PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401812
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401812
Wearable Artificial Kidney Market size was valued at USD 7,400.01 Million in 2022, expanding at a CAGR of 14.1% from 2023 to 2030.
A wearable artificial kidney is a portable medical device that allows patients to carry out their daily tasks at home while receiving the advantages of dialysis. Patients with end-stage renal illness have better lives thanks to this gadget, which reduces the need for hospital stays and enhances physiological aspects by lowering blood pressure. Moreover, it reduces the risk of vascular illnesses and stroke as well as salt retention.
Wearable Artificial Kidney Market- Market Dynamics
Increasing awareness about different renal failure diseases and technological advancement to propel market demand
Key factors propelling the market growth are growing health concerns, unhealthy lifestyles, and growing awareness of numerous disorders related to renal failure. One of the groups dedicated to spreading knowledge about renal illnesses that can result in organ failure is DaVita Inc. It organizes awareness campaigns including kidney smart courses, where professionals educate participants about the fundamentals of CKD, its causes, etc. The need for artificial kidneys may be driven by the rising prevalence of chronic illnesses such kidney failure, end-stage renal disorders, and chronic kidney disease. Artificial kidneys are made to function similarly to normal kidneys, filtering blood and preserving the body's fluid balance. For example, according to an April 2022 scientific article in renal International Supplements, chronic renal disease has affected around 10% global population accounting for over 800 million people worldwide.
Wearable Artificial Kidney Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 14.1% over the forecast period (2023-2030)
Based on Patient Type segmentation, Acute renal disease was predicted to show maximum market share in the year 2022, owing to rising prevalence of disease like diabetes.
Based on Dialysis Type segmentation, Haemodialysis was the leading type in 2022, mainly due to rise in blood clotting related disorders.
Based on End user segmentation, Hospitals was the leading type in 2022, mainly due to rise demand form hospital treatments.
On the basis of region, Asia Pacific was the leading revenue generator in 2022, owing to growing diabetes and other disease prevalence in the Asian countries like China, India, etc.
The Global Wearable Artificial Kidney Market is segmented on the basis of Patient Type, Dialysis Type, End-User, and Region.
The market is divided into two categories based on Patient Type: acute renal disease and end stage renal disease. The end stage renal disease dominates the market. The growing number of patients suffering from renal failure is expected to boost the segment growth.
The market is divided into two categories based on Dialysis Type: Haemodialysis and Peritoneal Dialysis. The haemodialysis dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increase in prevalence of blood pressure related disorders.
The market is divided into four categories based on End User: hospitals, ambulatory surgical centers, dialysis centers, others. The hospitals dominate the market and is likely to maintain its dominance during the forecast period. This is partly due to an increase the demand for treatment of chronic kidney.
Wearable Artificial Kidney Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Dutch Kidney Foundation, AWAK Technologies, and Blood Purification Technologies Inc. are some of the key participants in the market. These major companies in the market are concentrating on growth strategies, technological developments, and the introduction of novel wearable artificial kidney models. The companies have conducted numerous small-scale human trials in the United States and Europe to try and evaluate their products. The medical community has previously endorsed these businesses. Over the course of the forecast period, it is projected that these developments in the wearable artificial kidney space would accelerate market growth.
In 2023, Medtronic plc and DaVita In created a new company called Mozarc Medical, which is dedicated to changing renal health and technological solutions.
In June 2023, AWAK Technologies Inc., announced the launch of a pivotal clinical trial for an enhanced Automated Wearable Artificial Kidney Peritoneal Dialysis device specifically for end-stage renal diseases.
The scope of this report covers the market by its major segments, which include as follows: