LONDON, June 20, 2017 /PRNewswire/ -- Highlights
- The global erythropoietin (EPO) drugs market is expected to reach USD 17.4 billion by 2025, according to a new report by Grand View Research, Inc.
- Rising incidence of chronic diseases such as CKD and cancer resulting in anemia is a major growth driver of this market.
- Introduction of novel drugs and their cheaper biosimilar formulations with enhanced efficacy and cost-effectiveness is also expected to serve this industry with lucrative opportunities.
- Companies are involved in extensive R&D initiatives for development of innovative molecules and discovering new therapeutic areas for existing drugs.
The global erythropoietin (EPO) drugs market is expected to reach USD 17.4 billion by 2025, according to a new report by Grand View Research, Inc. Rising incidence of chronic diseases such as CKD and cancer resulting in anemia is a major growth driver of this market.
According to the statistics published by the National Heart, Lung, and Blood Institute of the U.S. Department of Health & Human Services, over 3 million people are affected by anemia every year and this number is expected to increase over the forecast period. This showcases the need for erythropoietin-stimulating agents in the coming years.
Introduction of novel drugs and their cheaper biosimilar formulations with enhanced efficacy and cost-effectiveness is also expected to serve this industry with lucrative opportunities. For instance, development of numerous biosimilars in the European market is expected to gain traction and increase their usage rates, owing to associated benefits such as less time required for approval, cost-efficiency, and enhanced therapeutic effect.
Companies are involved in extensive R&D initiatives for development of innovative molecules and discovering new therapeutic areas for existing drugs. For instance, in April 2016, Sandoz received approval from the European Commission for use of its biosimilar Binocrit in nephrology indications, thereby extending the therapeutic area of its product portfolio.
Moreover, many of the industry players in the U.S., Europe, and Asia Pacific are involved in the development of new biosimilars. For example, Biocon's subsidiary Syngene International entered into an agreement with Bristol-Myers Squibb to extend their drug discovery and development program in India. This enables Biocon to enhance its erythropoietin drugs portfolio. Expected product approvals in the coming years are anticipated to fuel market growth.
Further key findings from the study suggest:
• The biologics segment is declining over the forecast period owing to patent expiration of branded biologics and introduction of biosimilars in the market
• The patent for Aranesp (darbepoetin-alfa) will expire in 2024 in the U.S. and is expected to provide numerous future growth opportunities for new market entrants
• Epoetin-alfa held the largest share of product segment owing to its early introduction in the U.S. market and patent protection
• Epoetin-omega and epoetin-zeta are anticipated to exhibit lucrative growth over the forecast period owing to associated benefits such as longer half-life and enhanced therapeutic effects
• Use of erythropoietin drugs for treatment of renal diseases held a dominant share as of 2016 owing to the increasing incidence of chronic kidney diseases
• The Asia Pacific regional industry for erythropoietin-stimulating agents is expected to witness lucrative CAGR during the forecast period
• Industry participants are focusing on the discovery of new therapeutic areas for existing drugs and development of cost-effective biosimilars, thereby increasing R&D activities for the development of erythropoietin drugs.
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