Pune, April 06, 2020 (GLOBE NEWSWIRE) -- The global continuous renal replacement therapy (CRRT) market is set to be positively impacted by rising technological advancements by renowned acute therapy manufacturers to offer enhanced dialysis care worldwide. Also, the expansion of extracorporeal therapies taking place in the ICU would affect the market positively. This information is given by Fortune Business Insights™ in a recent report, titled, “Continuous Renal Replacement Therapy (CRRT) Market Size, Share & Industry Analysis, By Product (Systems, and Consumables), By Modality (Slow continuous ultra-filtration {SCUF}, Continuous Venovenous Hemofiltration {CVVH}, Continuous Venovenous Haemodialysis {CVVHD}, and Continuous Venovenous Hemodiafiltration {CVVHDF), and Regional Forecast, 2019-2026.” The report further mentions that the CRRT market size was USD 845.7 million in 2018, and is projected to reach USD 1,502.1 million by 2026, exhibiting a CAGR of 7.5% during the forecast period.
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Highlights of the Report:
- Elaborate information regarding the continuous renal replacement therapy market trends, opportunities, and challenges.
- Insights on all the regions and factors propelling growth in them.
- List of the segments present in the market.
- Significant strategies followed by reputed companies to gain competitive edge.
- In-depth data about the growth drivers and obstacles that the market would come across in the near future.
An Overview of the Impact of COVID-19 on this Market:
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Drivers & Restraints-
Increasing Prevalence of Diabetes to Augment Growth
The number of aging population is growing day by day across the globe. It is leading to a rising prevalence of hypertension and diabetes. Such masses are at high risk of developing acute kidney injury (AKI). The International Diabetes Federation (DFU) published an article that mentions that approximately 463 million people were living with diabetes in 2019. But, this number is likely to surge by the end of 2030 and would go up to 578 million. That is why, various government and private agencies are conducting awareness campaigns to educate the masses regarding the occurrence of AKI, as well as measures to undertake for the management of this disease. These factors are likely to boost the CRRT market growth in the coming years. However, CRRT is an expensive procedure. This factor may obstruct market growth.
Segment-
Consumables Segment to Lead Fueled by Cost-effective Nature
Based on product type, the market is categorized into consumables and systems. Out of these, the consumables segment is expected to generate the highest continuous renal replacement therapy market share during the forecast period owing to their repeated use and cost-effective nature. Additionally, the rising utilization of fluids, hemofilter, and charcoal filters would propel growth of this segment.
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Regional Analysis-
Ongoing Technological Advancement to Favor Growth in Asia Pacific
Based on region, the market is divided into Asia Pacific, the Middle East and Africa, Europe, North America, and Latin America. Amongst these, North America procured USD 305.5 million CRRT market revenue in 2018. This growth is attributable to the ever-increasing radical innovations of machines and high demand for novel procedures. The U.S. houses a large number of patient pools living with AKI. It would also contribute to market growth in this region.
Asia Pacific, on the other hand, would grow considerably because of substantial healthcare expenditure, as well as ongoing technological advancement. Coupled with this, increasing initiatives by the governments of several emerging nations to refine healthcare services would boost growth.
Competitive Landscape-
Key Players Focus on Innovative Product Launches to Remain at the Forefront
The market is dominated by Baxter, a reputed healthcare company headquartered in the U.S. The company possesses a wide range of product portfolio. They have been investing huge sums in research and development activities to introduce state-of-the-art products in the market. Below are a couple of the important industry developments:
- October 2018: Baxter International Inc. declared that it has bagged the CE mark for its products, namely, TherMax blood warmer and PrisMax system. TherMax is used alongside PrisMax as a vital component for therapies. The patient’s blood, when purified outside the body, must remain at a certain temperature before returning to the body. TherMax utilizes a bi-directional connection to aid in meeting warming targets. It adjusts heating automatically. PrisMax is a cutting-edge technology for organ support therapies and renal replacement.
- September 2016: B. Braun, a medical and pharmaceutical device company based in Germany, unveiled its next-generation dialyzer named xevonta. It was launched in the U.S. market after receiving 510(k) clearance. It is capable of eliminating all the excess fluids and wastes from blood.
Fortune Business Insights™ lists out the names of all the companies operating in the Continuous Renal Replacement Therapy (CRRT) Market. They are as follows:
- NIPRO Corporation
- NxStage Medical, Inc.
- Baxter International Inc.
- Medtronic plc
- Fresenius Medical Care AG & Co. KGaA
- Toray Medical Co., Ltd.
- B. Braun Medical Inc.
- Asahi Kasei Corporation
- Other key market players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Others Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Epidemiology of Acute Kidney Failure by Key Countries
- Reimbursement Scenario for Key Countries
- New Product Launch
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Global Continuous Renal Replacement Therapy Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Systems
- Consumables
- Market Analysis, Insights and Forecast – By Modality
- Slow continuous ultra-filtration (SCUF)
- Continuous Venovenous Hemofiltration (CVVH)
- Continuous Venovenous Hemodialysis (CVVHD)
- Continuous Venovenous Hemodiafiltration (CVVHDF)
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued….!
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