Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Wearable Artificial Kidney market.
Trusted Business Insights presents an updated and Latest Study on Wearable Artificial Kidney Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Wearable Artificial Kidney market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Wearable Artificial Kidney Market
The global wearable artificial kidney market size was valued at USD 50.0 million in 2019 and is anticipated to witness a CAGR of 96.7%. Increasing number of patients suffering from renal failure and ongoing technical advancements in artificial kidney are few factors driving the market growth.
Wearable artificial kidney is a portable medical device that enables patients to experience the benefits of dialysis at home while performing their day-to-day work. This device improves the life of patients suffering from end-stage renal disease as it eliminates hospital stay and improves physiological aspects by reducing hypertension. In addition, it minimizes sodium retention and minimizes risk of stroke and vascular diseases. It also costs lesser than other treatments available for renal failure patients.
Chronic Kidney Disease (CKD) is one of the major reasons for increasing number of kidney failure patients. According to the National Kidney Foundation (NKD), approximately 10% of the global population suffers from CKD and millions of people die from this condition each year. As per NKD estimation, geriatric population are more prone to renal problems, especially in developing countries such as China and India.
Increasing demand for technological advancements in artificial kidney is another factor expediting the overall market growth. In Feb 2014, the U.S. FDA approved the first human clinical trials of blood purification technologies for designing Wearable Artificial Kidney (WAK) 2.0. This innovation is intended to obtain satisfactory and effective results from patients.
Rising awareness about various renal failure diseases, unhealthy lifestyle, and increasing health issues are other factors driving the market. DaVita Inc. is one of the communities committed to raise awareness regarding renal diseases that can lead to organ failure. It arranges awareness programs such as kidney smart classes, in which experts provide education about causes of the disease, CKD basics, lifestyle choices, and healthy diets as well as nutrition information. According to the National Institutes of Health (NIH), March is regarded as National Kidney Month to raise awareness regarding diseases causing organ failure. Thus, rising of campaign launches to increase awareness among patients to opt for ambulatory dialysis will further increase the demand for wearable artificial kidney.
Type Insights of Wearable Artificial Kidney Market
The End Stage Renal Disease (ESRD) segment dominated the market for wearable artificial kidney and is expected to witness the highest CAGR in future owing to increasing number of patients suffering from renal failure and technical advancements. In addition, growing prevalence of diabetes as well as hypertension and rising awareness regarding CKD are anticipated to propel segment growth in the coming years. ESRD is also known as kidney failure, which depicts the last stage of CKD. It means that kidneys are working up to 10-15% and have stopped functioning properly. This results in the patient desperately opting for either dialysis or transplant in order to survive.
Moreover, in the U.S., approximately 750,000 patients suffer from ESRD per year and globally 2 million people are affected by this disease. In the U.S., diabetes and hypertension are the major causes of people suffering from ESRD as well as common causes of death in developing countries like India and China. Thus, increasing number of patients suffering from blood pressure, diabetes, and hypertension is the primary cause of the growth of the wearable artificial kidney market.
Regional Insights of Wearable Artificial Kidney Market
North America dominated the market and is expected to grow at the highest CAGR in future due to increasing healthcare spending and government initiatives. In addition, awareness campaigns regarding CKD, technologically enhanced wearable artificial kidneys, and presence of well-established healthcare facilities are driving the market in the region. In March 2018, North America Fresenius Medical Care announced a USD 40,000 donation to a kidney school to expand their services for CKD patients. High blood pressure and diabetes are the major risks for developing the disease. Thus, these factors are primarily driving the market.
Market Share Insights of Wearable Artificial Kidney Market
The three major players in the industry are Blood Purification Technologies Inc.; AWAK Technologies; and Dutch Kidney Foundation. These key market players are focusing on the launch of innovative types of wearable artificial kidneys, growth strategies, and technological advancements. The firms have tried and tested their products in various small scale human trials in U.S. and Europe with great success. Since the products are yet in stage of product refinement, developments are being done in the areas of patient comfort and ease of operation. In terms of functionality and product safety, these firms have already achieved support from the medical fraternity. These advancements in the area of wearable artificial kidney are anticipated to boost the market growth over the forecast period.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Wearable Artificial Kidney Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2027. For the purpose of this study, this market research report has segmented the global wearable artificial kidney market report on the basis of patient type and region:
Patient Type Outlook (Revenue, USD Million, 2018 – 2027)
End Stage Renal Disease
Acute Renal Disease
Quick Read Table of Contents of this Report @ Wearable Artificial Kidney Market Size, Share, Market Research and Industry Forecast Report, 2027 (Includes Business Impact of COVID-19)
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