Erythropoietin Drug Market to Record Stellar Growth During the Forecast Period (2018-2028) Thriving Worldwide By Top Key Players
The worldwide demand for erythropoietin drugs also referred as hematopoietic drugs is expected to remain strong in the forthcoming years. Market Research Future (MRFR) reports that the global erythropoietin drug market will post a above-average CAGR between 2017 and 2023. The outlook remains positive for the global erythropoietin drug market for the medium terms.
Erythropoietin drug are used for treating a wide range of disorders, which include AIDS, chronic renal diseases, anaemia, cancer, among others. Increased prevalence of such diseases is boosting the sales of erythropoietin. Over the years, tremendous investment has been made in research & development programs focused on drug discovery, which has also influenced the market growth to certain extent. Several new erythropoietin drug combinations have come up in recent years. Introduction of new drug combinations is allowing to drug makers to cater to wider pool of patients.
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Rising awareness among patients and increased focus on improving healthcare services in the developing countries is likely to open new growth avenues for market players in near future. On the other hand, most of the erythropoietin drug available are highly priced, which makes their penetration in price sensitive markets difficult. This is viewed as a major market constraint. Patient expiry and introduction of generic variants may provide an impetus to drug penetration. Focus is also shifting on developing alternative drugs formulations.
Amgen (US), Teva Pharmaceutical Industries Ltd. (Israel), Emcure Pharmaceuticals (India), Hospira (US), LG Life Sciences Ltd. (Korea), Kyowa Hakko Kirin, Boehringer Ingelheim (US), Intas Pharmaceuticals (India), Hoffmann-La Roche (Switzerland), Johnson & Johnson (US), Celltrion, Inc. (South Korea), 3SBio, Biocon (India), BIOSIDUS (Argentina), and Dahua Pharmaceutical (China).
- Reportedly, well before any other country, China approves a new anaemia drug “Roxadustat” from FibroGen and AstraZeneca. Roxadustat supports a novel oral anaemia treatment known as hypoxia-inducible factor prolyl hydroxylase inhibitor. The drug is viewed as a convenient alternative to erythropoietin or EPO.
- AstraZeneca has recently partnered with UK-based artificial intelligence specialist BenevolentAI. The partnership will allow AstraZeneca to leverage machine learning and AI for drug discovery projects focusing on idiopathic pulmonary fibrosis (IPF) and chronic kidney disease (CKD).
MRFR’s report includes a thorough segmental analysis of the global erythropoietin drug market based on product type, application and end user.
On the basis of product type, the market has been segmented into second generation formulation, first generation formulation and biosimilars. On the basis of application, the market has been segmented into renal diseases, HIV, oncology and other. On the basis of end user, the market has been segmented into pharmacy and hospital.
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Global Erythropoietin Drug Market: Regional Segmentation
On the basis of region, the market has been segmented into North America, South America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA). North America represents the largest market for Erythropoietin. This growth can be partly attributed to rising cancer prevalence and increased incidence of renal diseases in the U.S. and Canada. Other factors that favour the market growth in the region include widespread accessibility of cutting-edge medical services and strong government support. North America is followed by Europe and APAC respectively.
The market is likely to witness towering gains in APAC in particular. In addition, the APAC erythropoietin drug market is projected to exhibit the fastest growth during the forecast period. Increased penetration of healthcare services and expanding patient population in countries such as China and India. Moreover, increased government effort to improve healthcare in these countries is creating further opportunities. LatAm and the MEA regions hold relatively lower share of the global erythropoietin drug market.
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