Blood Purification Equipment Market: Overview
The blood purification equipment market may encounter great growth opportunities across the forecast period of 2023-2030 due to the growing influence of technological advancements and the rising awareness among a considerable populace for blood purification processes. The escalating chronic illness-related cases may also serve as a prominent growth multiplier for the blood purification equipment market.
Affordability and portability are also serving as one of the most important growth-generating factors for the blood purification equipment market. By product type, the blood purification equipment market can be segmented into blood filtration device, continuous renal replacement therapy (CRRT) device, hemodialysis device, plasma exchange device, and blood filtration device.
This upcoming report on the blood purification equipment market provides an in-depth analysis of the current market situation. The report covers components like competitive landscape, key players, regional analysis, and ongoing trends. The report also offers thorough research on how the COVID-19 pandemic will impact the blood purification equipment market. The segmental study enables an individual to thoroughly understand the different aspects of the blood purification equipment market systematically.
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Blood Purification Equipment Market: Competitive Insights
The blood purification equipment market has numerous players involved in stiff competition for attracting more sales. Novel product launches equipped with the latest technology may gain considerable momentum as a great way of bringing good growth for the blood purification equipment market. Blood purification equipment with enhanced operational controls and smart capabilities may garner traction across the forecast period of 2023-2030.
The escalating number of cases related to renal procedures has increased the demand for regular dialysis procedures. The use of blood purification equipment to tackle COVID-19 is also leading to great demand from various hospitals and clinics. Therefore, these factors have prompted the players in the blood purification equipment market to increase their production capabilities. Key players involved in the blood purification equipment market are Nikkiso CO, Inc., Haemonetics Corporation, Spectral Medical Inc., Kaneka Medix Corp, Medtronic PLC, Fresenius Medical Care, Cytosorbents Corporation, and B.Braun Melsungen AG.
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Blood Purification Equipment Market: Key Developments
The COVID-19 outbreak has created havoc across the globe. The healthcare sector is in constant pursuit of introducing novel mechanisms or is in the process of inculcating existing technologies for treating COVID-19. The blood purification mechanism is one of them. These devices help in continuous renal replacement therapy or reduce proinflammatory cytokines levels that are important in treating severe COVID-19 pneumonia. Emergency FDA approvals and cutting-edge technological advancements may assist the blood purification equipment market to gain substantial traction.
Here are some recent developments across the blood purification equipment market:
- The Central Drugs Standard Control Organization (CDSCO) in India recently gave approval for use of Baxter India’s oXiris blood purification filter to treat COVID-19 patients
- Terumo BCT, Inc. and Marker Therapeutics AG recently obtained FDA approval for using their blood purification equipment for treating acute respiratory failure in COVID-19 patients
- Biocon’s blood purification device recently got the regulatory approval for treating COVID-19 critical patients; it was earlier used for treating Sepsis patients
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Blood Purification Equipment Market: Regional Assessment
The blood purification equipment market is spread across South America, North America, the Middle East and Africa, Asia Pacific, and Europe. Asia Pacific may emerge as a momentous growth contributing region for the blood purification equipment market. The growing COVID-19 cases in the region, especially in densely populated countries may bring a rise in demand for blood purification equipment. In addition, the escalating technological advancements in the blood purification equipment market may also serve as a great growth generating factor.
North America may also bring extensive growth opportunities for the blood purification equipment market as the U.S. is the worst-hit country with the highest number of coronavirus caseload in the world. This aspect may lead to ballooning demand for blood purification equipment. The growing numbers of geriatric population across North America may also help in penetrating maximum growth across the blood purification equipment market.
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