Artificial Kidney Market: Key Insights
The artificial kidney market is driven by the increasing prevalence of chronic kidney diseases and the increasing demand for dialysis as a treatment option. Technological advancements in artificial kidney devices, such as wearable dialysis devices, are also expected to boost the market growth.
However, the high cost of artificial kidney devices and the shortage of trained professionals in dialysis are likely to hamper the market growth. The shortage of organ donors for transplantation and increasing demand for artificial kidney devices is expected to create a demand-supply gap, which is expected to drive the market for artificial kidneys.
Artificial Kidney Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage:by Type (Wearable Artificial Kidney and Implantable Artificial Kidney), Application (Adults and Pediatrics), End User (Hospitals, Clinics, and Ambulatory Surgical Centers), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Artificial Kidney Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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In terms of product type, the market is segmented into wearable dialysis devices and implantable dialysis devices. The wearable dialysis devices segment is anticipated to grow at the highest CAGR during the forecast period, owing to the increasing demand for wearable devices for home dialysis.
Overall, the artificial kidney market is expected to grow significantly during the forecast period due to the increasing prevalence of chronic kidney diseases, growing demand for dialysis as a treatment option, and technological advancements in artificial kidney devices.
Growing Disposable Income to Drive Artificial Kidney Market
Growing disposable income has a significant impact on the growth of the artificial kidney market. With increased disposable income, people have more money to spend on health and wellness, leading to a higher demand for better treatment options such as dialysis. This, in turn, will aid the demand for artificial kidney devices as more people are willing to invest in better and advanced treatments for their health conditions.
Furthermore, the higher disposable income also enables patients to access more advanced and innovative artificial kidney devices that might not have been accessible otherwise. This can lead to a higher demand for these devices, resulting in increased market growth. As a result, countries with higher disposable incomes are expected to see a higher growth rate in the artificial kidney market than countries with lower disposable incomes.
Overall, the growing disposable income plays a crucial role in the growth of the artificial kidney market, as it leads to increased demand for better treatment options and access to more advanced artificial kidney devices.
Artificial Kidney Market: Segmental Overview
The global artificial kidney market is segmented on the basis of type, application, and end user. Based type, the market is bifurcated into wearable artificial kidney and implantable artificial kidney. On the basis of the application the market is bifurcated into adults and pediatrics. The market on the basis of the end user is segmented into hospitals, clinics, and ambulatory surgical centers.
Based on application, the adults segment held the substantial share in the market. The adult segment significantly contributes to the growth of the artificial kidney market. The increasing prevalence of chronic kidney diseases among adults drives the demand for dialysis as a treatment option. This, in turn, is foreseen to drive the demand for artificial kidney devices, as adults with chronic kidney diseases require regular dialysis to maintain their kidney function. Additionally, the increasing geriatric population is expected to drive the demand for artificial kidney devices, as older adults are more prone to developing chronic kidney diseases.
Moreover, adults with chronic kidney diseases often require long-term dialysis treatment, which can result in a higher demand for artificial kidney devices. This segment is expected to continue to drive the market in the future years due to the increasing prevalence of chronic kidney diseases and the rise in aging population.
Artificial Kidney Market: Competitive Landscape and Key Developments
Medtronic, B. Braun Melsungen AG, Nikkiso Co., Ltd., Kawasumi Laboratories, Inc., Fresenius SE & Co. KGaA, Baxter, Asahi Kasei Medical Co., Ltd., DaVita Inc., Merit Medical Systems, and NIPRO Medical Corporation among the key players operating in the artificial kidney market. These companies have a widespread presence worldwide, which provides lucrative opportunities to serve a large number of customers and expand the market.
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