The global Braf Kinase Inhibitors Market is estimated to be valued at US$ 1184.51 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Braf kinase inhibitors are a class of targeted therapy drugs used for the treatment of various cancers such as melanoma and others. These drugs work by targeting mutations in the B-Raf protein and inhibiting its kinase activity. The main advantages of Braf kinase inhibitors include inhibiting tumor growth, inducing tumor cell death, improving progression-free survival and overall survival in patients. With rising cancer prevalence worldwide, the need for developing effective targeted therapies has been increasing.
Market key trends:
One of the major trends in the Braf kinase inhibitors market is the increasing usage of combination therapies. Combination therapy using Braf kinase inhibitors along with MEK inhibitors has shown promising results for treating advanced melanoma. Some key combination therapies include Braftovi (encorafenib) in combination with Mektovi (binimetinib) and Tafinlar (dabrafenib) in combination with Mekinist (trametinib). Combination therapy helps in overcoming resistance and improving treatment outcomes. Their increased usage is expected to drive the demand for Braf kinase inhibitors over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as large capital investment is required for R&D and clinical trials for drug development in this space. However, partnerships with large pharma companies can reduce the entry barriers.
Bargaining power of buyers: The bargaining power of buyers is strong as many generic drugs are available as alternatives at lower prices. Existing drugs can also potentially threat profit margins.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials for drug manufacturing have limited substitutes. Established supply relationships also reduce dependence.
Threat of new substitutes: The threat of new substitutes is high given the rapid advancement in cancer research. New targeted therapies and combination treatments can quickly make existing drugs obsolete.
Competitive rivalry: Strong as leading players compete intensely on product innovation, portfolio expansion and marketing spends.
Key Takeaways
The global Braf Kinase Inhibitors Market is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing prevalence of cancer globally.
Regional analysis: North America dominated the market and held around 45% share in 2023 owing to supportive reimbursement policies and robust research funding for cancer drugs. However, Asia Pacific is anticipated to exhibit fastest growth during the forecast period supported by large patient pools, rising healthcare expenditure and increasing awareness.
Key players operating in the Braf Kinase Inhibitors market are F. Hoffmann-La Roche AG, Novartis International AG, and Pfizer, Inc. Key players are focusing on strengthening their product pipelines through acquisitions and collaborations to gain market share in this competitive landscape. For instance, Roche’s blockbuster drug Venclexta is a strong revenue generator in this space.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it