Global Hemodynamic Monitoring Market - Segmented by Type of System, End User, Type of Product, and Geography- Growth, Trends, and Forecast (2018 - 2023)
Hemodynamic monitoring ensures precision and is used for remotely controlled and minimally invasive procedures. The current systems comprise of computer-controlled electromechanical devices that work in response to the controls manipulated by surgeons. Hemodynamic monitoring involves performing operative procedures with the assistance of robotic technology. The global hemodynamic monitoring market is expected to register a CAGR of 5.5% during the forecast period 2018 to 2023.
Increasing Geriatric Population
Increasing geriatric population is one of the important drivers propelling the growth of the hemodynamic monitoring market. The number of people aged 65 years or older is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050, representing about 16% of the world’s population. Between 2010 and 2050, the US population aged 65 years and older is expected to reach 71 million, up from about 46 million in 2014, according to Census Bureau estimates. By 2030, it is projected that more than 60% of boomers (those born between 1946 and 1964) will be managing more than one chronic condition. By 2050, the over-80 years age group is projected to reach almost 379 million worldwide, about 5.5 times as many as in 2000 (69 million). This rise in the geriatric population is expected to contribute to the growth of the market studied.
Rise in the prevalence of cardiac disorders, hypertension, and diabetes, growing demand for home-based and non-invasive monitoring systems, and technological advancements are some of the other factors contributing to the growth of the market studied.
Stringent Guidelines for then Approval of New Systems
The majority of the hemodynamic monitors are classified under Class II and Class III. The process of obtaining FDA clearance or approval to market a product is resource intensive, lengthy, and expensive. FDA review may involve substantial delays that adversely affect the marketing and sale of the products. Several devices are pending for regulatory clearance or approval, to initiate commercial sales. In addition, FDA may not authorize the commercial release of a device, if it determines that the device is not safe and effective, or does not meet other standards for clearance. Even if a product is cleared or approved, the FDA may require testing and surveillance programs, to monitor the effects of these products once commercialized. In Europe, these devices are subject to extensive regulatory requirements. In Japan, pre-market approval, clinical studies, and governmental pricing approval are required for these devices. These strict regulatory requirements are expected to lead to a delay in approvals. This delay in regulatory approvals is a major restraining factor faced by the companies involved in the manufacture of hemodynamic monitoring devices.
Additionally, the increasing incidences of complications associated with invasive monitoring systems are also restraining the growth of the hemodynamic monitoring market.
The United States to Contribute to the Largest Share
The global hemodynamic monitoring market has been segmented by type of system, end user, type of product, and geography. By geography, it is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The United States accounts for the largest share in the hemodynamic monitoring market. Due to the presence of the key market players and technologically advanced hospitals in the region, and increasing number of critically ill patients being taken care of in these hospitals, the growth of the US segment of the market studied is the most notable. According to the American Hospital Association’s 2014 annual survey, all acute care hospitals in the United States have at least one intensive care unit (ICU), and approximately 55,000 critically ill patients are cared for each day. More than four million patients are admitted to ICUs each year, in the United States. From 2006 to 2010, the number of critical care beds in the United States increased by 15%, from 67,579 to 77,809. Additionally, the United States has more than 400 pediatric ICUs, with approximately 4,044 beds, and more than 1,500 neonatal ICUs, with approximately 20,000 beds. A significant amount of time in critical care is spent trying to optimize the patient's hemodynamic status.
The Major Players include: LIDCO GROUP PLC, CHEETAH MEDICAL INC., ICU MEDICAL INC., TENSYS MEDICAL, SCHWARZERCARDIOTEK GMBH, PHILIPS HEALTHCARE, EDWARDS LIFESCIENCES, PULSION MEDICAL SYSTEMS SE, GE HEALTHCARE, AND DRAEGER MEDICAL, among others.
Reasons to Purchase This Report
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook