REPORT OVERVIEW
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The global portable and wearable dialysis device market size is expected to be USD 202.4 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with portable and wearable dialysis device experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 202.4 million by 2028, exhibiting a CAGR of 6.6% during the forecast period. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
With the aid of portable dialysis equipment, the burden of disease is reduced or eliminated through dietary restrictions. Nevertheless, the medical device industry devotes less attention to dialysis equipment despite the fact that it saves lives. Portable dialysis equipment was developed to be utilised at home or while travelling. This device has the potential to dramatically improve quality of life by allowing patients to undergo dialysis while continuing with their daily activities. Disassembled dialysis machines that are attached to a belt worn around the chest serve as wearable artificial kidneys.
Wearable dialysis machines are similar to wearable artificial kidneys. With increasing number of patients with ESRD along with limited availability of of organ donors, the portable and wearable dialysis device market is expected to rise in the forthcoming years.
COVID-19 Impact: Rapid Shift in Demand and Disrupted Supply Chains Hampered the Market
Dialysis is one of several aspects of health care delivery that have been under strain from the COVID-19 outbreak. Changes in the availability of equipment and supplies were necessary for both chronic dialysis patients who need cohort or isolation dialysis and those with acute renal impairment brought on by COVID-19. The rapid shift in demand has made it more difficult to design capacity since there is little information on incidence. These factors limited the portable and wearable dialysis device market growth during the COVID-19 pandemic period. However, post-pandemic, the market is set to recover as dialysis procedures resume.
LATEST TRENDS
"Partnerships and Collaborations Among the Companies to Propel the Market Growth"
In order to increase their reach and product ranges globally and satisfy the rising demand, businesses frequently use product launches and expansions as a strategy. The market players involved in the sale of portable and wearable dialysis equipment use partnerships and collaborations to increase their worldwide client base while also preserving their brand recognition. The adoption of such strategies by market players to introduce novel dialysis devices that are portable and wearable will positively influence the market in the forthcoming years.
Segmentation
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- By Type Analysis
By type, market is segmented into peritoneal dialysis and hemodialysis. The peritoneal dialysis segment will dominate the market in the coming years.
- By Application Analysis
Based on applications, the market is classified into home care, dialysis center and other. The home care segment will lead the global share through 2028.
DRIVING FACTORS
"Ease of Use of Portable and Wearable Dialysis Devices to Accelerate the Market Demand"
Current dialysis techniques not only strain a nation's healthcare system greatly but also interrupt the lives of patients. Dialysis patients must modify their daily routine and way of life to accommodate the therapy's timetable. As a result, efforts are being made to create a wearable artificial kidney that would enable people to undergo longer, more frequent or continuous dialysis treatments while on the road without stopping what they are doing at home or at work. As a result, the quality- of- life effects of the treatment could be lessened while the patient's health may improve. Therefore, it is anticipated that the wearable artificial kidney will be adopted quickly, which will fuel the portable and wearable dialysis device market share in the coming years.
"Increase in Demographic Population and Rise in Renal Diseases to Boost the Demand"
Over the projection period, the market for portable dialysis equipment would rise primarily due to the increasingly aging demographic population and the rising frequency of renal diseases. The use of home haemodialysis reduces the need for hospital supplies since patients and their caregivers may perform cannulation and dialysis therapy monitoring in the convenience of their own homes at a lower cost. The home haemodialysis equipment market is expanding more quickly thanks to technological developments in portable equipment. Such factors will ensure a steady growth period for the market over the next few years.
RESTRAINING FACTORS
"High Cost of Equipment and Technological Difficulties to Hinder the Market."
Patients are discouraged from undergoing home hemodialysis therapy because of the rising cost of portable dialysis equipment and the absence of insurance support for treatment coverage, which might delay the market acceptance of portable dialysis machines over the projected period. The market's expansion is also hampered by reimbursement issues in developing markets and technological difficulties in the development of WAK and WDD. These factors could limit the portable and wearable dialysis device market growth in the future.
REGIONAL INSIGHTS
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"North America to Grow Exponentially with the Projected Time Period"
Given that the renal dialysis industry has seen a substantial number of product launch strategies for new technologies, it is anticipated that the North American region would account for the majority of the worldwide revenue produced in the market. Manufacturers are very interested in supporting customized hemodialysis and peritoneal dialysis equipment with numerous interventions, which may affect the end-user experience.
Due to the increased incidence of end-stage renal disease and chronic kidney illnesses, the Asia Pacific area is anticipated to expand quickly throughout the projected period. The development of the APAC market is also being fueled by favorable government programs and aid for the treatment of end-stage renal impairment and chronic kidney disease. It is projected that a thriving healthcare infrastructure would offer opportunities for growth in this area. Additionally, the rise of the regional market is projected to be fueled by the growing number of hospitals, dialysis facilities, and integrated treatments in emerging nations.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- Baxter (U.S.)
- Fresenius (Germany)
- B. Braun (Germany)
- Blue Sail (China)
- Quanta Dialysis Technologies (U.K.)
- AWAK Technologies (U.S.)
REPORT COVERAGE
The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 202.4 Million in 2022 |
Market Size Value By |
US$ 202.4 Million by 2028 |
Growth Rate |
CAGR of 6.6% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the portable and wearable dialysis device market expected to touch by 2028?
Over the research period, the portable and wearable dialysis device reaching USD 202.4 million in 2028.
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What CAGR is the portable and wearable dialysis device market expected to exhibit by 2028?
The portable and wearable dialysis device market is expected to exhibit a CAGR of 6.6% by 2028
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Which are the driving factors of the portable and wearable dialysis device market?
Ease of use of the product and rise in demographic population with increase in renam diseases are some of the driving factors of the portable and wearable dialysis device market