Market Trends of Global Renal Medical Devices and Services Industry
This section covers the major market trends shaping the Renal Medical Devices & Services Market according to our research experts:
Renal Kidney Stone Disease is Expected to Register a High CAGR over the Forecast Period.
A kidney stone is a hard, crystalline mineral material formed within the kidney or urinary tract. Kidney stones are a common cause of blood in the urine (hematuria) and often severe pain in the abdomen, flank, or groin. The rising geriatric population and the increasing prevalence of kidney diseases all over the world are expected to add to the growth of the renal kidney stone segment over the forecast period.
An article titled 'Kidney Stone Disease: A Brief Review' published in the journal 'Acta Scientific Pharmacology' in February 2021 indicated that the incidence of urolithiasis has increased over recent years in developing countries. The article also indicated that around 12% of the Indian population is projected to have kidney stones and that almost 50% of the affected population will end up with renal failure. The large number of people affected by kidney stone diseases, requiring adequate renal medical devices is expected to propel the growth of the studied segment during the forecast period.
Several key market players with their innovative treatments for kidney stone management are expected to propel the growth of the renal medical devices and services market. For instance, in January 2022, Applaud Medical received Food and Drug Administration's breakthrough device designation for its Acoustic Enhancer technology. The Acoustic Enhancer technology is used in conjunction with ureteroscopy with laser lithotripsy for the fragmentation of calcium-based urinary stones. Such product approval is likely to promote segment growth over the forecast period.
North America is Expected to Dominate the Market over the Forecast Period
The North American region is expected to contribute significantly to the market growth during the study period. Factors such as a developed and well-structured health care system, which encourages research and development are expected to add to the growth of the studied market. These research and development policies encourage global players to enter the United States and Canada. As a result, these countries enjoy the presence of many global market players. As high and increasing demand is met by the presence of global players in the region, the market is further expected to increase.
Furthermore, the United States is a major contributor to regional growth owing to factors such as the rising prevalence of kidney diseases and the increasing geriatric population. According to an article titled 'Incidence of Kidney Stones in the United States: The Continuous National Health and Nutrition Examination Survey' published in the Journal of Urology in April 2022, the 12-month incidence of kidney stones in the United States population was 2.1% or 2,054 stones per 100,000 adults. The large prevalence of kidney stone disease among the population is expected to propel the growth of the renal medical devices and services market in the North American region over the forecast period.
The rise in the research and development of innovative treatments for renal disorders by various organizations in the United States is also adding to the market growth. For instance, in September 2021, researchers from the University of California San Francisco successfully tested Kidney Project's implantable bioartificial kidney, which promises to free kidney disease patients from dialysis machines and transplant waiting lists. Such innovations in the renal medical devices segment is expected to boost the growth of the renal medical devices and services market in the North American region over the forecast period.
