Artificial Kidney Market Is Estimated To Witness High Growth Owing To Emergence Of Improved Engineering Solutions

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Market Overview:
The artificial kidney market comprises engineered solutions that perform the functions of kidneys through hemodialysis or filtration methods. These products help eliminate waste and remove excess fluid from the blood, thereby replacing some functions of failed or damaged kidneys. Major advantages include removing toxins without the need for an actual organ donation and providing an alternative treatment option for end-stage renal disease patients.

Market key trends:
One of the key trends driving the artificial kidney market is the emergence of improved engineering solutions. Researchers are developing novel bioartificial kidneys that utilize living cells and tissues instead of synthetic materials. For instance, devices being tested incorporate patient's own kidney cells cultured onto biocompatible structures. Such living systems hold promise for long-term toxin removal without requiring anticoagulant drugs or connecting to external dialysis machines on a fixed schedule. Ongoing research in fields of regenerative medicine, microfluidics, and tissue engineering is poised to transform the artificial kidney landscape in coming years.

The global Artificial Kidney Market Demand is estimated to be valued at US$ 7.00 Bn in 2023 and is expected to exhibit a CAGR of 60% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Porter’s Analysis
Threat of new entrants: The Artificial Kidney Market has moderate threat of new entrants due to high capital requirements for R&D, manufacturing and distribution.
Bargaining power of buyers: Buyers in this market include hospitals and dialysis centers. Their bargaining power is moderate as artificial kidneys have few substitutes currently.
Bargaining power of suppliers: A few companies dominate the supply of key components. This gives them significant bargaining power over manufacturers.
Threat of new substitutes: Technologies like wearable artificial kidneys and 3D bioprinted organs pose a threat in long run.
Competitive rivalry: Intense as key players are trying to develop innovative products and early market entry.

SWOT Analysis
Strength: Advances in biotechnology and tissue engineering have accelerated R&D. Increased private funding is supporting development of next-gen solutions.
Weakness: High costs of clinical trials and manufacturing challenges. Regulatory approvals are a lengthy process.
Opportunity: Growing prevalence of kidney failure due to aging, diabetes and hypertension. Untapped potential in developing countries.
Threats: Safety concerns over long term implantation. Ethical issues around using animal or human tissues.

Key Takeaways
The global Artificial Kidney Market is expected to witness high growth, exhibiting CAGR of 60% over the forecast period, due to increasing prevalence of chronic kidney diseases. North America accounted for largest revenue share in 2023 owing to high healthcare spending and presence of key industry players in the US. Europe and Asia Pacific are expected to be the fastest growing regions between 2023 to 2030 backed by expanding dialysis infrastructure, growing medical tourism and aging population.

Key players operating in the Artificial Kidney Market include Kawasumi Laboratories Inc., Blood Purification Technologies Inc., AWAK Technologies Pte. Ltd, Triomed AB, Asahi Kasei Medical Vo. Ltd, US Kidney Research Corporation, Merit Medical Systems, NIPRO Medical Corporation, Fresenius SE & Co. KGaA. These players are focusing on technological advancements to develop more effective and safer products.

Read More: https://www.ukwebwire.com/new-avanue-for-artificial-kidney-market-growth-trends-and-forecast-analysis/

 

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