WILMINGTON, DE / ACCESSWIRE / January 31, 2023 / Transparency Market Research Inc. - The global hemodynamic monitoring systems market size stood at US$ 1.2 Bn in 2021 and is projected to reach US$ 2.2 Bn by 2031, expanding at a CAGR of 5.8% between 2022 and 2031. The increase in the prevalence of chronic illnesses and the rise in demand for sophisticated monitoring systems are expected to present significant opportunities in the global hemodynamic monitoring systems market. Additionally, the aging population, rise in healthcare costs, and increase in awareness about the advantages of hemodynamic monitoring are projected to drive market demand.
The global industry is expected to experience robust growth in the near future due to technological developments in hemodynamic monitoring equipment. Manufacturers are striving to develop non-intrusive, wireless monitoring systems, and integrate machine learning and artificial intelligence into these systems.
Remote monitoring and telemedicine have become more popular due to the COVID-19 outbreak. This factor is anticipated to fuel market development in the next few years. However, the high cost of hemodynamic monitoring equipment and the shortage of qualified individuals to operate this equipment are anticipated to impede market growth.
Growing knowledge about the advantages of using hemodynamic monitoring in the prevention and treatment of chronic illnesses is expected to create a positive market outlook.
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Key Findings of Market Report
- Based on product type, the monitor segment led the global industry in 2021. An increase in the usage of both non-invasive and invasive monitoring equipment in hospitals and critical care facilities is expected to drive the segment in the next few years. Hemodynamic monitors are now more affordable and user-friendly owing to the development of modern monitoring technologies such as remote and wireless monitoring systems. The monitor segment is driven by an increase in the utilization of these technologies in both developing and developed countries.
- Based on technique, the non-invasive segment held the largest market share in 2021. The segment is expected to grow at a rapid pace during the forecast period. These devices provide patients with high comfort and reduced risk. These minimize the likelihood of infections as well as other complications associated with invasive techniques.
Global Hemodynamic Monitoring Systems Market: Growth Drivers
- Technological developments have facilitated in the introduction of highly sophisticated, precise, and non-invasive hemodynamic monitoring equipment. Consequently, the efficacy of the healthcare industry has increased, as have patient outcomes. Hemodynamic monitoring systems with integrated machine learning and artificial intelligence algorithms can evaluate data in real-time and offer advance warnings about possible complications, allowing medical professionals to take immediate action and avert major problems. These factors are anticipated to boost market demand.
- Hemodynamic monitoring systems are utilized to track and manage disorders, such as hypertension, diabetes, and cardiovascular disease. An increase in the prevalence of these illnesses is expected to fuel industry growth. A rise in the usage of hemodynamic monitoring systems for chronic health conditions is expected to bolster market value. These devices make it possible to continuously monitor a patient's cardiovascular health and offer useful data for the treatment of chronic illnesses, including sepsis and heart failure.
- A rise in healthcare spending due to government support, out-of-pocket expenses, and private insurance, particularly in developing countries, is anticipated to augment the global market. Developing economies present substantial growth opportunities in the hemodynamic monitoring system market due to the expansion of the middle class, rise in healthcare expenditure, and increase in the prevalence of chronic illnesses. Government programs to increase access to healthcare and improve healthcare facilities are projected to expand the global industry.
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Global Hemodynamic Monitoring Systems Market: Regional Landscape
- North America is projected to lead the global industry between 2022 and 2031. The rise in the prevalence of chronic illnesses, an increase in the geriatric population, and a surge in the number of surgeries requiring hemodynamic monitoring are likely to drive the market in the region. Furthermore, the provision of reimbursements for these systems and well-established healthcare infrastructure support market development in North America.
Global Hemodynamic Monitoring Systems Market: Key Players
Some of the key market players are
- Edwards Lifesciences Corporation
- Koninklijke Philips N.V
- Biocare Medical, LLC.
- EMTEL Śliwa sp. k
- Mars Medical Products
- GE Healthcare Technologies Inc.
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Global Hemodynamic Monitoring Systems Market: Segmentation
Product
- Monitors
- Consumables
Technique
- Invasive
- Non-invasive
End-user
- Hospitals
- Cath Labs
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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