Global Dialysis Market Expected to Reach $118,512 Million by 2023
PORTLAND, Oregon and PUNE, India, June 21, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Dialysis Market by Type, Products & Services, End User, and Geography: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global dialysis market accounted for $86,621 million in 2016, and is estimated to reach $118,512 million by 2023, registering a CAGR of 4.5% from 2017 to 2023. North America is the highest contributor in the dialysis market; however, Asia-Pacific is expected to witnessed the highest growth rate during the forecast period.
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The function of the kidney is to remove waste products and excess fluid from the blood. This process is carried out with the help of dialysis when the kidney is not functioning properly. Waste products, such as urea and creatinine, are removed from the blood with the help of artificial and natural semipermeable membranes. In hemodialysis, the blood is purified using an artificial membrane, whereas, in peritoneal dialysis, the waste products are removed using peritoneum in abdomen, which acts as a natural semi-permeable membrane.
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The major driving factors for the growth of dialysis market are increase in number of end-stage renal diseases, rise in incidence of diabetes and hypertension, and surge in funding for development of new products. In addition, growth in healthcare expenditure, rise in aged population, and increase in disposable income are expected to boost the market growth. Moreover, owing to lack of matching donors, dialysis treatment is given more preference over kidney transplant, which is expected to further fuel the market growth. However, lack of awareness about kidney diseases, product recall, and reduction in reimbursements for dialysis are expected to hamper the market growth.
The hemodialysis segment is the largest contributor toward the market growth. The peritoneal dialysis segment is anticipated to be a lucrative market due to the growth in demand for dialysis services for the treatment of neonates and children.
The services segment was the highest contributor toward the market growth in 2016, and is expected to maintain its dominance during the forecast period. This is attributable to the increase in the number of treatment centers and advancement of home-based services.
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In 2016, North America accounted for maximum contribution to the total revenue generated, owing to the high prevalence rate of diabetes and hypertension, presence of high disposable income, and high adoption rate of technologically advanced products. In addition, the presence of large number of dialysis centers in this region and rise in number of patients with chronic renal & kidney diseases are expected to boost the market growth. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to rise in incidence rate of kidney failure, low rate of organ transplantation, and rise in healthcare expenditure.
Key Findings of the Dialysis Market:
- The peritoneal dialysis segment is anticipated to grow at the highest rate during the analysis period.
- The hemodialysis segment generated the highest revenue in 2016, and is expected to continue its dominance in the near future.
- North America dominated global dialysis market in 2016, and is anticipated to continue its dominance in the future.
- China is expected to grow at a highest rate in the Asia-Pacific during the forecast period.
- The services segment was the highest contributor among the products and services segments in 2016.
The key companies profiled in the report include Fresenius Medical Care AG & Co. KGaA, Baxter International, Inc., DaVita Inc., Nipro Corporation, B. Braun Avitum AG, Diaverum Deutschland GmbH., Nikkiso Co. Ltd., NxStage Medical, Inc., Asahi Kasei Corporation, and Medicators, Inc.
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