The global hemodynamic monitoring systems market is predicted to grow at a CAGR of 6.4 percent from USD 857.8 million in 2018 to USD 1,167.4 million in 2023. Technological advancements in hemodynamic monitoring systems, increased research into hemodynamic monitoring systems, influx of VC funding, rising prevalence of cardiovascular diseases & diabetes, rising geriatric population & growing number of surgeries, industry awareness initiatives, and government focus on critical care infrastructure & services are all driving the growth. Furthermore, rising demand for patient monitoring devices in non-hospital settings, as well as emerging economies (such as China, India, Brazil, and Mexico), are likely to provide profitable growth possibilities for hemodynamic monitoring systems market competitors. However, the danger of sepsis, bleeding, haemorrhage, thrombosis, air embolism, and pulmonary capillary necrosis associated with invasive hemodynamic monitoring is projected to limit the market's expansion. Furthermore, rising pricing pressure on market competitors, a lack of patient awareness about disease diagnosis, and a scarcity of experienced specialists are all limiting the market's growth.
Due to lower staffing costs, treatment expenses, and hospital stays; rising incidence of respiratory disorders; fewer complications of noninvasive hemodynamic monitoring as compared to invasive methods; and better portability, ease of use, and precision, the noninvasive hemodynamic monitoring systems segment is expected to grow at the fastest CAGR during the forecast period.
Because of the rising prevalence of CVD, technological advancements in monitoring systems, increased funding by government authorities for improving patient-centered care, safety, and efficiency, and the ability of hemodynamic monitors to improve cath lab efficiency, the monitors segment is expected to grow at the fastest CAGR during the forecast period.
For companies in the hemodynamic monitoring systems market, the APAC region, which includes Japan, China, India, and the rest of Asia Pacific, offers high-growth prospects. Japan's growing healthcare industry; extensive government reimbursement coverage for critical cardiac procedures; improving healthcare infrastructure in India and China; high diabetes prevalence in Vietnam, Singapore, Malaysia, China, and India; and government initiatives in Australia and Singapore are some of the factors driving market growth in the APAC region.
For organisations looking to expand their market share in the global hemodynamic monitoring systems market, expanding penetration in the high-growth Asia Pacific market will show to be an effective growth strategy.
Invasive treatments have become less popular in recent years, with an increasing preference for noninvasive alternatives.
Noninvasive hemodynamic monitoring technologies allow for painless diagnosis and limit the danger of patients contracting blood-borne illnesses. Furthermore, these systems are less invasive and can be operated by a nurse in the absence of a professional or doctor (as opposed to invasive systems). Because of this advantage, the hemodynamic status of multiple patients can be monitored at the same time, resulting in lower staffing and treatment costs.
The market for noninvasive systems is likely to grow in the next years as a result of these benefits. For critically ill patients, noninvasive hemodynamic monitoring entails continuous measurement of blood pressure using finger cuffs and measurement of cardiac output with the pulse contour approach. The Caretaker 4 from Caretaker Medical, for example, measures continuous beat-by-beat blood pressure (“cNIBP”), heart rate, and other physiological data Apart from the discomfort of invasive monitoring (particularly the insertion of the pulmonary artery catheter), there are several risks associated with this procedure: sepsis, bleeding, cardiac arrhythmias, reduced circulation to the distal limb, haemorrhage, nerve damage (during insertion), thrombosis, air embolism, and pulmonary capillary necrosis. During invasive hemodynamic procedures, these factors raise the fatality rate.
As a result, invasive hemodynamic monitoring is only suggested for a limited number of purposes, assuming that the hazards are outweighed by the benefits of obtaining pertinent data during the procedure. Furthermore, invasive hemodynamic monitoring methods are not advised for elderly or fragile individuals. Furthermore, invasive hemodynamic monitoring is exceedingly costly and necessitates the use of qualified professionals to place catheters in patients. Despite the fact that invasive hemodynamic monitoring gives accurate, comprehensive, and continuous data regarding a patient's hemodynamic state, the hazards described above limit its use.
In the coming years, emerging markets will present potential growth opportunities for global players in the hemodynamic monitoring systems market, owing to rising patient populations, increased adoption of patient monitoring devices, increased awareness of cardiovascular diseases, and improved healthcare infrastructure. Furthermore, surgical procedures have increased steadily in emerging countries over the last decade, owing to an increasing target patient population, a rising number of CVD-related deaths, and expanding medical tourism.
Price controls, competitive pricing, bidding and tendering mechanics, coverage and payment policies, comparative effectiveness of therapies, technology assessments, and managed-care arrangements are all being used to reduce healthcare costs around the world. Healthcare providers have associated themselves with group purchasing organisations and integrated health networks, which negotiate for the bulk purchase of medical devices, in response to mounting pressure to lower healthcare costs. Bulk purchase puts downward pricing pressure on participants and reduces profit margins, especially for small and medium-sized producers with a restricted range of hemodynamic products.
Payment reforms like prospective payment systems for hospital care, preferential site of service payments, and value-based purchasing have increased the pressure on medical equipment manufacturers. In addition, hospitals are merging, and major group purchasing organisations, hospital networks, and other organisations are looking for ways to pool purchasing power. Economic conditions in the United Kingdom, for example, have been harmed as a result of BREXIT, with currency exchange rate volatility and a growing number of regulatory complications. These outcomes may have a negative impact on enterprises, financial conditions, or operational results in this market.
Comments
Post a Comment