by Market Overview:
The artificial kidney market involves the development and manufacturing of implantable or portable kidney devices that perform hemodialysis to remove waste and excess fluids from the blood of patients suffering from kidney failure or renal disease. Key products in the market include miniaturized implantable bioartificial kidneys, wearable artificial kidneys, and micro-dialysis systems. These products aim to provide an alternative to traditional dialysis by mimicking the functions of natural kidneys.
Market Dynamics:
The rising prevalence of chronic kidney diseases and end stage renal disease is a key driver favoring growth of the artificial kidney market. According to the National Kidney Foundation, over 37 million Americans currently suffer from chronic kidney disease. Furthermore, over 500,000 people worldwide receive treatment for end stage renal disease through either dialysis or kidney transplantation each year. Growing geriatric population prone to kidney ailments also supports market growth. Additionally, technological advancements to develop miniature and portable devices enable longer dialysis times and easier usability, thereby fueling adoption. However, high costs associated with product development and further clinical trials remain a challenge.
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.
Segment Analysis
The global artificial kidney market is dominated by the wearable artificial kidney sub-segment. Wearable artificial kidney offers more mobility to patients as compared to traditional dialysis machines. They work on the same principle as hemodialysis but are portable thus allowing patients to carry out their daily activities. The major advantage of wearable artificial kidney is that they do not restrict patients movement and lifestyle.
PEST Analysis
Political: The governments across major markets are focusing on increasing healthcare spending to support the growing burden of kidney diseases. Governments are also working on reducing duties and taxes on medical devices to make treatment affordable.
Economic: The rising incidence of chronic diseases like diabetes and hypertension along with growing geriatric population are the major drivers of growth in the artificial kidney market. However, high cost of treatment poses a challenge for widespread adoption.
Social: Growing awareness about organ donation and kidney transplant has increased demand for alternative effective solutions. Social media influence has also helped improve acceptance of organ replacement therapies.
Technological: Major players are investing in R&D to develop miniature and portable artificial kidneys. Advancements in material science, biocompatibility, and membrane technology are also supporting new product development. Wearable artificial kidneys offer improved quality of life.
Key Takeaways
The global Artificial Kidney market is expected to witness high growth of 60% over the forecast period 2023 to 2030, exhibiting a CAGR of 60%, driven by the increasing prevalence of chronic kidney diseases.
Regional analysis: North America dominates the artificial kidney market currently due to high healthcare expenditure and increasing ESRD patient pool in the US. However, Asia Pacific is expected to witness the highest growth rate owing to growing incidences of kidney failure in countries like India and China. The large population base and rising healthcare investments by governments in APAC create significant opportunities.
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 Vo. Ltd, US Kidney Research Corporation, Merit Medical Systems, NIPRO Medical Corporation, Fresenius SE & Co. KGaA. Major players are focusing on new product launches and collaborations to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
