LOS ANGELES, Sept. 01, 2022 (GLOBE NEWSWIRE) — LOS ANGELES, September 01, 2022 (GLOBE NEWSWIRE) – The Global Blood Purification Devices Market is expected to grow at a CAGR of around 3.8% from 2022 to 2030 and expected to reach the market value of around USD 6,280 Million by 2030.
Blood Purification Devices Market Report Key Highlights
• Global blood purification devices market size was USD 4,534 million in 2021 and is expected to grow at CAGR of 3.8% from 2022 to 2030
• North America blood purification devices market is expected to lead with more than 45% market share
• Asia-Pacific blood purification devices market is expected to grow at fastest CAGR during the forecast period from 2022 to 2030
• Among types, portable blood purification devices occupied more than 60% of the total market share
• According to the WHO, CKD affects more than 10% of the population in the world
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|Market||Blood Purification Devices Market|
|Blood Purification Devices Market Size 2021||USD 4,534 Million|
|Blood Purification Devices Market Forecast 2030||USD 6,280 Million|
|Blood Purification Devices Market CAGR During 2022 – 2030||3.8%|
|Blood Purification Devices Market Analysis Period||2018 – 20303.8%|
|Blood Purification Devices Market Base Year||2021|
|Blood Purification Devices Market Forecast Data||2022 – 2030|
|Segments Covered||By Type, By Application, By End-use And By Geography|
|Blood Purification Devices Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Accel Diagnostics, Aethlon Medical, Cerus Company, Circle Biologics, CytoSorbents, Jafron, Medtronic, NxStage Medical, Spectral Medical, Stellarray, Toray Medica, and among others.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
COVID-19 Impact on the Global Blood Purification Devices Market Revenue
The innovative COVID-19 pandemic is projected to have a significant impact on the global blood purifying equipment market’s overall growth in 2020. The US Food and Drug Administration announced in July 2021 that blood purifying devices could be beneficial in treating certain individuals with confirmed COVID-19 by reducing cytokines, infections, and other inflammatory mediators. Baxter India, a subsidiary of Baxter International, has received approval from India’s Central Drugs Standard Control Organization (CDSCO) for its blood purification filter oXiris for the diagnosis of COVID-19 patients.
Blood Purification Devices Market Dynamics
Market Driver: Commercialization of Products Fuels the Global Blood Purification Devices Market Value
Rising incidences of chronic kidney disease (CKD) will enhance the commercialization of blood purification devices in the worldwide market. According to the Center for Disease Control and Prevention, CKD is more prevalent in people aged 65 years or older which constitute around (38%) than in people aged 45-64 years (13%) or 18-44 years (7%). Additionally, National Chronic Disease Fact Sheet highlights that around 15% of adults are estimated to suffer from CKD in the US alone. This scenario proves beneficial for the blood purification devices industry growth as it raises the demand for globally.
Market Opportunities: Technological Advancements Offers Lucrative Benefits for the Global Blood Purification Device Market Share
Technological advancements coupled with innovations positively influence the market. For records, prominent players such as NxStage and Jafron have a wide product portfolio of blood purification devices that focus on reducing the mortality rate in patients suffering from acute kidney failure. In May 2017, NxStage Medical, Inc. announced next generation hemodialysis system that has received FDA clearance. The newly launched product has specialized features and capabilities that involve a new touch screen user interface and integrated blood pressure monitor designed and assists for easy use for patients performing home hemodialysis.
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Blood Purification Devices Market Segmentation
The blood purification devices market is segmented based on type, application, and end-user. By type, the market is bifurcated into portable and stationary. According to our blood purification devices market forecast, the portable segment acquired the largest market share from 2022 to 2030.
By application, the market is categorized as continuous blood purification, hemoperfusion, and hemodialysis. Based on our blood purification devices industry analysis, the continuous blood purification sub-segment is expected to lead the market with the utmost shares in 2021 and is likely to do so in the coming years.
By end-user, the market is segregated into hospitals, clinics, and others. Based on our analysis, the hospital sub-segment acquired significant blood purification devices market share in 2021.
Blood Purification Devices Market Regional Outlook
North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the regional categorizations of the blood purification devices market industry.
North America will dominate the global blood purification devices regional market forecast period. Fast product approvals, high government involvement during the COVID-19 pandemic to support the patient population with different product offerings, and growing demand from the geriatric population enhance the growth of blood purification devices for the North American regional market.
In April 2020, US FDA approved a blood purification device to tackle COVID-19 patients. The new system approved can be utilized among patients who are 18 years or older and have been admitted to the ICU. The product plays a vital role in support in favor of patients experiencing or will experience respiratory failure.
On the other hand, Asia-Pacific will gain a significant pace in the coming years for the blood purification device market. The Asia-Pacific blood purification device market will grow tremendously through rising adoption levels for several new products, new medical diagnostics, and treatment procedures. Additionally, with the high population base in the Asia-Pacific region suffering from kidney-related disorders, and cardiac dysfunction, technological advancements in blood collection tubes aligned with filtration techniques act positively for the regional market growth.
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Blood Purification Devices Market Players
Some of the leading blood purification devices companies are Accel Diagnostics, Aethlon Medical, Cerus Company, Circle Biologics, CytoSorbents, Jafron, Medtronic, NxStage Medical, Spectral Medical, Stellarray, Toray Medical, and others.
Some of the key observations regarding the blood purification devices industry include
• In March 2020, Cerus Company announced the approval of its new product namely, Intercept plasma with an alternative plastic disposable kit. The newly launched product is designed such that the Intercept blood system is best suited to reducing pathogens, viruses, bacteria, protozoa, and contaminating donor leukocytes in plasma components. The new product once used assists in reducing the risk of transfusion-transmitted infections.
• In December 2020, Medtronic announced the launching of a new product name, the Carpediem cardio-renal pediatric dialysis emergency machine in the U.S. The product is highly specialized for treating acute kidney injury or fluid overloaded patients requiring hemodialysis or hemofiltration therapy. The first Carpediem machine, intended to provide continuous renal replacement therapy (CRRT) is offered to patients between 2.5 to 10 kg and was successfully installed and is currently used at Cincinnati Children’s Hospital Medical Center.
• In February 2020, Baxter announced a partnership with Spectral Medical for the distribution of TORAYMYXIN™ PMX-20R (PMX), a hemoperfusion filter, and the Endotoxin Activity Assay™ (EAA), an on-market companion diagnostic tool that aids in the risk assessment of ICU patients for progression to severe sepsis.
Questions Answered By This Report
- What was the market size of Blood Purification Devices Market in 2021?
- What will be the CAGR of Blood Purification Devices Market during the forecast period from 2022 to 2030?
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- Which region held the largest share in Blood Purification Devices Market in 2021?
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- What will be the Blood Purification Devices Market value in 2030?
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