According to The Insight Partners market research study titled ‘Blood Purification Equipment Market to 2027 – Global Analysis and Forecasts by Product, End User and Geography. The global blood purification equipment market is expected to reach US$ 5,502.8 Mn in 2027 from US$ 3,881.3 Mn in 2018. The market is estimated to grow with a CAGR of 4.0% from 2019-2027. The report highlights the trends prevalent in the global blood purification equipment market and the factors driving the market along with those that act as challenges to its growth.
Asia Pacific is the fastest growing geographic market and the growth of the blood purification equipment market in this region is primarily due to The factors leading the growth of the blood purification equipment market in these countries are the rising development of blood purification technology, the rising number of players operating across the country, and the high prevalence of patients suffering with chronic kidney diseases. In addition, countries such as Australia, India, and South Korea are estimated to provide various growth opportunities due to the rising development in the healthcare industry and rising healthcare expenditures.
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The major players operating in the blood purification equipment market include, 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., and Kaneka Medix Corp and others. The market has carried out various organic and inorganic growth strategies in the market. The organic strategies were conducted majorly and these strategies have assisted in strengthening their product offering in the market.
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).
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.
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.
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.
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