The Nephrology Drugs Market Projected to Grow at a CAGR of 6.0% and Garner a Revenue of $21,454.5 Million in the 2021-2028 TimeframeDownload Sample Reports Overview
The global nephrology drugs market was valued at $13,723.9 million in 2020 and is projected to reach $21,454.5 million by 2028, registering a CAGR of 6.0%.
COVID-19 Impact on the Nephrology Drugs Market
During the prevalence of COVID-19 pandemic, the nephrology drugs market observed a negative growth. As the corona virus became prevalent across the world, scientists and researchers focused on studying the viral infection on the priority basis. Due to this factor, the speed of nephrology drugs development got delayed. This factor is likely to hamper the nephrology drugs market share growth in the pandemic time period.
Nephrology Drugs Market Analysis:
Increasing prevalence of nephrology diseases among people, especially old age people is expected to drive the nephrology drugs market size growth in the forecast time period. Nephrology diseases are diseases like infection and kidney stones which occur in the kidney and disrupt its normal function. Nephrology disease cases have increased at a rapid rate across the world owing to many factors such as unhealthy lifestyle, and unhealthy food eating habits. Also, growing geriatric population across the world and many kidney diseases associated with ageing is further anticipated to increase market revenue in the coming years. Nephrology drugs are widely prescribed by healthcare professionals and surgeons to control and maintain patient’s kidney disease. Such factors are likely to flourish the nephrology drugs market share growth in the next few years.
However, high cost of the nephrology drugs implant and treatment is likely to restrain nephrology drugs market size growth. Also, lack of awareness among people about different kidney diseases and availability of drugs to control those symptoms is further likely to impede the market growth in future.
Due to growing demand for advanced treatment options for kidney diseases, many companies in the market have got opportunities to launch new kidney disease drugs in the market. For achieving this, the companies have started investing a huge amount of their budget on research and development activities and are developing new and potent nephrology disease drugs. Such factors are anticipated to generate huge revenue in the nephrology drugs market in the next few years.
Nephrology Drugs Market, Segmentation
The nephrology drugs market is segmented based on type, route of administration, distribution channel, and region.
The type segment of the global nephrology drugs market is segmented into ACE inhibitor, calcium channel blocker, diuretics, and others. The ACE inhibitor nephrology drugs sub-segment is predicted to have the highest revenue in the global market and register a revenue of $8,581.8 million during the forecast period. The sub-segment growth is due to the fact that ACE inhibitors are widely used in the treatment and management of high blood pressure and kidney diseases. Also, healthcare professionals widely prescribe these medicines to the patients.
Route of Administration
The route of administration segment of the global nephrology drugs market is segmented into oral and parenteral. Oral sub-segment is anticipated to have the fastest market growth rate and generate a revenue of $14,052.7 million in 2028. Oral sub-segment growth is mainly due to the fact that many people find it convenient and easy to consume medicines orally. Also, the oral intake of medicines and drugs is non-invasive and painless which makes it a preferred drug administration route among patients. Such factors are likely to drive the market growth in the next few years.
The distribution channel segment of the global nephrology drugs market is segmented into hospital pharmacies, retail pharmacies, and online. The hospital pharmacies sub-segment is predicted to have a dominating market share in the global market and register a revenue of $11,049.0 million during the forecast period. The sub-segment growth is due to the presence of large number of hospitals and cardiac centers across the world which provides easy access to hospital pharmacies. Also, patients prefer to buy medicines from hospital pharmacies as they can then easily ask the doctors about their doubts regarding dosages. Such factors are likely to drive the market growth in the next few years.
The Asia-Pacific nephrology drugs market is expected to observe the fastest growth and register a revenue of $4,398.2 million in the predicted time span. The regional growth is attributed to the presence of well-established pharmaceutical industries in countries like India and China. India is one of the leading countries in the manufacturing and exporting of pharmaceutical drugs. Also, the increasing cases of lifestyle related health abnormalities such as kidney fibrosis and stones among millennial due to lack of exercise and workout has increased the prevalence of kidney diseases. These factors are estimated to increase the market growth of nephrology drugs in the future.
Key Players in the Nephrology Drugs Market
The companies involved in the nephrology drugs market are
- AbbVie Inc.
- Akebia Therapeutics, Inc.
- Amgen Inc.
- F. Hoffmann-La Roche
- FibroGen Inc.
- GlaxoSmithkline PLC.
- Johnson & Johnson Inc.
- Pfizer Inc.
- Teva Pharmaceutical Industries Limited.
Porter’s Five Forces Analysis for the Nephrology Drugs Market
- Bargaining Power of Suppliers: The number of suppliers in the nephrology drugs market is increasing at a rapid pace due to which they have to optimize their product range in order to attract large number of consumers.
Thus, the bargaining power suppliers is moderate.
- Bargaining Power of Buyers: Although the buyers are high in number, they have to buy medicines prescribed by the doctors without considering price.
Thus, the bargaining power of the buyers is moderate.
- Threat of New Entrants: Since the market is growing rapidly, new companies entering the market have started launching new and advanced nephrology drugs products to attract the consumers and establish their market presence.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: There is no substitute for nephrology drugs in the market.
Thus, the threat of substitutes is low.
- Competitive Rivalry in the Market: The competitive rivalry is present among the market players as the nephrology drugs market is growing and there is a huge scope for high growth.
Therefore, competitive rivalry in the market is high.