PUBLISHER: Grand View Research | PRODUCT CODE: 1362898
PUBLISHER: Grand View Research | PRODUCT CODE: 1362898
The global hemodynamic monitoring devices market size is expected to reach USD 2.18 billion and expand at a CAGR of 5.2% by 2030, based on a new report by Grand View Research, Inc.. The growth of the market is attributed to the growing cases of cardiovascular diseases (CVD) such as ischemic stroke, heart failure, and others. Moreover, the growing geriatric population across the globe propels the demand for hemodynamic monitoring devices.
According to OECD's report in 2021, the life expectancy in lower-and-middle income Asian countries has increased by six years from 2000, while upper-middle-income countries have recorded a growth of four years in life expectancy. Moreover, by 2050 ten countries in Asia-Pacific are expected to be profiled as "aging societies," while eleven countries are expected to be "super-aged societies." In addition, NCBI estimated that more than half of CVD cases are recorded in the Asia-Pacific region.
The pandemic positively impacted the hemodynamic monitoring systems market. Many hospitals stated increased demand for hemodynamic monitoring during the pandemic due to COVID-19-induced symptoms. Hemodynamic monitoring devices were necessary to monitor cardiac function and blood flow in COVID-19 patients experiencing respiratory complications, as respiratory and cardiovascular systems are closely interconnected. In addition, sepsis & septic shock caused hemodynamic instability in COVID-19 patients; thereby, hemodynamic monitoring devices use was necessitated in hospitals and other care facilities.
In addition, the market for hemodynamic monitoring devices is aided by various strategic initiatives, such as venture capital funding. For instance, in July 2022, Retia Medical received USD 15 million in Series B funding to expand its commercial offerings and accelerate the development & commercialization of Argos hemodynamic monitor.