Hemodynamic Monitoring Systems Market Overview
Based on the careful analysis of the latest trends, Market Research Future (MRFR) reports that the global hemodynamic monitoring systems market will be achieving the valuation of USD 1,054 million by the end of 2023, expanding at a CAGR of almost 7.3% during the forecast period (2018-2023). The market worth was USD 780 Million in 2017, indicating a lucrative growth pattern backed by numerous factors.
Hemodynamic Monitoring Systems Market Drivers and Key Restraints
In the past couple of years, the hemodynamic monitoring systems market worldwide has showcased a dramatic growth primarily due to an alarming rise in the prevalence of cardiovascular diseases, coupled with various health conditions brought on by sedentary lifestyles and the increasing need for critical congenital heart disease (CCHD) screening. Also, the surging incidence of COPD and other respiratory disorders will also bring in good news for the market in the years to come.
On that note, the impact of these factors on the growth of the market is expected to be amplified on account of the highly conducive regulatory scenario currently existing. Furthermore, a rapidly graying world population is resulting in the surging adoption of hemodynamic monitoring systems in healthcare centers around the globe.
In addition, neonatal care professionals’ dependency on hemodynamic monitoring systems has grown in recent years, with CCHD being considered as one among the seven most life-threatening congenital heart defects. Similarly, COPD has elevated to unprecedented levels amongst adults, particularly in low- and middle-income countries.
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Hemodynamic Monitoring Systems Market Segmentation
The market for hemodynamic monitoring systems is segmented on the basis of product, type, and end-use.
The market, depending on the product, caters to disposables, monitors, minimally invasive, and others. Out of these, the monitors segment is leading the pack, account for the largest share in the global market.
Type-wise, the market is considered for invasive, non-invasive, and others. The invasive segment accounts for the largest among all the types.
The end-user industries in the global market are hospitals, clinics, ambulatory care centers, home care settings, and others. Hospitals and clinics make for the largest segment, out of all the segments in the global market.
Hemodynamic Monitoring Systems Market Regional Outlook
The regions among which the hemodynamic monitoring systems market is spread across include the Americas, Asia Pacific, the Middle East & Africa and Europe. Out of all the regions, the Americas dominate the global market, with Asia Pacific touted to be the fastest growing region.
The regional market of hemodynamic monitoring systems in the Americas is expanding at a significant pace owing to various factors. These factors include the rapid uptake of advanced technologies in the well-established healthcare sector as well as the high per capita health care expenditures in the region. Furthermore, the growing prevalence of diabetes and hypertension, in addition to the increasing use of patient monitoring systems and a massive base of renowned device manufacturers in Canada and the United States (US) contribute to the growth of the regional market as well.
On the other hand, the market in Asia Pacific is benefitting largely due to the expanding geriatric population coupled with the growing prevalence of high/low BP, hypertension, cardiovascular diseases, as well as obesity issues that lead to heart diseases & disorders. Apart from this, few other dominant factors like the rapid adoption of healthcare technology, favorable insurance, reimbursement policies and government initiatives to improve the quality of healthcare are also fostering the market growth in the region.
Moreover, MRFR acknowledges Europe as the second-largest hemodynamic monitoring systems market, at a global level. The regional market has been profiting predominantly on the back of the increasing healthcare expenditure, government initiatives and availability of advanced treatment facilities. Additionally, the surging cardiovascular issues causing concerns will be highly instrumental in the market growth in the coming years.
Hemodynamic Monitoring Systems Market Top Players
The companies currently holding the leading position in the global hemodynamic monitoring systems market include Osypka Medical, CNSystems, PULSION Medical Systems SE, Teleflex Incorporated, Argon Medica, Cheetah Medical, Deltex Medical Group Plc., ICU Medical, Osypka Medical GmbH, Edwards Lifesciences Corporation; CareTaker Medical, LiDCO Group plc, NI Medical, and Uscom.
Mergers & acquisitions, innovation, product launch, and expansion are few strategies adopted by these players in a bid to maintain their positions in the competitive market.
For instance, in March 2019, reports say that Edwards Lifesciences will be acquiring CAS Medical Systems (CASMED), which is a medical technology company with expertise in non-invasive monitoring of tissue oxygenation in the brain, for the sum of about USD 100 million. Edwards Lifesciences will be receiving 510(k) clearance for a smart cable and software module that allows compatibility between HemoSphere, a hemodynamic monitoring platform and CASMED’s FORE-SIGHT sensor.
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