Artificial Kidney Market is Estimated to Witness High Growth Owing to Rising Incidence of Kidney Diseases

 

Artificial Kidney Market

Artificial kidneys or dialysis machines are medical devices used as an alternative kidney function to remove waste and excess fluid from the blood when the kidneys are damaged and fail to function properly. They aid in filtration of blood and help remove toxins and excess water from the body. Growing prevalence of chronic kidney disease and end-stage renal disease globally has increased the demand for dialysis treatment and artificial kidneys. The global artificial kidney market is estimated to be valued at US$ 7 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

 

Rising cases of chronic kidney disease: Chronic kidney disease (CKD) refers to the gradual loss of kidney function over time. It is a major public health problem globally and its increasing prevalence is one of the key factors driving the artificial kidney market growth. As per the National Kidney Foundation, around 15% of adults in the US are affected by CKD. Early detection and treatment can slow the progression of kidney damage. This has also fueled demand for dialysis equipment and artificial kidneys for renal replacement therapy.

 

Technological advancements: Continuous innovation and R&D activities by manufacturers have led to significant advancements in artificial kidney devices over the years. Miniaturization of filtration membranes and automated control units have made dialysis treatment more efficient and user-friendly. The development of implantable and wearable artificial kidney devices holds promise to revolutionize the future of end-stage renal disease management. This is expected to have a positive impact on market revenue during the forecast period.

 

SWOT Analysis

Strength: Artificial kidney are a boon for patients suffering from kidney failure as they can perform the functions of kidneys and help filter waste and excess fluid from the blood. They are portable devices which gives patients mobility and independence. Manufacturers are continuously innovating to develop compact designs with advanced filtration mechanisms.

Weakness: Artificial kidneys are expensive medical devices and unaffordable for many. They also require frequent servicing and maintenance. There are still some limitations and risks associated with current generation devices.

Opportunity: Rising incidence of chronic kidney diseases and end stage renal failures globally is driving the demand for artificial kidneys. Favorable reimbursement policies and government support in many countries is boosting the market. Technological advancements are focused on developing home dialysis systems which will be more convenient for patients.

Threats: Stringent regulatory approvals and quality standards delays new product launches. Reuse and repair of devices needs to address biosafety issues. Intense competition among existing players limits pricing flexibility.

 

Key Takeaways

 

The Global Artificial Kidney Market Size is expected to witness high growth in the forecast period2023 to 2030 rising at a CAGR of 6.9% annually. The market size is projected to reach US$ 7 Billion by 2024.

 

Regional analysis: North America currently dominates the artificial kidney market accounting for over 35% share globally. This is attributed to growing prevalence of renal diseases, advanced healthcare infrastructure and accessibility to latest treatment options. Asia Pacific is projected to be the fastest growing regional market in the coming years led by countries like China and India. Factors such as rising healthcare spending, increasing medical tourism and presence of generic product manufacturers are fueling the region's growth.

 

Key players: Key players operating in the artificial kidney market are DanDry, Bry-Air, Drymate, DehuTech AB, Aprilaire, Therma-Stor LLC, Santa Fe Products, Surna Inc. Technological innovations with miniaturized portable devices for homecare and collaborative initiatives for expanding access are the focus areas.  


Get More Insights Here

https://www.newswirestats.com/artificial-kidney-market-propelled-by-growing-incidence-of-kidney-diseases/

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