Wearable Artificial Kidney Market Is Generating Revenue Of $7.7 Billion By 2027, At CAGR 96.7% | Grand View Research, Inc.

Wearable Artificial Kidney Market Is Generating Revenue Of $7.7 Billion By 2027, At CAGR 96.7% | Grand View Research, Inc.

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According to the report published by Grand View Research, Inc., factors such as growing innovation in the technology by market players, rising prevalence of chronic kidney diseases among the population, and increasing awareness about the benefits of the device are expected to fuel the demands in the wearable artificial kidney(WAK) market. In addition to these factors, COVID-19 pandemic has also played a role in boosting the adoption of the device all over.

The global wearable artificial kidney market size is anticipated to reach USD 7.7 billion by 2027, expanding at a CAGR of 96.7%, according to a new report by Grand View Research, Inc. Increasing numbers of patients suffering from renal failure and technical advantages of artificial organs are anticipated to boost market growth. Also, rising awareness about the positive impact of these devices on patient’s quality of life is a major driving force in convincing patients to adopt these devices.

Incidence of renal diseases is rising among the population due to factors such as unhealthy lifestyle, and increasing health issues among others. Kidney failure is the most common of these diseases. Kidney failure, also known as End Stage Renal Disease (ESRD), occurs when the organ is unable to filter waste from blood owing to several factors such as toxic environmental pollutants, glomerulonephritis, and high blood pressure. Recent stats from National Kidney Foundation (NKD) states that, 10% of the global population is affected by chronic kidney diseases (CKD) and millions of people die owing to their inability to afford treatment. This leads to, increasing number of patients suffering from CKD and a greater push to market growth rate.

Wearable Artificial Kidney (WAK) prototypes have been successfully developed by only 3 major firms and those are Blood Purification Technologies Inc.; AWAK Technologies; and Dutch Kidney Foundation. Also, these prototypes have been approved for human clinical trials by the U.S. FDA in 2016 with great success. Market is dominated by these firms; however, multiple firms are working towards developing their own prototypes. 

Wearable Artificial Kidney Market Report Highlights

• Clinical trials are going on in several countries for WAK and their success ensures a better future for the market. In October 2019, AWAK Technologies, based in Singapore, received an FDA breakthrough device designation in January for its AWAK Peritoneal Dialysis device, a wearable PD system that incorporates AWAK’s sorbent technology.

• Market players are pumping in major investments in the WAK projects, influencing the demand in the market. For instance, AWAK Technologies raised $40 million to continue development of its wearable peritoneal dialysis device, which has received a breakthrough designation from the FDA.

• Ongoing R&D in the market is fueling the demand in the market. For example, in December 2019, Researchers from USKRC developed an artificial kidney capable of purifying blood to create its own ‘urine’, which mimics the body’s natural production and the kidney’s filtration capability.

• On the basis of patient type, ESRD dominated the market by patient type in 2018 and is expected to witness the highest CAGR owing to increasing CKD patients and government awareness programs

• On the basis of region, North America dominated the wearable artificial kidney market with the largest revenue share in 2018 owing to growing prevalence of diabetes as well as hypertension, renal failure, and technological advancements by key market players

• Key players are introducing technologically enhanced products to gain competitive advantage in the industry. For instance, in 2016, Victor Gura, MD and inventor of the WAK, announced the success of WAK version 2.0, which is a miniaturized dialysis machine that enables patients to walk around by wearing it under a garment. This device has already been clinically tested in Europe and has the potential to reduce cost of treatment for those suffering from renal diseases..

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Wearable Artificial Kidney Market Segmentation

Grand View Research has segmented the global wearable artificial kidney market on the basis of patient type and region:

Wearable Artificial Kidney Patient Type Outlook (Revenue, USD Million, 2018 – 2027)

    • End Stage Renal Disease
    • Acute Renal Disease

Wearable Artificial Kidney Regional Outlook (Revenue, USD Million, 2018 – 2027)

    • North America
        • The U.S.
        • Canada
    • Europe
        • Germany
        • The U.K.
        • Spain
        • Italy
        • France
    • Asia Pacific
        • China
        • India
        • Japan
        • Australia
        • South Korea
    • Latin America
        • Mexico
        • Brazil
        • Argentina
        • Colombia
    • Middle East & Africa
        • Saudi Arabia
        • UAE
        • South Africa

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About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company’s rich database includes in-depth analysis across a range of industries including chemicals, materials, energy, healthcare, and technology, among others.

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