Albany, NY -- (SBWIRE) -- 02/18/2020 -- The global chronic kidney disease (CKD) drugs is predicted in a report by Transparency Market Research (TMR) finds intense competition and high fragmentation owing to presence of strong players in the market. Teva Pharmaceutical Industries Ltd., AstraZeneca Plc, Amgen Inc., F. Hoffmann-La Roche Ltd., AbbVie Inc., Pfizer Inc., Sanofi S.A., GlaxoSmithKline Plc, Kissei Pharmaceutical Co. Ltd., and Keryx Biopharmaceuticals Inc. are some of the leading makers of drugs for the treatment of chronic kidney diseases across the world.
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The global chronic kidney disease drugs market registered at US$11.5 bn in 2015. Growing at a CAGR of 3.60% between 2016 and 2024, the market is expected to attain value of US$15.8 bn by the end of 2024. Calcium channel blockers surfaced as the key drug class in 2015, leading the market with a share of 18.9%.
The hospitals segment, which is the current market leader, is expected to continue its dominance in this market over the next few years. North America led this market in 2015 with a share of 31.8%. This growth is driven by the strong economic condition of the region and the high acceptance for advanced technology products.
Increasing Incidence of Chronic Kidney Disease Mainly in Old People to Drive Growth
The global chronic kidney disease drugs market is primarily driven by the increasing incidence of chronic kidney disease among patients globally. This is boosted the need for the novel treatments to improve quality life of patients.
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Additionally, increasing geriatric population, who are more susceptible to adopt various diseases owing to their poor immunity, such as diabetes, cardiovascular disorders, and neurological conditions. Rising need for the drugs to treat this patients is boosting adoption of chronic kidney disease drugs. This is another important factor supporting growth of chronic kidney disease drugs market.
Additionally, the chronic kidney disease drugs market is projected to be propelled substantially in the near future owing to high technological advancements which are leading to the development of a numerous drugs, which will enable clinicians to provide proper assistance to chronic kidney disease patients.
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Nonspecific Medication Buyers to Hamper Growth
However, developments and mechanical progresses in chronic kidney disease drugs are authorizing clinicians to offer genuine help to the patients, are expected to support growth of the market astoundingly. Additionally, the expanding inclination for nonspecific medication among buyers coupled with strengthening rivalry from biosimilars because of patent expiry is expected to limit the development of chronic kidney disease drugs market.