Artificial Kidney Market is Anticipated to Witness High Growth Owing to Rising Incidence of Kidney Diseases
The artificial kidney market comprises kidney dialysis machines and accessories that are used to remove waste and excess fluid from the blood of patients suffering from kidney failure or whose kidneys are not functioning properly. Some key advantages of artificial kidneys include effective removal of waste and toxins from the body without relying on one's own kidneys. They help maintain fluid balance and electrolyte levels in patients with failed kidneys. The growing prevalence of chronic kidney diseases due to conditions like diabetes and hypertension has increased the demand for dialysis and renal replacement therapies.
The global artificial kidney market is estimated to be valued at US$ 3358.54 million in 2024 and is expected to exhibit a CAGR of 12% over the forecast period of 2024 to 2031.
Key Takeaways
Key players: Key players operating in the artificial kidney market are KAWASUMI LABORATORIES, INC., Nanodialysis, Fresenius SE & Co KGaA, Baxter, ASAHI KASEI MEDICAL CO., LTD, Medtronic, DaVita Inc, Merit Medical Systems, Nipro Medical Corporation, Nikkiso Co Ltd, Braun Melsungen AG and AWAK Technologies. Fresenius SE & Co KGaA and Baxter collectively held around 60% of the overall market share in 2020.
Key opportunities: Growing demand for home-based and portable kidney dialysis machines due to their convenience is expected to create new opportunities for players. Rising investments by governments and players in developing technologically advanced artificial organs like bioartificial kidneys are likely to further expand opportunities.
Global expansion: Major players are focusing on expanding their geographic footprint by establishing manufacturing facilities and distribution networks in fast-growing markets like China, India, Brazil and Mexico. Companies are also investing in new product launches, acquisitions and collaboration activities to strengthen their global presence.
Market drivers: Rising geriatric population and increasing incidence of lifestyle diseases like diabetes are key factors driving the artificial kidney market. According to WHO, the number of people with chronic kidney disease has increased by more than 30% since 1990. Also, technological advancements in dialysis systems and membranes have improved treatment outcomes.
Market restraints: High cost of treatment and limited awareness about kidney diseases especially in developing nations are major challenges. Lack of organ donors for kidney transplants is another key issue. Stringent regulatory policies and long product approval timelines can also restrain market growth.
Segment Analysis
The artificial kidney market is segmented into portable and wearable artificial kidneys. The wearable artificial kidney segment dominates the market as it offers an effective alternative to conventional dialysis and improves patient mobility. These kidneys are compact and weigh less than 5 kg, allowing patients to carry them anywhere and perform dialysis whenever required.
Global Analysis
North America dominates the artificial kidney market due to the presence of advanced healthcare facilities, growing elderly population suffering from kidney diseases, and favorable reimbursement policies in countries like the US and Canada. The Asia Pacific region is expected to grow at the fastest rate during the forecast period owing to increasing healthcare expenditure, rising awareness about organ transplantation, and growing incidences of kidney failure due to lifestyle diseases. Improving medical technologies and government support for research activities will boost market revenue in emerging nations like China and India.
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191
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