The global Hemodynamic Monitoring System Market is on the verge of witnessing a drastic In Upcoming Years. The digital renaissance is dictating the terms for the industry. AI-powered data core is being used for delivering insights. Also, the virtual workforce is being developed with a transfer of digital skills, that too, from a plethora of innovative ecosystems and industries. Conversational AI is being deployed for helping the end-users with timely feedback. This trend is bound to take the overall industry at a greater stride in the upcoming period.
As per Persistence Market Research’s latest revised industry analysis, the global hemodynamic monitoring systems market was valued at over US$ 1.5 Bn in 2020, and is expected to exhibit a CAGR of around 5.3% over the forecast period (2021-2031).
Cardiovascular diseases such as congestive heart failure are usually long-term and cost-incurring conditions. Incidence of cardiac disorders accounts for over 32 percent of all deaths worldwide, as per WHO. Lifestyle-related diseases and ageing population function as two primary drivers for cardiovascular diseases globally.
With repeated assessment of circulatory function over time, perturbations with regards to physiological stress such as tissue hypoxia associated with surgery can be easily monitored and prevent cases of morbidity or mortality. This factor justifiably drives demand for hemodynamic monitoring systems, and is followed by repeated and advanced technological modifications to pre-existing monitoring systems.
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Growth of hemodynamic monitoring systems is supported by rising health expenditure by governments as well as private players, especially in developed economies. Growth is set to lead to management of cardiac output with minimal continuous observation and a patient- and physician-adaptable interface to provide feedback and alerts predicting hemodynamic instability.
Although the market has witnessed advancement of technology in terms of hemodynamic monitoring, lack of trained professionals for operation of instruments poses a restrictive factor for market growth.
Opportunistic growth awaits throughout the forecast period in terms of new developments in non-invasive hemodynamic monitoring. Apart from this, emergence of implants for hemodynamic monitoring are expected to enhance the adoption of remote monitoring in personal and homecare settings. Increasing patient population in emerging economies is expected to drive demand for hemodynamic monitoring systems over the forecast period.
Considering consolation activities in the global market, mergers and acquisitions have emerged as one of the key growth strategies by market players. Prominent players are strengthening their product ranges through acquisitions and reaching out to key as well as emerging markets.
- In September 2021, ICU Medical, Inc. and Smiths Group plc announced that ICU Medical has committed to acquire Smiths Medical division in a transaction that is more than the existing proposed sale of Smiths Medical to Trulli Bidco Limited.
- Edwards Lifesciences Corporation
- General Electric Company
- Tensys medical
- Cheetah medical Inc.
- ICU medical
- Koninklijke Philips N.V.
- LiDCo Group
- Osypka Medical GmbH
- Schwarzer Cardiotek GmbH
- Getinge AB
- Medtronic Plc.
- Abbott Laboratories
- Deltex medical group
- Bistos Co.Ltd
- NI Medical
- Nihon Kohden
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Key Takeaways from Market Study
- By type, non-invasive hemodynamic monitoring systems are expected to hold over 52% market value share by the end of 2031.
- Based on product, hemodynamic monitors are leading with 63.8% market share in 2020, owing to advancements in digitally integrated health solutions devices.
- Based on modality, portable hemodynamic monitors are leading with 54.3% market share, due to high prevalence of cardiovascular diseases worldwide.
- Hospitals dominated the end user segment with a share of around 45.2% in 2020, because of effective close patient monitoring in ICU settings.
- By region, North America is slated to be the largest leading market with a value share of 29.8% by the end of the forecast period.
“Growing prevalence of cardiovascular disorders and diverse applications of hemodynamic monitoring systems in critically-ill patients are anticipated to boost market expansion,” says an analyst of Persistence Market Research.
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Acquisitions, mergers, expansions, and product launches are key strategies adopted by manufacturers and integrators for development of advanced technology integrated systems.
- In June 2021, Edwards Lifesciences announced that Acumen Hypotension Prediction Index (HPI) software with the Acumen IQ finger cuff received U.S. Food and Drug Administration clearance. This is the first non-invasive solution that unlocks Acumen HPI software and uses machine learning to alert clinicians of the likelihood a patient towards hypotension or low blood pressure.
- In November 2019, ICU Medical Inc. acquired Pursuit Vascular, Inc. Pursuit’s primary product is the ClearGuard® HD Cap, used for the maintenance of hemodynamic catheters.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the hemodynamic monitoring systems market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.
The research study is based on the type (invasive, minimally-invasive, and non-invasive), product (disposable and monitor), modality (floor/wall-mounted, benchtop, and portable), and end user (hospitals, specialty clinics, cath labs, ambulatory care settings, and home-based care settings), across seven key regions of the world.
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