Wilmington, Delaware, United States: The global hepatorenal syndrome treatment market was valued at ~US$ 11 Bn in 2018 and is projected to reach a value of ~US$ 16.7 Bn by 2027, expanding at a CAGR of ~5% from 2019 to 2027.
Wilmington, Delaware, United States: The global hepatorenal syndrome treatment market was valued at ~US$ 11 Bn in 2018 and is projected to reach a value of ~US$ 16.7 Bn by 2027, expanding at a CAGR of ~5% from 2019 to 2027.
North America, Europe, and Asia Pacific were the major regional hepatorenal syndrome treatment markets in 2018. The hepatorenal syndrome treatment markets in North America and Asia Pacific are likely to expand at CAGRs of 5.1% and 4.8%, respectively, during the forecast period.
The global hepatorenal syndrome treatment market is projected to witness high growth, owing to promising effective therapies in the pipeline for addressing gaps in the treatment of hepatorenal syndrome.
Increase in the prevalence and incidence of hepatorenal syndrome and development and launch of various pipeline drugs for the treatment of hepatorenal syndrome in the near future are expected to drive the global HRS treatment market during the forecast period.
Global Hepatorenal Syndrome Treatment Market: Significant Growth Prospects in Developing Countries
Developing economies in Asia Pacific, Latin America, and Eastern Europe hold great opportunities for the hepatorenal syndrome treatment market, owing to their increasing population, coupled with rise in health care-related customer expenditure brought about by the rise in their economies.
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Continuous technological advancements in surgical procedures for liver and kidney diseases with respect to higher efficacy and targeted therapeutic role have widened the scope for players present in the hepatorenal syndrome treatment market.
New drugs with combined features of reduced side-effects and higher efficacy have a significant potential for growth in the hepatorenal syndrome treatment market. Thus, the introduction of new products can help new entrants establish their foothold in the hepatorenal syndrome treatment market.
Increase in Disease Awareness & Patient Support Programs to Boost Hepatorenal Syndrome Treatment Market
In order to reduce mortality and morbidity rates, governments in developed and developing countries are conducting awareness campaigns to encourage people to go for the early diagnosis of kidney and liver diseases. This, in turn, is expected to increase awareness regarding hepatorenal syndrome diagnosis and treatment, thereby boosting the growth of the global hepatorenal syndrome treatment market.
For instance, every 2nd Thursday of March is observed as World Kidney Day. It is a global awareness campaign to increase awareness about chronic kidney diseases and the introduction of healthy changes in life to reduce risk factors.
Moreover, in developing countries such as India, hospitals are raising awareness about these diseases. For instance, in February 2016, Noida-based Jaypee Hospital in India organized a kidney and liver disease awareness campaign.
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Global Hepatorenal Syndrome Treatment Market: Fast Track and Orphan Drug Designations
In 1983, recognizing that adequate drugs for rare disorders had not been developed in the U.S., the Congress passed the Orphan Drug Act to provide incentives to induce companies to develop drugs for THE treatment of rare and neglected diseases. Orphan drug status is granted to drugs and biologics that are intended for the diagnosis, prevention, or treatment of rare diseases or disorders that affect fewer than 200,000 people in the U.S. Orphan drugs are given priority review, allowing them to be assessed within six months for approval.
Hepatorenal syndrome is a form of impaired kidney function that occurs in individuals with advanced chronic liver disease. AROUND 40% of people with ascites and cirrhosis develop hepatorenal syndrome.
In case of hepatorenal syndrome treatment, several drugs have received orphan drug designation, thereby accelerating their approval process, and this can act as a factor pushing the growth of the hepatorenal syndrome treatment market.
For instance, in November 2004, ESP Pharma, Inc. announced that FDA had granted Orphan Drug Designation to Terlipressin for the treatment of hepatorenal syndrome Type 1, providing seven years marketing exclusivity upon the completion of clinical studies and FDA approval of the drug for this indication.
Additionally, in November 2018, BioVie Inc. announced that the FDA has granted Orphan Drug designation to its Terlipressin drug for the treatment of hepatorenal syndrome (HRS).
The designation for orphan drug 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.
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Global Hepatorenal Syndrome Treatment Market: Competition Landscape
Strategic collaborations among key manufacturers and companies having their products in clinical trials to expedite the process of research & development are likely to help thousands of patients suffering from hepatorenal syndrome. Rise in the trend of collaborations is projected to drive the hepatorenal syndrome treatment market by fueling novel product launches.
In 2010, Ikaria, Inc. entered into a strategic collaboration with Orphan Therapeutics to acquire the rights of Orphan Therapeutics’ drug ‘LUCASSIN’ in North America and Australia. Ikaria, Inc. holds all the necessary rights to manufacture, develop, and commercialize LUCASSIN in Mexico, the U.S., and Australia.
Additionally, in April 2017, Mallinckrodt plc acquired Ikaria, Inc. The deal was valued at US$ 2.3 Bn.
Such collaborations are likely to enhance the chances of the development of comprehensive treatment for hepatorenal syndrome, thereby improving the survival rate of patients, and eventually surging the growth of the hepatorenal syndrome treatment market.
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