Hemodynamic monitoring systems are medical devices used to monitor the movement of blood and the pressure it exerts on the circulatory system, i.e. the heart and blood vessels. They measure blood flow as well as the oxygen concentration of blood. Hemodynamic monitoring systems market are thus crucial in ensuring cardiac health, since they measure vital aspects of blood health. Due to the rising demand for treatment of cardiac diseases, the global market for hemodynamic monitoring systems is expected to exhibit a strong 6.50% CAGR from 2015 to 2021, according to data released by Persistence Market Research. At this robust CAGR, the market is expected to rise in revenue from US$328.7 mn in 2014 to US$508.4 mn by the end of the forecast period.
Rising Prevalence of Lifestyle Diseases Boosts Hemodynamic Monitoring Systems Market
The global hemodynamic monitoring systems market is being propelled by several interconnected market drivers. The rising prevalence of cardiac and other lifestyle diseases is the major one among them. Due to the rising prevalence of a sedentary lifestyle that doesn’t necessitate physical activity, various cardiac diseases and other precursor conditions such as obesity are on the rise. This has propelled the demand for hemodynamic monitoring systems, as a crucial component of cardiac healthcare.
The rising efforts of several government as well as private bodies to reduce the costs of healthcare have also contributed to driving the demand for hemodynamic monitoring systems. The rising geriatric population, which is more susceptible to diseases of the circulatory system, has also led to a rise in demand for hemodynamic monitoring systems. The reduction in the cost incurred in making use of hemodynamic monitoring systems has particularly helped make the treatment more accessible to the elderly, thus driving the global hemodynamic monitoring systems market.
Demand for Home Health Care and Minimally Invasive Surgeries Shaping Global Market
The global hemodynamic monitoring systems market can be segmented on the basis of technology into pulmonary artery catheters, pulse contour, volume clamp, oesophageal Doppler, and hemodynamic monitoring sensors. Among these, pulmonary artery catheters led the global hemodynamic monitoring systems market in 2015, with a 35% share in the market. The volume clamp segment followed the pulmonary artery catheters segment in 2015. However, the rising demand for home health care, particularly from the elderly, has led to innovation of hemodynamic monitoring devices that can be used by the patient on oneself. This category of under-development hemodynamic monitoring systems will lead the global hemodynamic monitoring systems market in the coming years.
The market for hemodynamic monitoring systems is segmented on the basis of end use into hospitals, clinics, ambulatory surgery center, independent catheterization laboratories, and home care settings. Among these, hospitals held a large share in the global market for hemodynamic monitoring systems in 2014. However, the share of home care settings in the market is expected to rise rapidly in the coming years. As mentioned before, the convenience of home health care, particularly to geriatric patients, will propel this segment in the coming years.
Innovation Emerges as Key Step to Achieve Market Dominance
Major players in the hemodynamic monitoring systems market include Edwards Lifesciences Corporation, ICU Medical, Inc., and Teleflex Inc. Innovation of advanced products that conform to consumer demand patterns is the most promising way for market players to acquire a dominant share in the global hemodynamic monitoring systems market.
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