Blood Purification Equipment Market: Introduction
According to the report, the global blood purification equipment market was valued at US$ 10.3 Bn in 2019 and is projected to expand at a CAGR of 7.5% from 2020 to 2030. Rise in prevalence of diabetes and high blood pressure resulting in chronic kidney diseases and favorable reimbursement policies are anticipated to drive the global blood purification equipment market from 2020 to 2030. North America is expected to account for significant share of the global blood purification equipment market during the forecast period. This can be attributed to the growth of the market in the U.S., owing to strong presence of market players and increase in patient population suffering from acute kidney disease and sepsis. Additionally, technological advancements and focus of market players on the development of cost-effective equipment for blood purification is likely to boost the market in the country.
Moreover, increase in the number of people suffering from COVID-19 infections and rise in number of people reaching the critical phase requiring blood purification contribute to North America’s dominance of the global blood purification equipment market during the forecast period. The market in Asia Pacific is projected to expand at a high CAGR of 8.1% from 2020 to 2030. This can be ascribed to the growth of the healthcare sector in countries such as China, Japan, and India. Moreover, increase in the geriatric population, rise in the number of people suffering from kidney diseases, and focus of leading players on strengthening presence in the emerging markets are anticipated to propel the market in the region during the forecast period.
Favorable Government Reimbursement Policies to Propel Market
Governments of various countries across the world provide reimbursement for dialysis procedures. The total government expenditure is US$ 57.1 Bn per year for approximately 2,600,000 patients on dialysis across the world. According to recent studies, Medicare reimburses around US$ 240 to US$ 255 per dialysis treatment. Medicare’s spending on kidney failure patients stood at US$ 35 Bn in 2016. Hemodialysis care costs the Medicare system an average of US$ 90,000 per patient annually in the U.S. for a total of US$ 28 Bn. Few countries in Asia Pacific also have reimbursement policies for dialysis procedures for patients suffering from chronic kidney diseases. For instance, the Government of South Korea reimburses 90% of the total dialysis cost. The Government of Japan provides 100% reimbursement to patients for dialysis procedures. Hence, favorable reimbursement schemes in various countries help patients to meet the high expenses involved with dialysis procedures, which is expected to drive the global blood purification equipment market during the forecast period.
Dialysis to Dominate Market
In terms of type, the global blood purification equipment market has been divided into dialysis, CRRT, hemoperfusion, and others (plasma exchange and immunoadsorption). High cost of the devices, increase in the number of dialyzers sold annually, and rise in prevalence of kidney diseases among the population are likely to propel the segment during the forecast period.
Portable to be Highly Attractive Product Type
Based on product type, the global blood purification equipment market has been bifurcated into portable and stationary. The portable segment is projected to dominate the global blood purification equipment market during the forecast period due to a number of advantages, including the ease of movement and less space utilized, and preferred by professionals for continuous blood purification process.
High Prevalence Rate of Acute Kidney Injury to Drive Market
In terms of application, the global blood purification equipment market has been classified into sepsis, COVID-19, infectious diseases, acute kidney injury, and others. The acute kidney injury segment is anticipated to dominate the global blood purification equipment market during the forecast period due to increase in the global burden of acute kidney injury (AKI). According to BMC Nephrology, around 13.3 million people across the world are estimated to be affected by acute kidney injury (AKI) annually, 85% of these live in developing countries.
Dialysis Centers to be Major End Users
Based on end user, the global blood purification equipment market has been categorized into hospitals & clinics, dialysis centers, and others. The dialysis centers segment is expected to constitute significant share of the global blood purification equipment market by 2030. The segment dominated the global market owing to rise in prevalence of chronic kidney disease (CKD) and increase in number of dialysis centers across the globe.
Competition Landscape in Blood Purification Equipment Market
The report also provides profiles of leading players operating in the global blood purification equipment market. These include Cytosorbents Corporation, Baxter International, Inc., ExThera Medical Corporation, Aethlon Medical, Inc., Fresenius SE & Co. KGaA, Cerus Corporation, Jafron Biomedical Co., Ltd., Spectra Medical, Inc., B. Braun Melsungen AG, and Nikkiso CO, Ltd.
Global Blood Purification Equipment Market: Segmentation
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