Erythropoietin Drugs Market Size, Trends and Growth Analysis by product Type (biosimilars, first generation formulation and second generation formulation) by Application (oncology, renal diseases, HIV) and by End User (hospitals and pharmacy), Forecast Till 2023
Erythropoietin drugs market Overview
The Global Erythropoietin drugs market is garnering substantial traction and attributes to increasing prevalence of cancer, AIDA, and renal diseases. Besides, the introduction of breakthrough medicines and government initiatives for research impact the growth of the market positively. Moreover, the surge in prescription and the growing exposure to pathogens substantiate erythropoietin drugs market growth.
Moreover, the burgeoning healthcare sector and the growing per capita healthcare expenses escalate the market growth to furthered height. According to Market Research Future (MRFR), the global erythropoietin drugs market size is expected to create exponential value by 2023, growing at 9.5% over the assessment period (2017-2023). The expanding healthcare industry, especially in the developing regions, fosters the erythropoietin drugs market demand.
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Additionally, factors such as technological advances transpired in the field of drug development, and manufacturing techniques provide impetus to erythropoietin drugs market growth. Efforts and investments made by industry players to bring those improvements are rather seminal. Moreover, the ever-increasing population and prevailing addictions such as alcohol, narcotics, etc. that eventually lead to cancer and renal diseases foster erythropoietin drugs market growth.
Also, increasing funding initiatives taken by governments worldwide play a causal role in the development of the erythropoietin drugs market. Conversely, the high cost of treatment and side effects are the major factors estimated to restrain the growth of the market. Also, unmet medical needs and the lack of awareness in certain regions act as a headwind for the market growth. Nevertheless, rising government efforts to spread awareness and funding support for drug development would support erythropoietin drugs market growth throughout the review period.
Erythropoietin drugs market Segmentation
By Product Type, the global erythropoietin drugs market is segmented into Biosimilars, First Generation Formulation, Second Generation Formulation, and others.
By Application, the global erythropoietin drugs market is segmented into Oncology, Renal Diseases, HIV, and others.
By End User, the global erythropoietin drugs market is segmented into Hospitals, Pharmacy, and others.
Global Erythropoietin drugs market Regional Outlook
North America leads the global erythropoietin drugs market. The largest market share attributes to the continuously increasing prevalence of cancer and renal diseases in the region. Besides, technological advances and government initiatives for research fuel the growth of the market. Moreover, an excellent reimbursement framework and high healthcare expenditure drive the market growth.
Additionally, the strong presence of key players and developed healthcare infrastructure in the region substantiate market growth. The shift towards the outpatient department is key growth driver for the market. North American dominates the global erythropoietin drugs market is expected to retain its dominance throughout the assessment period.
Europe stands second in the global erythropoietin drugs market. The market is driven by the higher prevalence of skin diseases in the southern European states like Spain, Italy, and Portugal. On the other hand, European countries such as Germany, France, and Poland, with their larger population, dominate the regional market. Moreover, public purchase agreements by the healthcare departments foster regional market growth.
The Asia Pacific erythropoietin drugs market is growing rapidly. Factors such as the rising awareness about the drugs and governmental funding boost market growth. Additionally, the vast patient pool suffering from cancer and renal diseases, alongside the ever-increasing geriatric population in the region, drives the market growth. Furthermore, the expanding healthcare sector and the burgeoning pharmaceutical sector are other drivers of the market. The APAC erythropoietin drugs market is estimated to emerge as the fastest-growing market during the forecast period.
Erythropoietin drugs market Competitive Landscape
Highly competitive, the erythropoietin drugs market appears fragmented due to the presence of several well-established industry players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch. Also, these players invest substantially to discover breakthrough medicines and therapeutics. A large share of investments goes to clinical trials and to expand global footprints.
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Players leading the global erythropoietin drugs market include Johnson & Johnson (US), Hoffmann-La Roche (Switzerland), Amgen (US), Intas Pharmaceuticals (India), Kyowa Hakko Kirin, Teva Pharmaceutical Industries Ltd. (Israel), Emcure Pharmaceuticals (India), Biocon (India), Celltrion, Inc. (South Korea), Dahua Pharmaceutical (China), Hospira (US), LG Life Sciences Ltd. (Korea), Boehringer Ingelheim (US), 3SBio, and BIOSIDUS (Argentina), among others.
Industry/ Innovation/ Related News:
GlaxoSmithKline PLC (The UK), a multinational pharmaceutical company, announced that two of its drugs, Duvroq and Vafseo, had received approval from Japanese drug regulators treat anemia due to chronic kidney disease. Drugs getting the global first approvals – Duvroq (daprodustat) is developed in partnership with Kyowa Kirin, and Vafseo (vadadustat) is developed in partnership with Akebia Therapeutics and Mitsubishi Tanabe.
The two meds can now take on the first-to-market Evrenzo, from FibroGen and local collaborator Astellas. By GSK’s estimate, around 3.5 million patients in Japan suffer from anemia associated with renal disease.
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