The hepatorenal syndrome treatment market is projected to record a CAGR of nearly 6.2% over the forecast period. Hepatorenal syndrome is a type of progressive kidney failure seen in people with severe liver damage, most often caused by cirrhosis. As the kidneys stop functioning, toxins begin to build up in the body. Eventually, this leads to liver failure. The major factor attributing to the growth of the market is the increase in the prevalence of liver damage and cirrhosis. According to the Centers for Disease Control and Prevention, 4.5 million adults are diagnosed with chronic liver disease in the year 2018, in the United States alone. Furthermore, increasing fast-track and orphan drug designations boosts the market growth. However, side effects with the drugs and stringent regulations are restraining the market growth.
Key Market Trends
Therapuetics Segment is the Fastest Growing Segment of the Hepatorenal Syndrome Treatment Market.
The therapeutics segment is expected to grow at a greater phase as the patients prefer taking drugs than undergoing surgeries. Furthermore, increasing fast track and orphan designations to the drugs is further boosting the segment. Several drugs have received orphan drug designation, thereby accelerating their approval process, and this can act as a factor pushing the growth of the therapeutics segment. For instance, in November 2018, BioVie Inc. announced that the FDA granted Orphan Drug designation to its Terlipressin drug for the treatment of the hepatorenal syndrome. The designation for orphan drugs allows manufacturers to qualify for various incentives, including tax credits for qualified clinical trials, along with seven years of market exclusivity upon regulatory approval. This is likely to drive the hepatorenal syndrome treatment market during the forecast period.
North America Dominates the Market and is Expected to do the Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to the factors, such as the presence of key players, established healthcare infrastructure, increased prevalence of severe liver damage and cirrhosis are some of the key factors accountable for its large share in the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase the market growth. In this region, the United States has the maximum share due to supportive healthcare policies, high number of patients, and a developed healthcare market. According to the US Department of Health and Human Services,1 in 400 adults in the United States has cirrhosis for the year 2018. As per the statistics the increasing patient pool and increasing disposable revenue in this country boost the market growth of the region.
The hepatorenal syndrome treatment market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Cumberland Pharmaceuticals Inc., Mallinckrodt Pharmaceuticals, New Medicon Pharma Lab, Becton, Dickinson and Company, Edwards Lifesciences Corporation, Aetna Inc.,Baxter, Fuji Systems Corp, Johnson & Johnson Co, G Surgiwear Ltd.
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