The demand for blood purification therapy has witnessed considerable growth over the last couple of decades and is increasingly being used to treat a range of disorders, which cannot be treated by conventional therapies, including surgery and drug administration.
Research and Development Activities to Improve Growth Prospects of Blood Purification Equipment Market
The demand for blood purification therapy has witnessed considerable growth over the last couple of decades and is increasingly being used to treat a range of disorders, which cannot be treated by conventional therapies, including surgery and drug administration. The progress made by bio separation techniques, including filtration, dialysis, and adsorption is one of the key factors expected to provide a considerable boost to the expansion of the blood purification equipment market during the forecast period. Blood purification therapies offer high degree of efficiency in rapid and direct removal of pathogenic agents due to which, their adoption continues to rise in several regions of the world.
At present, the blood purification therapy is primarily utilized for three major clinical applications such as plasmapheresis for toxicants, as a life support for organ failures, including hemodialysis for renal failures and redress of immune and metabolic disorders including immunoadsorption for autoimmune diseases.
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The increasing prevalence of metabolic and autoimmune diseases worldwide such as kidney failure is one of the major factors fueling the adoption of blood purification equipment. Over the past couple of decades, a number of therapeutic advancements in technology has been made and new blood purification equipment have been developed– a trend that is expected to continue during the forecast period.
At the back of these factors, along with the increasing support from the FDA in terms of product approval and more, the global blood purification equipment market is expected to surpass the US$ 22.9 Bn mark by the end of 2030. Moreover, a significant surge in the prevalence of diabetes and high blood pressure leading to kidney diseases are other factors likely to propel the global blood purification equipment market during the assessment period.
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New Technologies and Development of Novel Devices on Rise
Over the past couple of decades, a plethora of therapeutic technologies and cutting-edge blood purification equipment has entered the market. Increasing knowledge and understanding of pathophysiology and hematology due to additional research and development coupled with noteworthy progress in bio separation techniques are some of the other factors contributing to the overall growth of the global blood purification equipment market. Furthermore, recent advancements in pathophysiology of a range of diseases have resulted in the growing adoption of blood purification therapies due to which, the demand for blood purification equipment has witnessed steady growth, thus aiding in the blood purification equipment market.
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The discovery of a host of pathophysiology agents in the blood stream and their role in pathophysiology of related diseases, including autoimmune diseases, systematic inflammatory response syndrome, cancer, and dialysis-related amyloidosis (DRA) is anticipated to augment the demand for blood purification equipment during the assessment period.
Approval from FDA and Rise in Adoption of Blood Purification Equipment amid COVID-19 Pandemic to Drive Market
The novel COVID-19 pandemic is expected to have a strong impact on the overall growth of the global blood purification equipment market in 2020. As research and development activities continue to focus on exploring the potential benefits of blood purification as a measure to curb the transmission of the novel COVID-19 infection, a number of companies are approaching the FDA to allow them to use their blood purification equipment to treat COVID-19.
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For instance, in April 2020, the U.S. Food and Drug Administration (FDA) issued an emergency use authorization for a blood purification equipment to treat COVID-19 positive patients. In April 2020, Baxter International Inc. received an emergency use authorization of the filter set developed by the company to treat patients with COVID-19.
Market players are expected to focus on product innovation and diversification to cater to the current requirements of the healthcare sector to gain advantage.
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