Market Overview:
The artificial kidney market involves the development and use of artificial organs that can replicate kidney functioning and thus treat kidney failure. Artificial kidneys primarily rely on the process of hemodialysis to filter toxins and waste from the blood, which is a crucial function typically performed by functional kidneys. With rising cases of chronic kidney diseases across the world, demand for renal replacement therapies like artificial kidneys is growing steadily. Products in the market include portable and wearable artificial kidney devices.
Market Dynamics:
The artificial kidney market is expected to witness high growth over the forecast period owing to two key drivers. Firstly, there is a rising prevalence of chronic kidney diseases among the global population mainly due to increasing incidence of diabetes, hypertension and other lifestyle diseases. As per statistics by the International Society of Nephrology, chronic kidney diseases affect over 850 million people worldwide. Secondly, technological advancements are allowing development of more effective and patient-friendly artificial kidney devices. New products are more compact, portable and can facilitate continuous blood filtration outside of hospitals and dialysis centers. This allows patients better quality of life and management of kidney dysfunction. Such ongoing R&D towards innovative solutions is fueling market opportunities.
The global Artificial Kidney Market Demand is estimated to be valued at US$ 7.00 Bn in 2023 and is expected to exhibit a CAGR of 60% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: The artificial kidney market is witnessing significant growth due to rising investments in R&D by key players. Rapid technological advancements are enabling the development of innovative dialysis products. Growing awareness about organ donation and transplantation is further driving the demand.
Weakness: High costs associated with artificial kidney procedures restricts their adoption in developing nations. Lack of reimbursement policies poses challenges.
Opportunity: Increasing prevalence of kidney diseases worldwide presents lucrative opportunities. Growing geriatric population prone to renal disorders will boost the market. Favorable regulatory environment supporting clinical trials will augment the prospects.
Threats: Stringent regulatory approvals delay market launch of new products. Post-surgery complications associated with artificial kidneys act as a barrier. Limited number of organ donors remains a key concern.
Key Takeaways
The global artificial kidney market is expected to witness high growth, exhibiting a CAGR of 60% over the forecast period, due to increasing prevalence of chronic kidney diseases. As per estimates, over 700,000 people die annually due to kidney ailments. Rising obesity, diabetes, and hypertension are major contributors.
Regional analysis: North America dominates the global artificial kidney market and is projected to maintain its lead, growing at a CAGR of 55% during the analysis period. This is attributed to advanced healthcare infrastructure and availability of reimbursement. Asia Pacific exhibits the fastest growth, owing to growing patient pool, rising medical tourism, and improving access to healthcare in countries like China and India.
Key players: Key players operating in the artificial kidney market are Kawasumi Laboratories Inc., Blood Purification Technologies Inc., AWAK Technologies Pte. Ltd, Triomed AB, Asahi Kasei Medical Co. Ltd, US Kidney Research Corporation, Merit Medical Systems, NIPRO Medical Corporation, and Fresenius SE & Co. KGaA.
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