Northbrook, IL 60062 -- (SBWire) -- 11/23/2023 --The continuous renal replacement therapy (CRRT) industry is poised for significant growth in the near future. With an aging global population and a rising incidence of chronic kidney diseases, the demand for CRRT systems and services is expected to soar. Advancements in technology are driving innovation, leading to more efficient and patient-friendly CRRT devices. Additionally, the increasing recognition of the importance of early intervention in kidney-related conditions is likely to boost the adoption of CRRT as a vital treatment modality. As healthcare systems worldwide continue to focus on improving patient outcomes and reducing the burden of renal disease, the CRRT industry is positioned to play a crucial role in meeting these healthcare challenges head-on.
Continuous Renal Replacement Therapy Market in terms of revenue was estimated to be worth $1.4 billion in 2023 and is poised to reach $2.1 billion by 2028, growing at a CAGR of 8.1% from 2023 to 2028 according to a new report by MarketsandMarkets™.
The rise in the global incidence of Acute kidney Injury (AKI) and increase in the demand for effective renal replacement therapy among the patients who are critically ill or in ICU and growing initiatives by the government to increase the awareness about CRRT therapy along with the increase in technologically advancement of the CRRT system are anticipated to fuel the CRRT market growth during the forecast period.
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"Growing demand for dialysate to support the market growth during the forecast period."
The significant increase in the demand for CRRT in the treatment of hemodynamically unstable patients attributes to the rising of the CRRT market Moreover, the development and commercialization of novel renal replacement solutions are also some of the factors that support the market growth. Furthermore, many companies are expanding their dialysate product portfolios. For instance For instance, in August 2020, NIPRO CORPORATION acquired shares in dialysate MTN Neubrandenburg GmbH, which is involved in the manufacturing and sales of dialysates. Moreover, there has been an increase in the global incidence of acute kidney injury (AKI), which has driven the demand for dialysates and prompted manufacturers to ramp up dialysate production.
"Asia Pacific likely to emerge as the fastest-growing CRRT market, globally"
The Coninuous renal replacement therapy market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa.Asia Pacific attributes to the highest growth rate amongst the other regions, The emerging Asian countries, such as China, India, and Japan, are offering significant growth opportunities for market players. The expansion of healthcare infrastructure and increase in disposable incomes, increase incidences of acute kidney disease (AKI), diabetes, hypertension are factors which are likely to support the growth of CRRT market in the region.
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Continuous Renal Replacement Therapy Market Dynamics:
Drivers:
1. Increase in the prevalence of incidence of acute kidney injury (AKI)
Restraints:
1. High procedural cost of CRRT
Opportunities:
1. Emerging markets in APAC and RoW
Challenge:
1. Shortage of trained ICU professionals in developing nations
Key Market Players of Antibody Drug Conjugates Industry:
The key players in the continuous renal replacement therapy market Fresenius Medical Care AG & Co. KGaA (Germany), Baxter International Inc. (US) and B. Braun Melsungen AG (Germany). These companies adopted strategies such as partnerships, acquisitions, and investments to strengthen their presence in the market
Recent Developments:
- In 2020, Medtronic plc announced the launch of the Carpediem system, the first and only pediatric and neonatal acute dialysis system designed to treat patients weighing 2.5–10 kg (5.5–22 pounds) requiring renal replacement therapy.
- In 2019, Baxter International Inc. introduced the PrisMax CRRT system in the US
- In 2019, Fresenius Medical Care AG & CO. KGaA announced the launch of the 4008A dialysis machine in India.
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Continuous Renal Replacement Therapy Market Size 2023 Global Industry Analysis by Trends, Strategic Visions, Future Demands, Forecast Till 2028
The global continuous renal replacement therapy market in terms of revenue was estimated to be worth $1.4 billion by 2023 and is poised to reach $2.1 billion by 2028, growing at a CAGR of 8.1% from 2023 to 2028.