The size of the kidney cancer diagnostics and therapeutics market in Europe was worth USD 0.92 billion in 2022 and estimated to be growing at a CAGR of 5.74%, to reach USD 1.22 billion by 2027.
Though there has been extensive progress in science and technology to tackle cancer, it continues to threaten lives worldwide.
Kidney cancer is one of the recurrent urologic tumors accounting for around 3% of all human cancers. The occurrence rate of renal cell carcinoma has increased progressively in recent decades.
The rise in Kidney cancer screening tests is one of the major drivers for this region's Kidney Cancer Diagnostics and Therapeutics market. Another aspect is that European countries face comparable economic and demographic burdens and are interested in scrutinizing their impact on health outcomes nationally and across Europe.
The increase in the demand for kidney cancer diagnostics and therapeutics market is due to the rise in older people with the rising prevalence of kidney cancer. Also, an increase in the growing awareness about pre- diagnosing benefits with possible signs and symptoms of kidney cancer is increasing the demand for kidney cancer diagnostics and therapeutics.
Other factors such as sedentary lifestyle, unhealthy eating and drinking habits, obesity, and smoking influence market growth. Moreover, increased investments and funding from government and non-government firms in research and development activities with increasing demand for diagnostics tests and therapeutics encourage market growth.
Increase in the technological advancements for developing innovative procedures and advanced diagnostic therapies for kidney cancer with the increasing government initiatives in developing advanced healthcare infrastructure in the region with the increase in the minimally invasive surgical techniques as they consist of fewer complications and have faster recovery rates. These factors are propelling the market growth.
However, an increase in the costs of cancer treatment and medication with the lack of proper reimbursement policies and rising preference for generic drugs are majorly affecting the growth of kidney cancer diagnostics and therapeutics in the European market. In addition, the lack of awareness among the people about cancer and treatment available in the market is restricting the market growth. On the other hand, the lack of proper accessibility in medical and healthcare services and therapy also affects the development of the market.
This research report on the Europe Kidney Cancer Diagnostics and Therapeutics Market is segmented and sub-segmented into the following categories:
Geographically, the European market is the third-largest market growth in the global kidney cancer diagnostics and therapeutics market. Still, it is expected to grow more significantly during the forecast period. The market is growing due to the rising population and the increasing prevalence of kidney cancer among people. In Europe, kidney cancer is the seventh most commonly diagnosed cancer, with 115,200 new cases and 49,000 fatalities per year. In addition, an increase in the geriatric population in the region is accelerating the demand for kidney cancer diagnostics and therapeutics in the market.
Germany held the largest share of the kidney cancer diagnostics and therapeutics market and is more likely to continue its growth during the forecast period. This is because of the increase in investment and fundings from government and non-government organizations in research and development, the well-established healthcare sector, and favorable reimbursement policies.
Spain and the UK are expected to show significant growth in the market as they have encountered an increase in the number of kidney cancer cases in the region, triggering the development of the market. Therefore, due to the rise in the number of cases and mortality rates in kidney cancer with the rise in the rising awareness among the people about the effects for pre-diagnosing of kidney cancer and treatment and medications available in the market is propelling the growth of the market.
Italy is estimated to have a promising share in the market due to the increase in technological advancements and increasing government initiatives for developing advanced and well-established well-established health care infrastructure.
KEY MARKET PLAYERS:
A few prominent companies operating in the Europe Kidney Cancer Diagnostics and Therapeutics Market profiled in this report are GlaxoSmithKline, Bayer, Pfizer, Sanofi S.A, Hoffmann La Roche, Novartis, and Abbott Laboratories.
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