by Market Overview:
The artificial kidney market consists of machines or devices that are used to filter waste and excess fluid from the blood of patients suffering from kidney failure or whose kidneys are not functioning properly. These machines perform all the functions that healthy kidneys normally perform, such as filtering waste and retaining important substances like salts, minerals, and nutrients in the blood.
Market key trends:
One of the key trends in the artificial kidney market is the rising preference for home hemodialysis. Home hemodialysis allows patients to dialyze at home using a machine instead of visiting dialysis centers. It offers improved quality of life and flexibility to patients. Furthermore, technological advancements have led to the development of compact and portable machines for home use. Various startups are also working on developing implantable and wearable artificial kidneys to eliminate the need for frequent hospital visits or conventional dialysis. This is expected to significantly drive the artificial kidney market during the forecast period.
The artificial kidney market has been witnessing increasing development of wearable and miniaturized artificial kidneys. Manufacturers are focusing on developing compact extracorporeal devices that can easily be worn by patients and provide dialysis treatment at home. Such next generation wearable artificial kidneys are expected to offer more mobility and flexibility to patients compared to conventional hemodialysis.
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: Miniaturized design of artificial kidneys improves portability and allows home therapy.
Weakness: High costs associated with developing and manufacturing artificial kidney devices.
Opportunity: Rising prevalence of kidney diseases and increasing patients on dialysis presents large market opportunity.
Threats: Stringent regulatory approvals and long product development cycles pose challenges for market growth.
Key Takeaways
The global artificial kidney market is expected to witness high growth at a CAGR of 60.% over the forecast period due to increasing prevalence of kidney diseases worldwide.
Regional analysis: North America is expected to dominate the artificial kidney market during the forecast period due to growing patient awareness, presence of sophisticated healthcare infrastructure and high adoption of advanced renal replacement therapies. Asia Pacific is anticipated to exhibit the fastest growth over the coming years.
Key players operating in the artificial kidney market include 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
