The Latin America Renal Disease Therapeutics Market size is estimated to grow at a steady CAGR between 2022 and 2027. The Latin American market is estimated to create impressive growth opportunities with increasing support from governments in the field of research and development in the health sector.
The growing prevalence of renal diseases, worsened by the geriatric population and increasing life expectancy, will continue to drive demand for renal replacement treatment (RRT), which is directly expected to accelerate the growth of the Latin America renal disease therapeutics market.
Renal diseases are very common in people with kidney stones, diabetes, prostate cancer, liver failure, etc. Various factors like unhealthy lifestyle habits, smoking, drug abuse, heavy alcohol consumption, and long-term side effects of medications increase the rate of renal disease. Stimulated by this and the increased population rate, the demand for renal diseases like a chronic renal failure (CRF), end-stage renal failure (ESRD), acute renal failure, renal stone, renal tumors, etc., is estimated to increase in the estimated years. In 2020, the population of Latin America and the Caribbean was 657,355,600, or 8.86% of the total world population. The prevalence of ESRD in RRT has increased from 109 patients per million in the early 2000s.
According to the Latin American Society of Nephrology and Hypertension / Latin American Society of Nephrology and Hypertension, the acceptance rate for RRT is 104 new patients per million population. In Latin America, hemodialysis is done as replacement therapy for ESRD and renal transplants. Approximately 30% of renal failure people are undergoing hemodialysis/peritoneal dialysis (PD) in Latin America. In particular, Mexico is the country with the highest PD use globally. Furthermore, it is estimated that around 26% of the world's PD population is found in Latin America.
Rising healthcare costs and poor healthcare infrastructure are limiting the growth of the Latin American renal disease therapeutics market. Reducing costs in the health sector is a significant challenge in this region due to poor economic status. And strict government policies regarding the approval of medical equipment and drugs are a long and tedious process challenging the frequency of product launches.
This research report on the Latin American renal disease therapeutics market has been segmented and sub-segmented into the following categories:
By Application Mode:
Geographically, Brazil is estimated to experience steady growth in the Latin American renal disease therapeutics market during the studied period. The market growth is mainly due to the increasing prevalence of chronic disease, improving health infrastructure, and increasing health spending. In addition to this, various government authorities plan to carry out awareness-raising actions on renal health care. Therefore, the market will eventually benefit from a significant boost from such initiatives. According to the Centers for Disease Control and Prevention (CDC), approximately 8.1 million people suffer from severe kidney disease. This shows that the demand for prognostic CRF is estimated to increase over the forecast period.
Diabetes continued to be the leading cause of ESRD, with numbers showing the highest incidence reported in Puerto Rico (66.85%), Mexico (61.85%), and Colombia (42.99%), and the lowest in Cuba (26.27%) and Uruguay. (23.29%). The prevalence and incidence of RRT continue to increase. In Latin American countries, health coverage for RRT has varying rates compared to rates in developed countries with higher gross national income. This region is reported to have growth opportunities with strategies adopted by the major players, including collaborations, the development of technologically advanced drugs, and acquisitions to strengthen their position in the market.
KEY MARKET PLAYERS:
Companies playing an influential role in the Latin America 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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