widely working on the development of new business strategies such as mergers and acquisitions, product development, partnerships, and collaborations to gain a leading position in the global industry.
Broader Insights Pertaining for the Specific Segments or Regions of the Nephrology Drugs Market
For instance, in January 2021, BenevolentAI, a leading pharmaceutical company, announced its collaboration with AstraZeneca, a British-Swedish multinational pharmaceutical and biotechnology company. With this collaboration, the companies aimed to enhance their drug development portfolio by making the first AI-generated drugs to treat people progressively losing kidney function.
Further, the report also presents other crucial aspects including product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic development.
More about Nephrology Drugs Market:
- Rising Kidney Disorders to be the Key Cause of Novel Nephrology Drug Developments
- Acquisitions Like That of Sanifit Therapeutics by Vi for Pharma to Boost the Growth of Global Nephrology Drugs Market
