The Kidney Dialysis Equipment Market is expected to grow on a persistent note in the future. With AI making its mark everywhere, how could the healthcare vertical be left behind? Abnormalities in the medical scans could be easily spotted by radiologists with the help of machine learning. Likewise, the healthcare vertical is poised to develop on a ravishing note with technological advancements on the anvil in the next decade.
The Kidney Dialysis Equipment Market will witness a CAGR of 6.5% by reaching US$ 25.128 Billion from 2024. The new-fangled healthcare electronic technologies like 3D printing, GPS tracking, and wearable biometric devices are being tested concerning clinical use. Cutting-edge technology is expected to be one of the driving forces in the healthcare industry in the subsequent decade.
Persistence Market Research’s recent report on “Global Market Study on Kidney Dialysis Equipment: Latin America Expected to Emerge the Third Attractive Regional Market ” forecasts the market revenues to reach US$ 25.128 Bn by 2024 end. The US$ 15 Bn kidney dialysis market is projected to grow at a CAGR of 6.5% through 2024.
Increasing Prevalence of Chronic Kidney Disease and Adoption of Technologically Advanced Products Spurring Demand
The preponderance of chronic kidney disease (CKD), aggravated by geriatric population and rising life expectancy, will continue to spur the demand for hemodialysis therapy. Expanding ESRD patient pool is another factor influencing market growth.
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- Fresenius Medical Care AG & Co. (KGaA Fresenius SE & Co. KGaA)
- Baxter International, Inc.
- Nipro Corporation
- B. Braun Melsungen
- Nikkiso Co, Ltd.
- NxStage Medical, Inc.
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Favorable government initiatives and rising healthcare funding to increase awareness about therapeutic modalities are also anticipated to boost equipment sales during the forecast period. The introduction of technologically advanced and user-friendly dialysis equipment and adoption of renal dialysis over kidney transplantation are key trends impacting the market.
“Manufacturers will discover lucrative opportunities in pediatric dialysis. In addition, rising demand for cost-effective equipment in low and middle-income countries will also present multiple revenue generation channels”.
– Analyst, Life Sciences & Transformational Health, Persistence Market Research
Asia Pacific will Remain at the Forefront of Global Demand for Kidney Dialysis Equipment
Asia Pacific will remain the largest and the fastest growing market for kidney dialysis equipment throughout the projected period. Valued at US$ 4.57 Bn currently, the market in APAC is foreseen to surpass US$ 9.0 Bn by the end of 2024, accounting for over 38% market value share. North America, Europe, and Latin America will be the other key markets globally. While APAC is expected to thrive at a CAGR of 9.9%, MEA, and Latin America will remain the other fast-growing markets globally.
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- Hemodialysis equipment will capture over 88% market share in 2016 but is anticipated to lose nearly 100 BPS over the next eight-year period.
- Dialyzers are expected to witness the fastest growth during 2016-2024
- Peritoneal dialysis segment will gain 100 BPS through 2024, reaching a market share of over 12% by 2024
- Within peritoneal dialysis equipment segment, the peritoneal dialysis machine sub-segment will account for highest sales.
The end-user analysis by Persistence Market Research reflects the emergence of home-care settings as a critical end-user.
- In-center dialysis segment will witness a slight decline in its revenue share; by 2024, this segment is projected to account for 85% share of the overall end-use segment
- Demand for kidney dialysis equipment from home care settings will grow at a higher CAGR than in-center dialysis
- Rapid adoption of home dialysis is indicative of a paradigm shift in end-use demand
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