Recombinant Erythropoietin Market Is Estimated To Witness Growth Due To Increasing Use In Cancer And Kidney Disease Treatment

Market Overview:
Recombinant Erythropoietin is used for the treatment of anemia associated with chronic kidney disease, cancer chemotherapy, HIV/AIDS, anemia in myelodysplastic syndromes, and surgery. It stimulates bone marrow to produce more red blood cells and thereby increases the oxygen-carrying capacity of blood. This helps reduce transfusion requirements and related risks. Recombinant Erythropoietin has gained significance due to its effectiveness and decreased cost of production through recombinant DNA technology.

Market key trends:
The recombinant erythropoietin market is growing due to rising prevalence of cancer and kidney diseases across the globe. For instance, according to WHO, 1.96 million new cancer cases were recorded in 20a20 worldwide. Cancer treatments like chemotherapy can result in anemia requiring erythropoietin injections. Similarly, chronic kidney disease is affecting over 850 million people globally as per the International Society of Nephrology. Recombinant erythropoietin helps reduce transfusion risk and improves quality of life for kidney disease patients. Furthermore, the market is witnessing new product launches with enhanced efficacy and long acting formulations. For example, in 2019, Pfizer launched a hemophilia recombinant erythropoietin injection with extended half-life offering convenience of less frequent injections.

The global Recombinant Erythropoietin Market Share is estimated to be valued at US$ 7.01 Billion in 2023 and is expected to exhibit a CAGR of 2.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the recombinant erythropoietin market requires huge capital investments for R&D and manufacturing facilities. Large investments are also needed to build brand awareness and gain consumer trust.

Bargaining power of buyers: The bargaining power of buyers is moderate as recombinant erythropoietin has limited substitutes. Buyers have some bargaining power due to the availability of generics.

Bargaining power of suppliers: The bargaining power of suppliers is low as the raw materials used for manufacturing recombinant erythropoietin are easily available. Suppliers face stiff competition.

Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for recombinant erythropoietin which is an effective treatment for anemia.

Competitive rivalry: The competitive rivalry is high due to the presence of many established global players.

SWOT Analysis

Strengths: High efficacy and safety of recombinant erythropoietin. Growing prevalence of anemia.

Weaknesses: High R&D and manufacturing costs. Strong regulatory framework.

Opportunities: Growth in the geriatric population prone to anemia. Emerging markets offer scope for expansion.

Threats: Patent expiries leading to generics. Stringent approvals delay market entry of biosimilars.

Key Takeaways

The global recombinant erythropoietin market is expected to witness high growth, exhibiting CAGR of 2.0% over the forecast period, due to increasing prevalence of renal diseases and cancer chemotherapy-induced anemia. North America currently dominates the market due to presence of major players and growing healthcare expenditure. Europe is the second largest regional market supported by supportive regulations.

Asia Pacific is poised to be the fastest growing region in the recombinant erythropoietin market owing to rising healthcare infrastructure, growing medical tourism, and increasing spending on healthcare.

Key players operating in the recombinant erythropoietin market are Amgen Inc., Johnson & Johnson (Janssen Pharmaceuticals), Pfizer Inc., Roche Holding AG, Novartis AG, Biocon Limited, Teva Pharmaceutical Industries Ltd., LG Chem Ltd., Sandoz International GmbH (a subsidiary of Novartis AG), Intas Pharmaceuticals Ltd., Dr. Reddy’s Laboratories Ltd., Celltrion Inc., 3SBio Inc., CJ CheilJedang Corporation, BioSidus SA.

Read More:

Leave a Reply

© 2023 THEWION - WordPress Theme by WPEnjoy