Global Kidney Cancer Therapeutics & Diagnostics Market - Segmented by Cancer Type, Therapy, Diagnostics, End-users, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The market for the period 2018 - 2023 is expected to register a CAGR of 10.5%. Kidney cancer is one of the frequent urologic cancers. The rate of renal cell carcinoma has increased gradually in the past few years. The growth of the Global Kidney Cancer Diagnostics and Therapeutics Market is mainly driven by factors, such as rising aging population, Changes in lifestyle, such as increased intake of alcohol and disproportionate smoking, and government policies to provide better care for Kidney Cancer.
Rising Number of Kidney Cancer Cases
The need for early identification of these diseases will lead to the growth in the market for kidney cancer therapeutics and diagnostics.Increasing detection of presymptomatic tumors by imaging procedures, such as ultrasonography, computed tomography, and magnetic resonance imaging, does not fully explain the upward incidence trends of renal cell carcinoma. Other factors, such as increased R&D expenditure of pharmaceutical companies and increasing incidences of chronic diseases and aging population will lead to the growth of the market in the forecast period.
High Cost Associated With Treatment
Kidney cancer drugs are very expensive to move findings from development stage to the market for commercial use because of all the regulatory studies involved to gain approvals. With the introduction of an approved new drug, the older drug, which is by now generic may be viewed as a substandard form of treatment, thereby, adding to the situation. In cases where Regulatory bodies, like FDA might want to consider taking economy and cost-effectiveness into account, when approving new drugs, there are certain legal barriers to prevent them from doing so. Because, most of the kidney cancer cases are diagnosed at the end stage, the seriousness of cancer and its diagnosis plays an important role in the decision of the patients and physicians to go about paying the high price of treatment even for marginal improvements in outcome. This may act as a restraining factor for the growth of kidney cancer therapeutics and diagnostics market. Other factors, such as low success rate in clinical trials for cancer drugs and regulatory issues will lead to the slowdown of the market.
North America to Dominate Market
North America region has the largest share in the global kidney cancer therapeutics and diagnostics market. Rising numbers of kidney cancer cases and other kidney diseases is the major element driving the growth in this region. However, Asia-Pacific is expected to be the most rewarding market during the forecast period. Growing patient awareness, lower cost of drug production and the rising patient base suffering from diseases, such as renal cell carcinoma are anticipated to drive the growth of the market in this region.
Key Developments in the Market