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The blood purification equipment market Estimated to Record Highest CAGR by 2025
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Technological Advancements in Hemodialysis
The discovery of new diagnostics and medical treatment devices are typically viewed as innovations in the health care field. Innovation in medical science plays a vital role in evolving care by translating new clinical insights, protocols, and techniques into the area. Dialysis care has also seen significant improvement over the past years. This involves providing broader access to care, better overall experience, and improved outcomes for dialysis patients.
According to NEJM Catalyst, Massachusetts Medical Society, there has been an implementation of several programs to stimulate innovation in dialysis. These programs majorly include the Kidney Health Initiative and the Kidney Innovation Accelerator (KidneyX) (both in partnership with the American Society of Nephrology) as well as the Fast Track program (through the Food and Drug Administration).
Furthermore, some new hemodialysis technologies are likely to be coming to the U.S. from Europe and Asia. The potential devices are expected to offer biofeedback loops to prevent intradialytic hypotension, improve monitoring during dialysis, as well as transfer data between the electronic medical record (EMR) and dialysis machine, which will help in reducing the data collection burden while allowing the physicians to provide personalized dialysis prescriptions. Moreover, the development of user-friendly hemodialysis machines to enable more patients to experience the health benefits of hemodialysis at home and improve overall experience is also one of the significant improvements in the field of dialysis.
Increasing Prevalence of Chronic Kidney Diseases
The most common type of renal diseases include chronic kidney diseases (CKD). CKD refers to a long term condition, commonly caused due to high blood pressure and doesn’t improve over time. The CKD occurs due to inability of the kidneys to perform their normal function. Over the time, human kidneys stop working completely and requires performing dialysis that helps to filter and purify the blood with the help of an external machine. These machines known as hemodialysis devices contributes a major share in the blood purification equipment market.
Thus, the increasing number of patients suffering with renal disorders that require regular dialysis procedures are expected to increase the demand of the equipment thereby fostering the market growth. The mortality rate due to chronic kidney diseases has also witnessed a surge over years. The 2015 study of Global Burden of Diseases conducted by the World Health Organization (WHO) states that 1.2 million people died from kidney failure, which increased by 32% from 2005. Furthermore, the WHO also reported that approximately 2.3 million patients suffering with end-stage kidney disease died due to lack of access to dialysis.
Therefore, the above mentioned factors are likely to provide an opportunistic scenario for the growth of blood purification equipment market over the forecast years.
Product Insights
The global blood purification equipment market by product segments was led by hemodialysis device. In 2018, the hemodialysis device accounted for the largest market share in the global blood purification equipment market. The growth of hemodialysis devices is expected to grow due to the increasing number of patients suffering from chronic renal diseases across the world. On the other hand, the continuous renal replacement therapy (CRRT) device segment is estimated to mark the highest CAGR in the market during the forecast period, owing as the therapy is effective among patients that are unable to tolerate hemodialysis.
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Strategic Insights
Organic growth strategies were observed in global blood purification equipment industry. The organic strategies which were conducted more compared to the inorganic strategies for the blood purification equipment. For instance, in August 2019, CytoSorbents Corporation announced receiving of approval for its CytoSorb from European Union through May 2024 and ISO 13485:2016 Full Quality Assurance System certification. The product is expected to be manufacturing through September 2022.
Blood purification Equipment – MARKET SEGMENTATION
Global Blood Purification Equipment Market – By Product
Hemodialysis Device
Blood Filtration Device
Continuous Renal Replacement Therapy (CRRT) Device
Hemoperfusion Device
Plasma Exchange Device
Global Blood Purification Equipment Market – By End User
Hospitals
Ambulatory Surgical Centers
Others
By Geography
North America
U.S.
Canada
Mexico
Europe
France
Germany
UK
Spain
Italy
Asia Pacific (APAC)
China
India
Japan
Australia
South Korea
Middle East & Africa (MEA)
Saudi Arabia
South Africa
UAE
South America (SAM)
Brazil
Argentina
Company Profiles
CytoSorbents Corporation
Fresenius Medical Care. (NxStage Medical, Inc.)
Spectral Medical Inc.
Baxter International Inc.
Nikkiso Co, Inc.
Haemonetics Corporation
B. Braun Melsungen AG
Medtronic plc (Bellco)
Jafron Biomedical Co., Ltd.
Kaneka Medix Corp
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Semiconductors, Healthcare, Manufacturing, Automotive and Defense.
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