Hemodynamic Monitoring Devices Market Analysis
Based on product, the market is segmented into monitors and disposables. The monitors segment is estimated to account for USD 918.5 million in 2023.
- Monitors play a pivotal role in monitoring systems as they visually present all the parameters being assessed by healthcare professionals.
- Furthermore, the increasing investment from leading manufacturers to create patient-centric care and introduce technologically advanced products to the market is fueling the demand for hemodynamic monitors.
- Moreover, the disposables segment is projected to experience a rapid growth during the forecast period. This upsurge can be linked to heightened collaborations in the market aimed at enhancing patient monitoring.
Based on system type, the hemodynamic monitoring devices market is segmented into non-invasive, invasive, and minimally invasive. The non-invasive segment accounted for a revenue share of 52.3% in 2023 and is estimated to follow similar trend over the coming years.
- Recent advancements in blood pressure monitoring have particularly focused on the continuous noninvasive measurement of blood pressure. These innovations enable real-time assessment of a patient's condition and provide ongoing monitoring of blood pressure.
- Moreover, these devices are frequently utilized by non-critically ill patients that necessitate continuous assessment. Additionally, continuous advancements in this field contribute significantly to market progression.
- For instance, in October 2020, launch of NICCI by Getinge, an innovative non-invasive monitoring solution designed to mitigate complications associated with low blood pressure. This product launch enabled the company to accelerate its business expansion.
The hemodynamic monitoring devices market by end-use is categorized into hospitals, ambulatory surgical centers, homecare settings, and other end-users. The hospitals segment accounted for around USD 615 million revenue size in 2023.
- The dominance in market share can be attributed to hospitals' capacity to effectively care for high-acuity patients, including those facing conditions such as heart failure, sepsis, and shock.
- As per the National Center for Biotechnology Information (NCBI), approximately 1.7 million individuals experience sepsis annually in the U.S.
- Furthermore, the requirement for precise hemodynamic monitoring devices is heightened in hospitals, particularly due to the performance of invasive surgeries.
North America hemodynamic monitoring devices market accounted for USD 603.6 million revenue in 2023 and is predicted to witness substantial market growth.
- The large market share is correlated to a sophisticated healthcare infrastructure, a heightened prevalence of cardiovascular diseases, swift technological progress, substantial healthcare expenditure, and the expanding elderly population.
- As per information from the Rural Health Information Hub, there is an anticipated rise of 18 million in the geriatric population in the U.S. from 2020 to 2030. Additionally, the same source reports that 90% of adults aged over 65 are expected to develop one or more chronic conditions, thereby promoting demand for hemodynamic monitoring devices industry.