Artificial kidneys, also known as dialysis machines, are medical devices that perform kidney's essential functions of removing toxins and excessive water from the blood of people suffering from kidney failure. They use diffusion and ultrafiltration processes to remove metabolic waste generated in the body, which are otherwise incapable of being removed by natural kidneys. The increasing incidence of various kidney diseases such as diabetes nephropathy, glomerulonephritis and hypertension have fueled the demand for artificial kidneys. The global Artificial Kidney Market is estimated to be valued at US$ 7 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
The rising incidence of kidney diseases further presents a lucrative growth opportunity for players in the artificial kidney market. According to the latest NIH data, over 661,000 Americans currently receive treatment for kidney failure, and the number of patients with end-stage renal disease (ESRD) has grown at an average rate of more than 3% annually over the last decade. With no signs of this growth slowing down and conventional treatment options like dialysis needing to be done regularly for survival, the demand for an ideal artificial kidney as an alternative transplant solution is increasing. Developing affordable and portable artificial kidneys can help address this unmet need and drive the market growth in the coming years.
Porter’s Analysis
Threat of new entrants: Low cost of production allows new companies to enter the market easily. However, stringent regulations and requirement of high capital for R&D pose barriers.
Bargaining power of buyers: Buyers have moderate bargaining power given the lifesaving nature of the products. However, presence of substitutes provides options.
Bargaining power of suppliers: Major suppliers possess strong bargaining power due to limited availability of key inputs and technologies. Suppliers can increase prices of raw materials.
Threat of new substitutes: Threat is low as artificial kidney is currently the most viable alternative for failed kidneys. However, stem cell therapy shows potential.
Competitive rivalry: Intense due to presence of large multinational companies investing heavily in new product innovations.
SWOT Analysis
Strength: Lifesaving nature leads to inelastic demand. Rapidly aging population fuels growth. Advancements in materials and technologies.
Weakness: High costs associated with R&D, production and therapy limits widespread adoption. Post-therapy care requirements.
Opportunity: Expanding into emerging markets. Collaborations to develop affordable products. Stem cell and 3D bioprinting-based alternatives.
Threats: Stringent regulatory approvals. Reimbursement issues impact revenue. Diseases like Covid-19 disrupt supply chains.
Key Takeaways
The Global Artificial Kidney Market Size is expected to witness high growth at a CAGR of 6.9% during the forecast period of 2023 to 2030.
Regional analysis indicates that North America dominates currently accounting for over 35% share owing to increasing ESRD prevalence, FDA approvals and reimbursements. However, Asia Pacific is anticipated to grow at the fastest pace led by expanding healthcare infrastructure, supportive regulations and rising disposable incomes in China and India.
Key players operating in the artificial kidney market are Nikkiso Co Ltd, Fresenius Medical Care AG & Co. KGaA, Baxter International Inc., Asahi Kasei Medical Co. Ltd., B. Braun Melsungen AG. Rising number of ESRD patients, collaborations between players and healthcare providers, and growing focus on patient outcomes are some factors that can positively influence the market. However, lengthy regulatory processes, high costs of therapies, and disruptions due to Covid-19 pandemic can hinder the market growth.
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Global Artificial Kidney Market Research Report: By Type (Wearable Artificial Kidney, Implantable Artificial Kidney) and Dialysis (Hemodialysis, Peritoneal Dialysis, Combination) - Forecast till 2025Industry Overview The global artificial kidney market size is likely to touch USD 2,795.01 million at a 95.54% CAGR between 2019-2025, as per the latest Market Research Future (MRFR) report.
An artificial kidney or hemodialyzer helps to filter the blood of an individual having kidney damage.
These devices are lightweight and rely on batteries that are long-lasting, highly permeable membranes, new filtering materials, and advances in miniaturization.
Such factors, according to the MRFR report, include rising prevalence of kidney disease, minimum/less availability of kidney donors, an increase in kidney transplant surgeries, rising disposable income, and advanced healthcare facilities.
Of these, haemodialysis will have a major share in the market over the forecast period for the increasing number of haemodialysis procedures.
However, increasing awareness about the benefits of artificial kidney among patients and untapped markets may boost the market growth in the upcoming years.
