The Asia-Pacific Renal Disease Therapeutics Market size is forecasted to hike at a healthy rate between 2022 and 2027. Asia-Pacific is predicted to account for the highest CAGR over the forecast period owing to the increasing aging population.
The APAC had the largest population across the globe, and in this large population, most people suffer from some form of kidney disease, diabetes, and high blood pressure. The growth of geriatric people, the development of healthcare facilities, and strict regulatory policies will increase the said market growth in the years to come. According to 2019 WHO data, around 1.15 billion people worldwide have hypertension. Between 2016 and 2019, diabetes and hypertension were responsible for nearly 78% of kidney failure. Diabetes is the leading cause of advanced renal disorders, followed by hypertension, which affects around 1.5 billion people worldwide.
In recent years, health spending has been dramatically high, with an increase in inflation worldwide, according to data presented by W.H.O. In health spending, around 10.52% of global GDP was made up of health spending in 2018, while in China, it accounted for 9.07% of GDP. Likewise, health spending represented approximately 10.93% of GDP in Japan. Rising healthcare spending is a significant factor responsible for driving the market growth during the forecast period. With the increase in CKD (chronic kidney disease), blood tests are also increasing. Both developing and developed countries have brought advanced technology products to market to reduce the increase in kidney failure. In 2018, approximately 700 million people were reported to suffer from chronic renal failure (CRF), when left untreated, this disease results in a life-threatening disorder called End-stage renal disorder (ESRD). From 2007 to 2017, the prevalence of CRF increased from 13% to 18% in Singapore and is expected to increase by about 25% by 2035. This further expansion increases the growth of the end-stage renal disease market.
However, raising the cost of the healthcare industry and strict regulatory policies are the limits to the market's growth. Cost reduction in the healthcare sector is a significant challenge for many APAC nations. And strict government policies regarding the approval of medical equipment and drugs is a long and tedious process that limits the frequency of product launches in the APAC renal disease therapeutics market.
This research report on the APAC renal disease therapeutics market has been segmented and sub-segmented into the following categories:
By Application Mode:
The Asia-Pacific is expected to experience strong growth during the forecast period, especially in China. The regional market in China held the dominant market share in 2020 due to high disposable income, prominent people suffering from chronic diseases and wide adoption of technologically improved products. According to Asian Diabetes Prevention Initiatives, in 2020, 61% of the world's diabetic population resides in the Asian continent. With a more significant contribution from China and India, respectively account for 115.9 million and 66.9 million adults with diabetes in China and India, and by 2030, China and India could have nearly 550 million diabetic patients together. Moreover, the cases of high blood pressure and diabetes may help the market growth.
Developing economies such as India, Taiwan, Singapore, Australia, and South Korea will be the fastest-growing market regions. These countries have a high demand for outsourcing of drug manufacturing, the large number of dialysis centers, clinical trials, and pathology testing, an increase in the number of renal failure and chronic renal failure patients, increasing patient affordability, large aging population, lifestyle stress, and better quality of diagnosis can drive the market growth. Based on the recent report published by the Government of India's National Health Portal, around 2.28 million new ESRD patients are increasing each year, generating demand for 3.46 million dialysis treatments each year. About 5,000 dialysis centers were available, mainly in the private sector in India.
KEY MARKET PLAYERS:
Companies playing a vital role in the operating in Asia-Pacific Renal disease Therapeutics market are Amgen Inc., Merck & Co., Inc., Bristol-Myers Squibb Company, Hoffmann-La Roche Inc., Shire Inc., Fresenius Medical Care, Baxter International, and Davita Healthcare Partners.
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