Sorafenib Market Report 2024

This Sorafenib market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The sorafenib market size has grown steadily in recent years. It will grow from $1.19 billion in 2023 to $1.24 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth during the historical period can be attributed to favorable government policies and reimbursement programs, an increase in approvals for new drugs, rising apoptosis in cancer cells, a growing incidence of target cancers, and an increase in research studies focused on sorafenib.

The sorafenib market size is expected to see steady growth in the next few years. It will grow to $1.47 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The anticipated growth during the forecast period can be attributed to the rising incidence of thyroid cancer, an overall increase in cancer cases, a growing prevalence of chronic diseases, a heightened focus on precision medicine, and a rising incidence of liver and renal cancers. Key trends expected during this period include advancements in early diagnosis and treatment, innovations in alternative therapies, developments in advanced hepatocellular carcinoma (HCC) treatments, technological innovations in drug delivery, and progress in advanced renal cell carcinoma therapies.

The rising incidence of cancer is anticipated to drive the growth of the sorafenib market in the future. Cancer refers to a collection of disorders characterized by the uncontrolled growth and division of abnormal cells, which can invade and damage healthy tissues. The increasing prevalence of cancer can be attributed to various factors, including an aging population, lifestyle choices, environmental exposures, and advancements in diagnostic technologies that result in more cases being identified. Sorafenib, a multi-kinase inhibitor, is essential in cancer treatment as it targets critical signaling pathways involved in tumor growth and angiogenesis, making it an effective therapeutic option for patients with advanced renal cell carcinoma and hepatocellular carcinoma. For example, in January 2023, the National Center for Biotechnology Information, a US-based intergovernmental organization, reported approximately 1,958,310 new cancer cases and 609,820 cancer-related deaths in 2023. Thus, the increasing prevalence of cancer is fueling the expansion of the sorafenib market.

Key players in the sorafenib market are concentrating on creating innovative products, such as affordable generic sorafenib tablets, to improve efficacy and patient adherence while meeting specific requirements in cancer treatment. Affordable generic medicines provide the same therapeutic benefits as their brand-name counterparts but at much lower prices. These medications help to lower healthcare costs while delivering equivalent clinical efficacy to their branded versions. For instance, in June 2022, Dr. Reddy's Laboratories, an Indian pharmaceutical manufacturer, introduced Sorafenib tablets, a generic treatment for various cancers, in the US market after receiving approval from the US Food and Drug Administration (USFDA). This generic product is based on Bayer's Nexavar and is used for treating multiple cancers, including liver, kidney, and thyroid cancers. The Sorafenib tablets are available in 200 mg doses and are sold in bottles containing 120 tablets.

In June 2024, Lotus Pharmaceuticals Co. Ltd., a Taiwan-based company focused on manufacturing and selling generic drugs, acquired Teva Pharmaceutical Industries Ltd. for an undisclosed amount. This acquisition allows Lotus Pharmaceuticals to broaden its product range and market presence by integrating Teva's extensive portfolio of pharmaceutical products and expertise. Teva Pharmaceutical Industries Ltd. is an Israel-based company that produces sorafenib tablets.

Major companies operating in the sorafenib market are Pfizer Inc., Bayer AG, AstraZeneca PLC, Novartis AG, Bristol Myers Squibb, Mylan N.V., Teva Pharmaceutical Industries Ltd., Astellas Pharma Inc., Amgen Inc., Cipla Limited, Hikma Pharmaceuticals PLC, Dr. Reddy's Laboratories Ltd., Exelixis Inc., Natco Pharma, Beacon Pharmaceuticals Ltd., Hetero Healthcare Ltd., Aprazer Healthcare Private Limited, Wellona Pharma, Anant Pharmaceuticals Pvt. Ltd., Intelicure Lifescience.

North America was the largest region in the sorafenib market in 2023. The regions covered in the sorafenib market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the sorafenib market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Sorafenib is a medication primarily used in the treatment of certain types of cancer. It is classified as a targeted therapy drug, functioning by inhibiting specific enzymes and proteins that are involved in cancer cell growth and the formation of blood vessels in tumors.

The main product types of sorafenib include patented drugs and generic drugs. Patented drugs are medications protected by intellectual property rights, usually through a patent granted to the company or individual who discovered or developed the drug. Sorafenib is distributed through various channels, including hospital pharmacies, drug stores, retail pharmacies, and online pharmacies. It is used in the treatment of several conditions, including kidney cancer, liver cancer, and thyroid cancer.

The sorafenib market research report is one of a series of new reports that provides sorafenib market statistics, including sorafenib industry global market size, regional shares, competitors with a sorafenib market share, detailed sorafenib market segments, market trends, and opportunities, and any further data you may need to thrive in the sorafenib industry. This sorafenib market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The sorafenib market consists of sales of nexavar, and sorafenib combination tablets. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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