The global hemodynamic monitoring devices market is expected to reach USD 1.4 billion by 2024, according to a new report by Grand View Research, Inc. The increasing demand for non-invasive monitoring techniques coupled with the rising prevalence of chronic illness is expected to drive the market over the forecast period.
The hemodynamic monitoring market is influenced by new technologies such as echocardiography, thoracic electrical bio-impedance and others that maybe used to non-invasively monitor parameters such as cardiac output, arterial pressure, blood oxygen level, and central venous pressure.
Furthermore, the rising population of critically ill patients coupled with defective healthcare facilities with drawbacks, such as understaffing, is propelling market players to develop minimal invasive hemodynamic monitoring devices that may be used in clinical and home care settings. Along with the new product development, the market is also anticipated to witness the development of technologies that help in the early diagnosis of shock and sepsis.
Furthermore, efforts by key industry players to understand critical illnesses at molecular levels leading to the development of efficient assessment products are expected to be witnessed over the forecast period. Hence, all these company strategies and the research conducted are eventually expected to promote market growth over the forecast period.
North America Hemodynamic Monitoring Devices Market share, by product, 2014 – 2024 (USD Million)
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Further key findings from the report suggest:
- The disposables segment is anticipated to be the largest segment by 2024. The rising sale of hemodynamic monitoring systems and increasing applications of these systems in home care settings, hospitals, and clinics are expected to boost the segment growth.
- The non-invasive devices segment is expected to be the fastest growing hemodynamic monitoring market. Risks that include the development of arrhythmias due to the use of pulmonary artery catheter and the development of other methodologies that measure the cardiac output, such as echocardiographs, are the vital impact rendering drivers.
- Asia Pacific is anticipated to be the fastest growing regions and is anticipated to contribute to about 20.0% of the global revenue by 2024. The strengthening of the distribution channels by companies and the registration of products in countries, such as China, India, Australia, and others, are expected to support the growth over the forecast period. For instance, LiDCO Group, in their 2016 prelim report emphasized on its strategy of appointing new distributors for the Australian and South East Asian region.
- Major industry players are Edward Lifesciences, LiDCO Group Plc, Deltex Medical, Philips Medical, GE Healthcare, Noninvasive Medical Technologies, Inc., Tensys Medical, Inc., Cardio-Dynamics International, and Drager Medical, Inc. As mentioned above, the new product development is expected to drive the market over the forecast period.
- For instance, in March 2016, the LiDCO Group received the U.S. FDA approval for the LiDCO unity and launched the product in the European region. Along the same time, LiDCO also succeeded in registering itself in China to explore untapped territories and increase their global presence.
For more information: http://www.grandviewresearch.com