The global “continuous renal replacement therapy market” size is expected to gain momentum and reach USD 1,811.5 million by 2027 on account of the increasing prevalence of chronic diseases such as diabetes that leads to kidney issues. A published report by Fortune Business Insights titled, “Continuous Renal Replacement Therapy Market Size, Share & COVID-19 Impact Analysis, By Product Type (Systems, and Consumables), By Modality (Slow continuous ultrafiltration, Continuous Venovenous Hemofiltration, Continuous Venovenous Hemodialysis, and Continuous Venovenous Hemodiafiltration, and Regional Forecast, 2020-2027,” states that the value of this market was USD 986.4 million in the year 2019 and will exhibit a CAGR of 8.0% between 2020 and 2027.
Drivers & Restraints-
Increasing Prevalence of Acute Kidney Injury to Propel Growth
Some of the factors promoting the continuous renal replacement therapy market growth include the increasing prevalence of chronic diseases such as diabetes, hypertension, and others that ultimately leads to kidney disorders. In addition to this, the rise in geriatric population and the increasing cases of acute kidney problems are likely to add impetus to the market in the coming years. Moreover, the rise in coronavirus positive cases mostly among the geriatric population and the rising rate of kidney cases among severely ill patients are likely to augment demand for continuous renal replacement therapy in the forthcoming years.
However, the stringent regulations imposed by the Food and Drug Administration on the approval of various products may pose a serious challenge to the market in the coming years. Nevertheless, the advent of medical technologies and rising investments in research and development of novel therapeutics are likely to create lucrative opportunities for the CRRT market in the coming years.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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The current pandemic of Covid-19 has made a catastrophic impact on the world. Most businesses are shut as a result of the increasing COVID-19 cases. The healthcare industry is facing shortage of medical aid as there are not enough beds to suffice the needs of the increasing number of patients. The world economy is fluctuating as most businesses are at a halt and the ones running from the vicinity of their homes are barely able to manage revenue.
Special reports on various markets affected by the coronavirus pandemic are provided by Fortune Business Insights. These reports will help visualize the current situation and what strategies can be adopted to help the market gain momentum in the coming years.
Highlights of the Report
The report offers a comprehensive overview of the market focusing on growth drivers, restraints, challenges, and upcoming opportunities. It also discusses the competitive landscape of the market, and lists the current trends and industry developments of the market. The report further highlights the table of segmentation and the names of the leading segments with market figures. To purchase this report, log on to the company website.
North America is Dominating Market Owing to Rising Demand for Radical Innovation in Machines
In 2019, North America held the largest CRRT market share with a revenue of USD 354.3 million. This is attributable to the increasing demand for continuous renal replacement therapy and radical innovation in the machines. This, coupled with the increasing prevalence of kidney diseases especially in the U.S. Furthermore, the Asia Pacific market is expected to register fastest growth in the coming years owing to the rise in expenditure on the infrastructural development of healthcare sector in the developing nations.
Consumables Segment is Overpowering Market with Increasing Application of Hemofilter
In 2019, the consumable products segment earned the highest CRRT market share on account of the increasing application of consumables such as fluids, hemofilter, and charcoal filters among others. However, the increasing prevalence of acute kidney injuries are likely to help the systems segment witness steady growth in the coming years.
Companies Engaging in Geographical Expansion to Gain Competitive Edge
The nature of the CRRT market is monopolistic on account of the dominance of Baxter International Inc. Some of the companies operating in this market are engaging in improving their portfolio by investing on latest innovations and new devices. The other players are engaging in joint ventures, contracts and agreements, and other collaborative efforts to gain a significant position in the market competition.
Some Industry Developments of the CRRT Market include:
February 2019 – NxStage Medical and Fresenius Medical Care entered into strategic collaboration soon after the approval of antitrust authorities in the U.S. The main objective behind the adoption of this strategy is to strengthen the supply chain of both the companies, along with their production and manufacturing competencies across various products and services.
Some of the Key Players of the Market for Continuous Renal Replacement Therapy includes:
- Braun Medical Inc. (Pennsylvania, United States)
- Asahi Kasei Corporation (Tokyo, Japan)
- Toray Medical Co., Ltd (Tokyo, Japan)
- Medtronic Plc
- Baxter International Inc. (Illinois, United States)
- Fresenius Medical Care AG & Co. KGaA (Bad Homburg, Germany)
- NIPRO Corporation (Osaka, Japan)
- NxStage Medical, Inc., (Massachusetts, United States)