PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401776
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401776
Hemodynamic Monitoring Devices Market size was valued at USD 1,265 Million in 2022, expanding at a CAGR of 6.5% from 2023 to 2030.
Hemodynamic monitoring devices evaluate blood flow and heart function, which helps determine a patient's cardiovascular health and informs therapy choices. Some COVID-19 patients experience complications like sepsis and need to be admitted to critical care units. There is substantial clinical evidence to support the benefits of sophisticated hemodynamic monitoring for patients.
Hemodynamic Monitoring Devices Market- Market Dynamics
Increasing prevalence of cardiovascular and respiratory diseases to propel market demand
Numerous factors, including the rising incidence of respiratory, cardiovascular, and chronic obstructive pulmonary disease (COPD), the development of innovative minimally invasive and non-invasive systems, and the quick advancement of surgical techniques, are expected to propel the market's growth. The American Lung Association estimates that 6.2% of the population in the United States has COPD. The market is anticipated to rise as new methods for hemodynamic monitoring are developed. Newly introduced equipment is anticipated to enhance the postoperative treatment and anesthetic of a cardiovascular patient. These instruments offer precise readings that can identify any type of hemodynamic change, identifying the reason behind the change, and maximizing the patient's therapeutic intervention.
Hemodynamic Monitoring Devices Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2023-2030)
Based on Product segmentation, monitors was predicted to show maximum market share in the year 2022, owing to high demand for monitoring system in healthcare solutions.
Based on System Type segmentation, non-invasive segment was the leading segment in 2022, mainly due to increasing demand from non-invasive hemodynamic devices in clinical settings.
Based on End-User segmentation, hospitals was the leading end-user in 2022, mainly due to growing incidence of heart failure, sepsis.
On the basis of region, North America was the leading revenue generator in 2022, owing to rising prevalence of cardiovascular diseases and rapid development in healthcare sector.
The Global Hemodynamic Monitoring Devices Market is segmented on the basis of Product, System Type, End-User, and Region.
The market is divided into two categories based on Product: disposables and monitors. The monitors segment dominates the market. Monitors are the most essential part of the monitoring system thus are in high demand in hospitals.
The market is divided into three categories based on System Type: invasive, minimally invasive, and non-invasive. The non-invasive segment dominates the market and is likely to maintain its dominance during the forecast period. The advancement in blood pressure monitoring is expected to fuel the market growth.
The market is divided into four categories based on End-User: hospitals, catheterization labs, ambulatory surgical centers, and others. The hospitals dominate the market and is likely to maintain its dominance during the forecast period. The hospital's ability to manage high-acuity patients estimated to boost the market growth.
Hemodynamic Monitoring Devices Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period. The rising frequency of cardiovascular illnesses, the quick development of technology, the high cost of healthcare, and the aging population are all factors contributing to the share. In the United States, there will be an 18 million rise in the senior population between 2020 and 2030, according to Rural Health Information Hub. Furthermore, according to a comparable source, 90% of persons over 65 experience the onset of one or more chronic illnesses.
Hemodynamic Monitoring Devices Market is significantly fragmented in nature. Market players are continuously focus on developing new product to remain competent in the market as innovation is key to medical development. During the forecast period, the development of minimally invasive monitoring techniques and the switch from static to dynamic variable monitoring are anticipated to propel market expansion. For example, Koninklijke Philips N.V. introduced the IntelliVue X3 system in March 2021. Key manufacturers include GE healthcare, Baxter, Koninklijke Philips NV, etc.
In July 2023, Mount Sinai Queens announced to open a new catheterization lab to offer comprehensive care to patients suffering from heart ailments.
In June 2023, Mindray Medical and Edward Lifesciences Corporation partnered to integrate the Edwards FloTrac sensor in Mindray's hemodynamic monitor- BeneVision N.
In July 2022, Caretaker Medical received U.S. FDA approval to add four new parameters in its VitalStream wireless blood pressure and hemodynamic platform.
The scope of this report covers the market by its major segments, which include as follows: