ALBANY, New York, December 7, 2017 /PRNewswire/ --
Transparency Market Research states that the key players operating in the global erythropoietin drugs market are focusing on product development. The intensifying competition is expected to coax players to look for newer distributorship in the coming years. The research report, identifies Merck & Co., Inc., Amgen Inc., F. Hoffmann-La Roche Ltd., Novartis AG, and GlaxoSmithKline plc as the important players in the global market. In the coming years, these players also likely to emphasize on strategic acquisitions with primary focus on production of erythropoietin drugs to earn better returns on investments. Companies will also look like at making the most of the incentives offered by the government for research on chronic diseases.
According to the research report, the global erythropoietin drugs market is expected to be worth US$19,379.2 mn by the end of 2025 as it surges at CAGR of 7.5% from 2017 to 2025. Out of the various applications of erythropoietin drugs, cancer is expected to be the highest revenue contributor. The high diagnosis rate of cancer and a strong pipeline erythropoietin drugs for cancer have expected to fuel the growth of this segment. Geographically, North America is slated to remain the key regional market due to better research and development grants offered by the governments.
Demand for Precise Clinical Testing to Boost Usage of Erythropoietin Drugs
The global erythropoietin drugs market has been garnering a good momentum in the past few years as the diagnostic rate of chronic conditions has been on a consistent rise. For instance, in European Union cancer has been growing significantly, and according to research article European cancer mortality predictions for the year 2017, published in US National Library of Medicine, around 13, 73,500 cancer deaths predicted in 2017. Further, strong pipeline of erythropoietin drugs, of which cancers account for a major share, is expected to aid to the market growth of the segment in the near future. Meanwhile, the rising rate of renal diseases such as chronic kidney disease is expected to contribute to the overall revenue. The prominent genetic mutation rates which is the primary cause of renal disease are anticipated to propel the market growth of the segment.
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Additionally, it is difficult to manufacture biosimilars or generic versions of biologic erythropoietin drugs as compared to biosimilar drugs. Furthermore, unique design of erythropoietin drugs which enables precise clinical testing and offers better outcomes in clinical trials. Additionally, fewer side effects of these drugs makes them a preferred choice of treatment. The demand for erythropoietin drugs for treating anemia is also expected to be a profiting trend for the vendors in the global market.
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High Pricing to Dissuade Consumption
However, lack of capping on pricing of erythropoietin drugs by hospital laboratories in certain countries of Europe is likely to hamper the market in the region during the forecast period. Furthermore, poor healthcare facilities in developing parts of the world are also expected to restrain the market growth in the foreseeable future. Additionally, the lack of diagnoses of chronic diseases in the rural parts of emerging economies are also anticipated to have a negative impact on the global erythropoietin drugs market.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research