North America is expected to possess 48% market share for renal insufficiency in 2023.
The global Renal Insufficiency Treatment Market Size had a market value of US$ 12 billion in 2022 and is predicted to reach a market value of US$ 35.28 billion by 2033, growing at a CAGR of 10.3% from 2023 to 2033. The increasing number of patients with chronic kidney disease, the rising use of improved dialysis procedures, and the discovery of new and more effective drugs for the treatment of renal insufficiency all contribute to the growth of the Renal Insufficiency Treatment market. From 2018 to 2022, the market for Renal Insufficiency Treatment grew at a CAGR of 5.8%.
Renal insufficiency is a condition in which the kidneys do not function adequately. It is also known as chronic kidney disease. Treatment for renal insufficiency usually focuses on addressing the underlying cause of the condition and preventing future kidney damage.
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One of the key drivers of the renal insufficiency therapy market is the rising frequency of chronic kidney disease. According to the National Kidney Foundation, chronic kidney disease affects around 37 billion people in the United States alone. Because of the condition's great prevalence, there is a strong demand for treatments and therapies to manage it.
Dialysis technology advancements, such as the creation of home-based and portable dialysis devices, are increasing access to treatment for individuals with renal insufficiency. These improvements make it possible for patients to get dialysis in a number of settings, including their own homes, thereby increasing their quality of life.
Another market driver is the discovery of novel drugs for the treatment of renal insufficiency. Many pharmaceutical companies are investing in R&D to discover novel medicines that can halt the advancement of chronic renal disease and lower the risk of complications.
As the risk of chronic kidney disease grows with age, the ageing population is also a driving force in the renal insufficiency therapy market. The demand for treatments and therapies to control renal insufficiency is predicted to rise as the population ages.
The market is also being driven by increased awareness and education regarding chronic kidney disease, as well as the need of early detection and management. People are more likely to seek treatment and take efforts to control chronic renal disease when they become more aware of the hazards.
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Key Takeaways:
Competitive Landscape:
Key players in the renal insufficiency treatment are Nipro Corp., Fresenius Medical Care AG & Co. KGaA, Baxter International, Inc., Medtronic Plc, Braun Melsungen AG, Asahi Kasei Medical Co., Ltd., Cantel Medical, Nikkiso Co., Ltd., JMS Co. Ltd., AstraZeneca.
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Key Segments Profiled in the Renal Insufficiency Treatment Industry Survey
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 05, 2023
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