Hemodynamic Monitoring Market Size, Share- Segmented by Type of System (Minimally Invasive Monitoring Systems, Invasive Monitoring Systems and Non-Invasive Monitoring Systems), Application 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 was valued at USD 895.0 million in 2017, is expected to register a CAGR of about 5% during the forecast period, 2018-2023 hemodynamic monitoring market size.
The rise in the Prevalence of Cardiac Disorders and Diabetes Drives the Hemodynamic Monitoring Market
Globally, there has been an increase in the number of reported cases of lifestyle diseases, like diabetes, obesity, COPD, cardiac myopathy, among many others, which require medical monitoring by healthcare professionals. Diabetes is one of the major death causing diseases in the world. According to the WHO predictions, it will become the seventh leading cause of death by 2030. Prevalence of diabetes increased from 108 million people in 1980 to 422 million in 2014. High incidence of diabetes is seen in the developing economies of the world. India and China, together, represent almost 40% of the global diabetes population. 9.3% of the population that is 29.1 million people in the US have diabetes. Out of which, 21 million people are diagnosed, while 8.1 million are undiagnosed.1 of out 10 people have diabetes, and if this trend continues, it is estimated that 1 out 3 people will be suffering from diabetes by 2050. According to WHO, about 17.3 million died from CVD in 2013 and by 23.3 million people may die from CVD’s by the end of 2030. The rise in the prevalence of cardiac disorders and diabetes is leading to an increase in the number of cases requiring medical monitoring, driving the hemodynamic monitoring market.CVD’s statistics Europe, according to WHO- Cardiovascular disease (CVD) causes more than half of all the deaths across the European Region. 80% of premature heart disease and stroke is preventable. CVD causes 46 times the number of deaths and 11 times the disease burden caused by AIDS, tuberculosis, and malaria combined in Europe.
Stringent FDA Guidelines for the Approval of New Systems Hindering the growth of Hemodynamic Monitoring Market
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.
Market Segmentation Insights for the Hemodynamic Monitoring Market
The hemodynamic monitoring market is segmented into by systems and application. By system, it is further segmented into Minimally Invasive Monitoring Systems, Invasive Monitoring Systems, and Non-Invasive Monitoring Systems. Invasive Monitoring Systems has the largest share in 2017, about 41.2% as they provide accurate, continuous and comprehensive data on the hemodynamic state of a patient. The market of critical care products has been shifted from invasive pulmonary artery catheter to minimally invasive technologies for hemodynamic monitoring systems. In 2015, ICU Medical, Inc. filed with the FDA for 510(k) clearance of the Cogent 2-in-1 Hemodynamic Monitoring System, which combined invasive and minimally invasive technologies in a single monitor.
By application, the market is further segmented into Laboratory-Based, Home-Based and Hospital-Based Monitoring Systems. The hospital-based monitoring system has the largest share in the market which is about 65% in 2017, which is due to the presence of big cath labs in hospitals, successful application of hemodynamic monitoring systems in several procedures, global increase in the number of patients and the subsequent increase in the prevalence of cardiovascular and other chronic diseases, and continuous technological advancements coupled with government funding.
The United States to Contribute to the Largest Share in Hemodynamic Monitoring Market
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 provided care 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. With increasing FDA approval of monitoring devices and new product launches, the US hemodynamic monitoring market is expected to grow during the forecast period. For instance, in 2016, Cheetah Medical Inc. received FDA approval for ‘Starling SV’, a non-invasive hemodynamic monitoring system.
Key Developments in the Market
- Jan 2018- LiDCO (AIM- LID), the hemodynamic monitoring company, announces that it has been granted registration in Japan for its latest product, the LiDCOunity v2
- Nov 2017- ICU Medical Inc. acquired 100% interest in Medical Australia Limited'
Major Players -Lidco Group Plc Cheetah Medical Inc. ICU Medical Inc. Tensys Medical Inc Schwarzer Cardiotek Gmbh Philips Healthcare Edwards Life Sciences Corporation
Pulsion Medical Systems GE Healthcare Draeger Medical
Reasons to Purchase the Report
- Analysis of the global hemodynamic monitoring market, with region-specific assessments and competition analysis on global and regional scales.
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- The treatment type that is expected to dominate the market.
- The regions that are expected to witness the fastest growth during the forecast period.
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