Nephrology is a specialty branch of medical science that deals with study of kidneys, their functioning, and diseases related to them. Nephrology drugs, also called renal drugs, are such medications which are administered so as to treat kidney ailments like kidney stones and to improve kidney health and functioning. Like most other drugs, nephrology drugs, too can be administered orally or parentally.
Forecast Analysis
The lifestyle followed by people today, especially the millennial population, has been described by leading health experts as extremely unhealthy. Lack of physical exercise and intake of unhealthy junk food products have aggravated this problem. This lifestyle has given rise to many diseases including renal diseases like kidney fibrosis and kidney failure. Increasing prevalence of kidney diseases is expected to be the primary growth driver for the nephrology drugs market. Along with this, growing population of geriatric people is further expected to drive the market in the forecast timeframe. Additionally, improvements in the existing nephrology drugs and medications along with the launch of new medical products is expected to augment the market growth in coming years. However, the high cost associated with nephrology drugs is predicted to become a major hurdle in the growth trajectory of the nephrology drugs market.
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Regionally, the nephrology drugs market in the Asia-Pacific region is expected to have the fastest growth rate and garner a revenue of $4,398.2 million by 2028. Growing incidence of kidney-related diseases among the middle-aged population of this region is expected to be the leading growth driver of the market. Also, the leading market players are investing hugely in this region which expected to create numerous growth opportunities for the nephrology drugs market in the Asia-Pacific region.
As per the report published by Research Dive, the global nephrology drugs market is expected to gather a revenue of $21,454.5 million by 2028 and grow at 6.0% CAGR in the 2021–2028 timeframe. Some prominent market players include AstraZeneca, Amgen Inc., Johnson & Johnson Inc., Teva Pharmaceutical Industries Limited, F. Hoffmann-La Roche, AbbVie Inc., GlaxoSmithkline PLC, Akebia Therapeutics, Pfizer Inc., FibroGen Inc., and many others.
Covid-19 Impact on the Market
The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. Even the nephrology drugs market has faced a severe impact due to the pandemic. Patients suffering from renal diseases have avoided visiting hospitals and taking treatments related to renal diseases. This has led to a decline in demand for nephrology drugs. Moreover, even doctors have deferred surgeries and operations that are part of treatment procedures of some kidney ailments as the danger of infection loomed large. Both these factors have led to a decline in the growth rate of the market.
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Significant Market Developments
The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the nephrology drugs market to flourish. For instance:
In November 2021, Vifor Pharma, a major player of specialty pharmaceutical industry, announced the acquisition of two biopharmaceutical companies called Sanifit Therapeutics and Inositec. Both the acquisitions will help Vifor Pharma to expand its business hugely in this industry and thereby gain a leading position in the nephrology drugs market.
In December 2021, Chinook Therapeutics, a leading biopharma company, announced the launching of a joint venture along with two investors, Frazier Healthcare Partners and Pivotal bioVenture partners China. This joint venture called the SanReno Therapeutics will manufacture and develop therapies related to kidney diseases in China, Hong Kong, Macau, Taiwan, etc. This joint venture is thus expected to increase the customer base of all three partners.
In February 2022, Janssen Pharmaceutical Companies of Johnson & Johnson, a pharma giant, announced the acquisition of Anakuria Therapeutics, a pharmaceutical company recently founded by Navitor Pharmaceuticals. The acquisition deal is expected to help Janssen Pharma as Anakuria Therapeutics is working on the manufacturing and production of new class of nephrology drugs, which will help in better treatment of renal diseases.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and a strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, and decades of trade data, and technical white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting their major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major Market aficionado that further offers its research an edge.
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