The global axitinib market is anticipated to grow at a CAGR of nearly 3.5% during the forecast period (2022-2028). Axitinib is an oral VEGFR and kinase inhibitor used for the treatment of advanced renal cell carcinoma after failure of one prior systemic therapy. The major factor expected to drive the market growth is the increasing prevalence of renal cancer. The use of Axitinib in renal cancer treatment enables to slow down or stop the growth of the tumors along with shrinking tumors before surgery. The medication works by blocking a protein called VEGF that promotes tumor growth. Furthermore, it is used with other chemotherapy drugs that may improve chances of living longer after surgery by controlling cancer for some time. This factor also boosts the growth of the global axitinib market during the forecast period.
Some major players in the market include Pfizer Inc., Glenmark Pharmaceuticals Ltd., and AstraZeneca plc, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in December 2020, Glenmark Pharmaceutical Ltd. announced that the company received approval from the US Food and Drug Administration (U.S. FDA) for the Axitinib tablets used for the treatment of kidney cancer. The product is the generic version of Inlyta tablets of PF Prism CV. Further, the company added that the approval was granted for the strength of 1 mg and 5 mg tablets. Moreover, in May 2019, Merck & Co. Ltd. and Pfizer Inc., announced that the US Food and Drug Administration (US FDA) approved the first checkpoint inhibitor treatment for advanced renal cell carcinoma (RCC). FDA approved a combination of Bavencio (avelumab) and Inlyta (axitinib) for the first-line treatment of advanced RCC patients.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Pfizer Inc., Glenmark Pharmaceuticals Ltd., and AstraZeneca plc, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
A full report of Global Axitinib Market is available at: https://orionmarketreports.com/global-axitinib-market/96441/
Global Axitinib Market Report by Segment
By Type
- Injection
- Powder
- Others
By Application
- Renal Cancer Treatment
- Advanced Thyroid Cancer
Global Axitinib Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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