The size of the kidney cancer diagnostics and therapeutics market in North America was worth USD 1.32 billion in 2022 and estimated to be growing at a CAGR of 5.51%, to reach USD 1.72 billion by 2027.
North America dominated the global market for kidney cancer diagnostics and therapeutics in 2020. Factors such as pharmaceutical companies' increased R&D expenditure and the increasing aging population are likely to drive the market expansion over the forecast period. Manufacturers of kidney cancer diagnostic systems and healthcare service providers have begun to offer tailored patient care and access to complete end-to-end medical device products and services for renal cell carcinoma kidney cancer treatment. They are working on product prototyping development and improvement and minimizing operational expenses.
The market's growth is expected to be favored by technological advancements in devices, an increase in healthcare spending, and an increase in demand for blood chemistry tests for kidney cancer diagnosis. Medical devices are a broad, innovative, and dynamic industry. From telemedicine to artificial intelligence, robotic surgery, and 3D printing, technology is fast evolving and altering healthcare. The kidney cancer therapies and diagnostics therapeutics market in the North American region is further expected to be boosted by increased public and government spending in the healthcare sector and rising demand for kidney cancer molecular diagnostics. Improved versions of well-known diagnostic tools will almost probably replace them.
Most kidney cancer cases are discovered after it has progressed to an advanced stage. Therefore, patients' and physicians' decisions to pay the high expense of therapy, even if the prognosis is only marginally better, are influenced by the severity of cancer and its diagnosis. Over the forecast period, the kidney cancer diagnostics market in the North American region may be hampered by a low success rate in clinical trials.
This research report on the North American kidney cancer diagnostics and therapeutics market has been segmented and sub-segmented into the following categories:
Geographically, North America is expected to account for a sizable portion of the global kidney cancer market during the forecast period. As a result of increased government initiatives to expand healthcare facilities in the region, North America has one of the highest market shares in the worldwide kidney cancer market in terms of revenue. Compared to other regions, North America has more cancer and chronic disease patients, which is forecasted to boost the regional market growth. In recent years, the number of patients living with kidney cancer has risen dramatically. In addition, renal cancer is more common in the elderly population, which is projected to propel the kidney cancer diagnostics market forward in the upcoming years and decades. To promote awareness about kidney cancer, several government agencies and private groups from around the region are working together. People's increased attentiveness, pharmaceutical companies' increased spending, and lifestyle changes significantly drive market growth.
The kidney cancer diagnostics and therapeutics market in the U.S. is predicted to rise rapidly due to an increase in the number of patients with chronic diseases, the frequency of kidney cancer, and many healthcare facilities in the country. In addition, the market in the United States is predicted to increase due to high healthcare spending, recent advancements in diagnostic instruments for transitional cell carcinoma renal cancer treatment, and the availability of favorable reimbursement policies.
KEY MARKET PLAYERS:
Companies playing a dominant role in the North American kidney cancer diagnostics and therapeutics market profiled in this report are GlaxoSmithKline, Bayer, Pfizer, Sanofi S.A, Hoffmann La Roche, Novartis, and Abbott Laboratories.