Hemodynamic Monitoring Devices Market is Expected to Expand at an Impressive Rate by 2026
Cardiovascular disorders are commonly observed in variable age group, which makes it necessary to see early detection and management of disease incidences. Burgeoning prevalence of lifestyle disorders and cardiac diseases is constantly raising the demand for hemodynamic monitoring devices. This has been a prominent driver for the growth of hemodynamic monitoring devices market globally, within the past decade.
As cases of diabetes, obesity, blood pressure disorders, CVDs, stroke, and many more are on the rise, the need for routine assessment of standard hemodynamic parameters is also growing. These parameters include heart rate, blood volume, blood pressure, ECG, temperature, central venous pressure, blood gas analysis, and oxygen perfusion/peripheral venous oxygen saturation.
When it comes to post-surgery monitoring of patients in critical care units, hemodynamic monitoring systems make one of the most critically required components in medical care arsenals of hospitals and healthcare facilities. As the number of both surgeries and hospitals are constantly increasing since the past few years, the demand for hemodynamic monitoring devices is also witnessing steady impetus.
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Hemodynamic monitoring primarily aims to accurately assess the cardiovascular system of patients and monitor their response to it but it also helps in recognizing the dysfunctioning of various organ systems. This has been another key factor propelling the demand for hemodynamic monitoring devices worldwide. Launch of new, innovative products will highly influence the market in the near future. In addition, growing popularity of disposables segment is also fueling recurrent demand for hemodynamic monitoring devices.
Due to a growing trend of hospital system digitalization, the integration of monitoring devices with computers is gaining popularity worldwide, including developing nations, which are inclining more toward adoption sophisticated medical care infrastructure. These integrated systems enable critical care unit staffs to simultaneously view multiple patients’ parameters on the same machine. This is a key factor driving their popularity.
Where cardiac output monitoring has been traditionally performed using the thermodilution method via a PAC (pulmonary artery catheter) that was first introduced in the 1970s, it is now monitored using lesser invasive and more efficient techniques. The advent of technology and value added benefits of newly emerging monitoring system models are positively impacting the market growth.
Minimally invasive cardiac monitoring involves all such devices and methods, which evaluate the entire cardiac output without using a PAC. Minimally invasive or non-invasive systems are hitting the industry and capturing sizeable markets, prominently attributed to their non-invasive nature. There are a few more methods recently introduced with minimal invasiveness but are lesser popular than their mainstream counterparts. However, introduction of a miniature TOE probe, offering the real time information about cardiac function and anatomy, is expected to create a massive impact on conventional management methods for ITU patients.
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North America is the key market globally, registering the highest consumption of hemodynamic monitoring devices, more than 30%. With increasing number of clinics, hospitals, and individually operating physicians adopting these devices, the U.S. is witnessing robust sales of hemodynamic monitoring systems, which are equipped with non-invasive technology. The U.S. FDA has recently passed an approval to ClearSight, an advanced product in the category. It will further contribute to the market growth in the near future.
According to a recent survey, over 85% of septic shock patients in Canada and Europe standardize central venous pressure as a parameter to monitor the resuscitation of fluid. This figure highlights the extensive need for hemodynamic monitoring systems in these regions. The most promising market is however emerging in Asia Pacific, owing to increased concentration of governments on high quality healthcare. Japan is currently leading the APAC market for hemodynamic monitoring devices.
Based on type, hemodynamic monitoring devices are pulmonary artery catheters (PACs), pulse contours, monitoring sensors, and esophageal Doppler. By application, the market is segmented into invasive, non-invasive, and minimally invasive. Among end users of hemodynamic monitoring systems, hospitals and clinics dominate the market, whereas ambulatory surgery centers and home healthcare units also record significant consumption.
Some of the key players dominating the global market for hemodynamic monitoring systems include ICU Medical, Inc., Edwards Lifesciences Corporation, Cheetah Medical, GE Healthcare, Philips Medical, LiDCO Group Plc., Teleflex Incorporated, Siemens, PULSION Medical Systems SE, McKessen, Deltex Medical Group Plc., Hemo Sapiens, In., Tensys Medical, Inc., Osypka Medical GmbH, Schwarzer Cardiotek GmbH, and Drager Medical GmbH.
Leading players are constantly launching innovative products and investing increasingly in R&D. Geographic expansion and strategic company tie-ups has been a profitable move for key companies, supporting the overall market growth.
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