Recombinant Erythropoietin Market set for robust growth driven by increasing use of biosimilars by 2031
The recombinant erythropoietin market deals with use of biosimilar medicines for treatment of anemia and blood related disorders. Recombinant erythropoietin is a man-made form of endogenous protein hormone erythropoietin that stimulates bone marrow to produce red blood cells. It is used to treat anemia in patients with chronic kidney disease, cancer, HIV/AIDS and chemotherapy induced anemia. Recombinant erythropoietin reduces need for blood transfusions and improves quality of life. The global recombinant erythropoietin market is estimated to be valued at US$ 459.3 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the recombinant erythropoietin are Amgen, Roche, Johnson & Johnson, Kyowa Hakko Kirin and Ahua.
Growing demand:
The increasing prevalence of cancer, chronic kidney disease, and blood-related disorders is expected to drive the demand for recombinant erythropoietin products over the forecast period, contributing to the growth of the Recombinant Erythropoietin Market size expanding their manufacturing facilities and focus on emerging markets like Asia Pacific and Latin America for global market expansion.
Market Key Trends
Increasing adoption of biosimilar recombinant erythropoietin: Loss of patent exclusivity of blockbuster drugs has led to significant growth of biosimilars market globally. In Europe, biosimilars now account for over 50% of erythropoietin market indicating high acceptability of biosimilars. This trend is expected to continue over the forecast period.
Porter’s Analysis
Threat of new entrants: The biologics manufacturing industry is capital intensive requiring large investments in R&D and manufacturing infrastructure. Regulatory requirements for approval also create entry barriers.
Bargaining power of buyers: Buyers have moderate bargaining power given the life-saving need for recombinant erythropoietin drugs. However, the existence of substitutes and generic competition provide alternatives to buyers.
Bargaining power of suppliers: A few key suppliers exist for active ingredients and other raw materials. Suppliers hold some power given production dependencies though buyer aggregation helps balance this.
Threat of new substitutes:
Alternate therapies for treating anemia pose a threat to the market, as some hospitals are shifting from Epogen/Aranesp to newer treatments with fewer safety issues. Additionally, newer biosimilars are acting as substitutes, highlighting the Recombinant Erythropoietin Market Challenges and Opportunities sees competition between branded and generic versions.
Price competition is high due to availability of close substitutes. Firms battle to maintain market share and new product differentiation provides advantage.
Geographical Regions
North America accounts for the largest share of the recombinant erythropoietin market currently due to rising incidence of chronic kidney disease and cancer. The strong healthcare system and reimbursement coverage in the US and Canada support market concentration in the region.
Asia Pacific is poised to be the fastest growing market during the forecast period due to improving access to healthcare, increasing healthcare spending, and growing patient population in countries such as China and India. Economic development is helping expand the middle-class with greater ability to afford biologic drugs.
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