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Wearable Artificial Kidney Market Size Worth $7.7 Billion by 2027: Grand View Research, Inc.
SAN FRANCISCO, Nov. 5, 2019 /PRNewswire/ -- The global wearable artificial kidney market size is anticipated to reach USD 7.7 billion by 2027, expanding at a CAGR of 96.7%, according to a new report by Grand View Research, Inc. Increasing number of patients suffering from renal failure and technical advantages of artificial organs are anticipated to boost market growth.
Key suggestions from the report:
- ESRD dominated the market by patient type in 2018 and is expected to witness the highest CAGR owing to increasing CKD patients and government awareness programs
- North America dominated the wearable artificial kidney market with the largest revenue share in 2018 owing to growing prevalence of diabetes as well as hypertension, renal failure, and technological advancements by key market players
- Key players are introducing technologically enhanced products to gain competitive advantage in the industry. For instance, in 2016, Victor Gura, MD and inventor of the WAK, announced the success of WAK version 2.0, which is a miniaturized dialysis machine that enables patients to walk around by wearing it under a garment. This device has already been clinically tested in Europe and has the potential to reduce cost of treatment for those suffering from renal diseases.
Read 171 page research report with ToC on "Wearable Artificial Kidney Market Size, Share & Trends Analysis Report By Patient Type (End Stage Renal Disease, Acute Kidney Disease), By Region, Competitive Landscape, And Segment Forecasts, 2020 - 2027: https://www.grandviewresearch.com/industry-analysis/wearable-artificial-kidney-market
Kidney failure, also known as End Stage Kidney Disease (ESRD), occurs when the organ is unable to filter waste from blood owing to several factors such as toxic environmental pollutants, glomerulonephritis, and high blood pressure. According to the National Kidney foundation (NKD), 10% of the global population is affected by chronic kidney disease (CKD) and millions of people die due to their inability to afford treatment. Thus, increasing number of patients suffering from CKD is driving the market.
At present, there are three major firms that have developed successful prototypes of wearable artificial kidney (WAK): Blood Purification Technologies Inc.; AWAK Technologies; and Dutch Kidney Foundation. The WAK prototypes designed and patented by these firms have been approved for human clinical trials by the U.S. FDA in 2016 with great success. Prior to that, WAK had been successfully tested in the E.U since 2013. WAK products, being in stage of product refinement, are refined at design and utility areas, allowing for greater patient comfort and ease of operation.
Grand View Research has segmented the global wearable artificial kidney market based on patient type and region:
- Wearable Artificial Kidney Patient Type Outlook (Revenue, USD Million, 2018 - 2027)
- End Stage Renal Disease
- Acute Renal Disease
- Wearable Artificial Kidney Regional Outlook (Revenue, USD Million, 2018 - 2027)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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