Global Hemodynamic Monitoring System Market Size is Estimated to Reach USD 2,749 million by 2031, Growing at a CAGR of 6.68%: Straits Research
Factors such as increasing prevalence of cardiovascular diseases and lifestyle-related diseases, significantly drives the hemodynamic monitoring system market demand by 2031.
New York, United States, Jan. 23, 2024 (GLOBE NEWSWIRE) — Hemodynamic monitoring assesses blood flow through the heart and arteries, both cardiovascular components. Comprehensive monitoring of cardiac output is required for overall patient care. When hemodynamic variables are not utilized to their total capacity, hemodynamic monitoring approaches are essential for accurately depicting hemodynamic stability in perioperative settings. The ability to remotely observe components associated with a patient’s hemodynamic activity has been made possible by advancements in hemodynamic monitors and hemodynamic monitoring implants used in patient care.
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Increasing Prevalence of Cardiovascular Diseases and Lifestyle-Related Diseases Drives the Global Market
Globally, cardiovascular disease is the most prominent cause of death for both men and women. In addition, the number of older persons who are gravely ill and require continuous monitoring and periodic updates to their loved ones about their condition is rising. Consequently, the increasing frequency of these populations and other cardiovascular and lifestyle disorders necessitates an effective cardiac monitoring system. The hemodynamic monitoring system assesses the patient’s quality of life, cardiovascular health, and survival after cardiac surgery. Pressure transducing devices, electrical, photometric, invasive, and non-invasive devices utilize these quantifiable characteristics. This device consists of numerous intravascular catheters and is used to evaluate a patient’s cardiovascular health. The benefit of a hemodynamic monitoring system that aids in treating cardiovascular disease and other lifestyle-related ailments is driving market expansion.
Emerging Market Players in the Hemodynamic Monitoring System Creates Tremendous Opportunities
According to Straits Research, “The global hemodynamic monitoring system market size was valued at USD 1,536 million in 2022. It is estimated to reach USD 2,749 million by 2031, growing at a CAGR of 6.68% during the forecast period (2023–2031).” Due to the increasing cardiovascular patient population, the rising adoption of patient monitoring devices, the growing awareness of cardiovascular diseases (CVD), and the improvement of healthcare infrastructure, emerging markets will likely provide potential growth opportunities for global market players. Moreover, emerging countries have experienced a continuous increase in surgical procedures over the past decade due to a larger patient population, a rise in CVD-related fatalities, and increased medical tourism. In addition, many market leaders are employing strategies such as acquisitions and mergers to extend their product range by launching new goods and partnering with more minor industry leaders.
Americas is the most significant shareholder and is anticipated to grow at a CAGR of 6.42% during the forecast period. This expansion may result from the region’s high prevalence of diabetes and cardiovascular illness and the release and purchase of new products. In addition, the major players in the regional market are concentrating on product development and introduction to grow their product portfolio. For instance, Visura Technologies, a U.S.-based medical device manufacturer, announced in July 2018 that the FDA had granted 510(k) clearance for their TEECAD System, a single-use disposable camera system used during transesophageal echocardiograms. The TEECAD System from Visura Technologies attaches to a Transesophageal Echocardiogram (TEE) ultrasound probe and enables physicians to visualize the esophagus and upper airway when putting a safe intubation probe.
Europe is expected to grow at a CAGR of 6.18% over the forecast period. Europe represented the second-largest hemodynamic monitoring system market share due to its highly developed medical industry and organic growth strategies. For instance, Getinge, a primary global provider of innovative medical technology in Sweden, announced in February 2018 that the US FDA had granted 510(k) approval for their PulsioFlex Monitoring System and PiCCO Module. PulsioFlex Monitoring System is a diagnostic tool for measuring and monitoring blood pressure and cardiopulmonary, circulatory, and organ function variables in ICU patients. Organic growth tactics increase a company’s position in the European market.
- Based on type, the global hemodynamic monitoring system market is divided into invasive, minimally invasive, and non-invasive hemodynamic monitoring systems. The invasive hemodynamic monitoring system segment is the highest contributor to the market and is expected to grow at a CAGR of 6.04% during the forecast period.
- Based on product, the global hemodynamic monitoring system market is divided into hemodynamic monitoring systems and disposables. The hemodynamic monitoring systems segment owns the highest market share and is estimated to grow at a CAGR of 5.99% over the forecast period.
- Based on end-user, the global hemodynamic monitoring system market is divided into hospitals and clinics, ambulatory care centers, and others. The hospitals and clinics segment is the highest contributor to the market and is expected to grow at a CAGR of 7.28% during the forecast period.
- Americas is the most significant shareholder and is anticipated to grow at a CAGR of 6.42% during the forecast period.
The key players in the global hemodynamic monitoring system market are Edwards Lifesciences Corporation, Getinge AB, Baxter International Inc., LiDCO Group, Deltex Medical, Osypka Medical GmbH, ICU Medical, CNSystems Medizintechnik GmbH, DrägerwerkAG&Co. KGaA, and NI Medical.
- In April 2022, Caretaker Medical announced that it received FDA 510(k) clearance for four new hemodynamic parameters for its VitalStream platform.
- In December 2022, Baxter International Inc. announced that the ExactaMix Pro Automated Compounder would be offered to clients in the United States in early 2023. ExactaMix Pro will be displayed at Baxter’s booth #937 during the 2022 American Society of Health-System Pharmacists (ASHP) Midyear Clinical Meeting in Las Vegas.
Global Hemodynamic Monitoring System Market: Segmentation
- Invasive Hemodynamic Monitoring System
- Minimally Invasive Hemodynamic Monitoring System
- Non-Invasive Hemodynamic Monitoring System
- Hemodynamic Monitoring Systems
- Hospitals and Clinics
- Ambulatory Care Centers
- The Middle East and Africa
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