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
NEW YORK, Nov. 27, 2019 /PRNewswire/ --
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.
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The key factors that are driving the growth of blood purification equipment market are increasing prevalence of chronic kidney diseases, innovations and technological advancements in hemodialysis as well as rising adoption of home based healthcare. However, the factors such as high cost of blood purification equipment and risks associated with blood purification procedure are likely to negatively impact the market growth.
The most common type of renal diseases include chronic kidney diseases (CKD).CKD refers to a long term condition, commonly caused due to high blood pressure and doesn't improve over time.
The CKD occurs due to inability of the kidneys to perform their normal function.Over the time, human kidneys stop working completely and requires performing dialysis that helps to filter and purify the blood with the help of an external machine.
These machines known as hemodialysis devices contributes a major share in the blood purification equipment market. 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. The incorporation of multiple hemodialysis units around the globe is thus expected to drive the growth of the market.
The blood purification equipment market is segmented on the basis of product, and end user.The market based on product segment is classified as hemodialysis device, blood filtration device, continuous renal replacement therapy (CRRT) device, hemoperfusion device, plasma exchange device.
On the basis of end user the market is classified as medical centre, hospitals, and others.
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