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
Comments
Post a Comment