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.
Global blood purification equipment market was segmented by product, end user. The market based on product segment is classified as hemodialysis device, blood filtration device, continuous renal replacement therapy (crrt) device, hemoperfusion device, and plasma exchange device. On the basis of the end user the market is classified as medical centre, hospitals, and others.
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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.
The market for blood purification equipment is expected to grow significantly due to factors such as rising increasing prevalence of chronic kidney diseases, technological advancements in hemodialysis and rising adoption of home based healthcare. However, the market is likely to experience restriction on its growth owing to the factors such as high cost of blood purification and risks associated with blood purification.
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.
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).
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.
To comprehend global Blood Purification Equipment market dynamics in the world mainly, the worldwide market is analyzed across major global regions: North America (United States, Canada and Mexico), Europe (Germany, France, United Kingdom, Russia and Italy), Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia), South America (Brazil, Argentina), Middle East & Africa (Saudi Arabia, UAE, Egypt and South Africa)
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