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Kidney Disease Market Overview and Growth Prospects 2024
Kidney Disease Market Overview
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According to The Business Research Company's, The kidney disease market size has grown strongly in recent years. It will grow from $99.22 billion in 2023 to $106.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to rising chronic health conditions, aging population, genetic predisposition, medical research and education, environmental factors.
The kidney disease market size is expected to see strong growth in the next few years. It will grow to $136.97 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to global infectious disease management, precision medicine approaches, diabetes and obesity epidemic, healthcare policy changes, increased awareness and screening. Major trends in the forecast period include telemedicine for kidney care, focus on preventive nephrology, rise in home-based dialysis, regenerative therapies development, dietary modifications and nutrition.
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Market Drivers and Trends:
The increased incidence of kidney diseases is expected to propel the growth of the kidney disease market going forward. Kidney diseases refer to a group of conditions that affect the function and structure of the kidneys. Kidney disorder medications are used to lower patients' blood pressure and reduce protein loss, slowing the progression of kidney damage, managing symptoms, and preventing complications. For instance, in June 2023, according to Kidney Research UK, a UK-based charitable organization that conducts research and advocacy efforts to improve understanding, prevention, and treatment of kidney diseases, an estimated 7.19 million people in the UK were affected by chronic kidney disease in 2023, representing more than 10% of the UK population and projected to increase to 7.61 million people by 2033. Therefore, the increased incidence of kidney diseases is driving the growth of the kidney disease market.
Integration of AI-driven tools is a key trend gaining popularity in the kidney disease market. Companies operating in the kidney disease market are adopting new technologies to facilitate improved patient outcomes and sustain their position in the market. For instance, in November 2022, Carenostics, a US-based healthcare startup specializing in AI solutions, launched its inaugural product designed to analyze electronic health record (EHR) data for the early identification of chronic kidney disease (CKD). Carenostics seamlessly integrates AI-powered clinical decision support models into healthcare providers' electronic health record (EHR) systems. This integration empowers clinicians to accurately identify high-risk patients with chronic diseases, enabling them to take proactive measures for better patient outcomes.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson Ltd., F. Hoffmann-La Roche Ltd., Merck & Co. Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi Aventis LLC, Bristol-Myers Squibb Company, AstraZeneca Pharmaceuticals LP, Abbott Laboratories, Fresenius SE & Co. KGaA, GlaxoSmithKline Plc., Takeda Pharmaceutical Company Limited, Eli Lilly and Co Ltd., Gilead Sciences Inc., Amgen Inc., Boehringer Ingelheim International GmbH, Teva Pharmaceutical Industries Ltd., Astellas Pharma Inc., Vertex Pharmaceuticals Inc., Otsuka Pharmaceutical Co. Ltd., Mitsubishi Tanabe Pharma Corporation, Aurobindo Pharma Limited, Dr. Reddy's Laboratories Ltd., Kyowa Kirin Co. Ltd., Cipla Inc., Endo International plc., Lupin Limited, Kissei Pharmaceutical Co. Ltd.
Kidney Disease Market 2024 Key Insights:
• The kidney disease market size is expected to see strong growth in the next few years. It will grow to $136.97 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Surging Incidence Of Kidney Diseases Fuels Growth In The Kidney Disease Market
• The Rise Of AI Integration In Healthcare With Carenostics Leading The Way
• North America was the largest region in the kidney disease market in 2023
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