Hemodynamic monitoring systems are utilized for the continuous monitoring of blood movement and its pressure on the arteries, veins, and heart of an individual. These systems also aid in monitoring the total amount of oxygen present within the blood of an individual. They are employed in cases where the cardiovascular health of a patient requires to be assessed, particularly in patients that have had a cardiac surgery. These systems are utilized in home care settings, hospitals, ambulatory surgery centers, independent catheterization laboratories, and clinics. Of these, hospitals are the predominant users of these systems.
Increasing Rate of Lifestyle Diseases to Fuel Global Hemodynamic Monitoring Systems Market
The global hemodynamic monitoring systems market is predicted to reach US$508.4 mn by 2024. The market is growing owing to the increasing occurrence of cardiovascular and respiratory diseases and the growing requirement for critical congenital heart disease (CCHD) screening. In addition, the rising aging population, the rising occurrence of lifestyle diseases, and the increasing demand for screening for critical congenital heart disease (CCHD) are the prime factors providing impetus to the growth of this market. Furthermore, the growing initiatives by governments across the globe for reducing healthcare costs will positively impact the growth of this market.
Pulmonary Artery Catheters held a Dominant Share of 35.0% in 2015
In terms of device type, the market is segmented into pulse contour, oesophageal doppler, volume clamp, hemodynamic monitoring sensors, and pulmonary artery catheters. Of these, the segment of pulmonary artery catheters held a dominant share of 35.0% in 2015 and was trailed by the segment of volume clamp. By application, the market is categorized into noninvasive hemodynamic monitoring, invasive hemodynamic monitoring, and minimally invasive hemodynamic monitoring. Amongst these, the segment of noninvasive hemodynamic monitoring is predicted to gain BPS in the market all through 2024. On the other hand, the segment of invasive hemodynamic monitoring is predicted to lose some of its share in the forecast period.
North America Held a Significant Share of 30.5% in 2014
Geographically, the market is segmented into North America, Europe, Latin America, Asia Pacific (APAC), and the Middle East and Africa. Of these, on the basis of revenue, the North America hemodynamic monitoring systems market held a significant share of 30.5% in 2014. The reason for dominance of this region is the increasing number of patients suffering from cardiovascular diseases and cancer, particularly in the U.S. On the other hand, Europe is anticipated to lose 40 BPS in the forecast horizon, while APAC is predicted to exhibit lucrative growth opportunities in the market during the forecast horizon.
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The prime players in the market for hemodynamic monitoring systems are making investments in research and development activities in order to launch new products with cutting-edge technologies for gaining a competitive edge in this market. In addition, these players are penetrating in a number of regions through various mergers and acquisitions. Edwards Lifesciences Corporation, ICU Medical, Inc., Teleflex Incorporated, LiDCO Group Plc and PULSION Medical Systems SE, among others, are the prime players operating in this market.