by Artificial kidneys play a vital role in filtering and purifying the blood of patients suffering from renal failure by acting as a substitute for dysfunctional kidneys. Patients in end-stage renal disease rely upon artificial kidneys for regulating electrolyte, acid-base and fluid balance in the body. With growing prevalence of chronic kidney diseases and shortage of kidney donors, demand for artificial kidneys is expected to rise significantly.
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 key trends:
Rising prevalence of chronic kidney diseases: Chronic kidney disease is a major public health issue globally with significant increase in number of patients requiring renal replacement therapies. As per data by National Kidney Foundation, around 37 million Americans suffer from chronic kidney disease and the number is growing each year. Increasing incidence of diabetes, hypertension and aging population is contributing significantly to the rising prevalence of end stage renal disease. With limited availability of kidney donors, artificial kidneys are becoming increasingly important for managing end stage renal patients. This rising burden of chronic kidney diseases is expected to propel demand for artificial kidneys over the forecast period.
SWOT Analysis
Strength: The artificial kidney market has strong potential for growth due to rising cases of kidney failures and shortage of kidney donors for transplantation.
Weakness: High costs associated with artificial kidney treatment and lack of reimbursement policies in some countries limit the market growth.
Opportunity: Growing research & development activities for more advanced products and rise in healthcare expenditure in emerging nations create new opportunities.
Threats: Strict regulations for approval of new products and preference of patients towards kidney transplantation over dialysis pose threats.
Key Takeaways
The Global Artificial Kidney Market Size is expected to witness high growth.
Regional Analysis: North America dominated the market in 2023 and is expected to remain the highest revenue generating region during the forecast period owing to rising prevalence of chronic kidney diseases, growing geriatric population, and increasing healthcare expenditure.
Key players operating in the artificial kidney market are DanDry, Bry-Air, Drymate, DehuTech AB, Aprilaire, Therma-Stor LLC, Santa Fe Products, Surna Inc., Desert Aire Corp. The major players are focusing on new product launches and partnerships to strengthen their market position. For instance, in 2022, Surna Inc. launched a new line of hybrid dehumidification and ventilation products for controlled environment agriculture facilities.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
