Baxter International Inc.BAX has announced that its coveted Sharesource remote patient management platform performed more than 5 million home peritoneal dialysis ("PD") treatments globally. Additionally, recent studies show significant reduction in hospitalizations for home patients, using Baxter's Sharesource telehealth platform.
Following the announcement, shares of Baxter have risen 1.3% to $69.12 at close.
It is encouraging to note that Baxter announced the enrollment of the first group of patients under a U.S. clinical trial for the company's flagship PD solution generation system. (Read More: Baxter's PD Solution to Treat Patients, Prospects Bright )
Clearly, this further fortifies Baxter's foothold in the global renal disease care space.
Available in 40 countries now, Baxter's SHARESOURCE remote patient management system is a two-way, cloud-based telehealth platform that allows designated healthcare providers to securely view recently completed dialysis-related treatment data.
Notably, healthcare professionals, using the Sharesource remote patient management platform, have more frequent visibility to their patients' PD therapy sessions.
For investors' notice, Baxter's PD products are used to treat chronic kidney disease ("CKD").
Other products in Baxter's renal care portfolio include Amia, HomeChoice Claria and Kaguya, which have also been rolled out worldwide.
CKD Rising Globally
Going by data provided by the National Kidney Foundation, 10% of the world's population is currently suffering from CKD. This is fueling the demand for renal care systems around the world, thereby, making the major players rake in billions.
Medgadget predicts the global renal disease care market to reach $14.29 billion worth by 2023 at a CAGR of 6.3%.
Clearly, the latest development was well timed for Baxter.
Over the past year, shares of Baxter have slipped 0.2%, comparing favorably with the industry 's 4.1% decline. The current level is also higher than the S&P 500 index's 6.4% decline.
Zacks Rank & A Stock to Consider
Baxter currently carries a Zacks Rank #3 (Hold).
A better-ranked stock in the broader medical space is Veeva Systems Inc. VEEV .
Veeva Systems' long-term earnings growth rate is projected at 19.5%. The stock currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
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