The Business Research Company’s Dialysis Devices And Equipment Market Report – Opportunities And Strategies – Global Forecast To 2030
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The use of technology to develop innovative products that can enhance functionality is the latest trend in the dialysis devices market. To enhance the quality of the devices, new methods are being developed to speed up the process of filtering the blood and improve the overall filtration process. As a result of improved technology, products like Revaclear High-Flux Dialyzer by Baxter, which enhances the filtration process of the blood by improving the speed at which the blood is filtered are being developed. Revaclear dialyzers are devices which can help detect renal failure by hemodialysis. With the improvement in technology, the innovations in the devices are expected to continue.
The global dialysis devices and equipment market size is expected to decline from $6.2 billion in 2019 to $5 billion in 2020 at a compound annual growth rate (CAGR) of -19.6%. The decline is mainly because of worldwide supply and demand mismatches of resources due to the COVID-19 outbreak. There is an inadequate production of nephrology and urology devices due to the restrictions imposed by governments of various countries to shutdown factories or function with minimal staffing to contain the spread of the coronavirus and keep their staff safe. However, the market is then expected to recover and grow at a CAGR of 4.3% from 2021 and reach $7.3 billion in 2023.
The increasing prevalence of kidney failure drives the dialysis machine market. The main purpose of dialysis devices and equipment is to artificially filter the blood to get rid of any toxins in the blood and to prevent such waste products from reaching hazardous levels. Chronic kidney disease (CKD) is a condition in which the kidneys are damaged and cannot filter the blood. According to the National kidney report, 2019, 30 million Americans are affected by CKD, and 90% of people are unaware. 1 in 3 Americans run the risk of being diagnosed with CKD. In USA, kidney disease is the 9th leading cause of death.
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