Hemodynamic Monitoring Systems Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Competitive Market Growth & Forecast, 2021 – 2027
Report ID: GMI1226
Hemodynamic Monitoring Systems Market size is expected to witness substantial growth between 2021 and 2027 on account of the higher prevalence of diabetes and hypertension, and the increased mortality rate from cardiac disorders. According to the WHO (World Health Organization), cardiovascular diseases (CVDs) are the topmost cause of death across the globe, accounting for over 17.9 million deaths per year.
The presence of favorable reimbursement policies and the surge in private and government funds to cater to the increasing need for home-based monitoring systems will further positively contribute to the market expansion.
Hemodynamic monitoring systems are used to directly measure blood pressure and flow from within the veins, heart, and arteries. Apart from gauging the amount of oxygen in the blood, the systems help document the diagnostic catheterizations, peripheral, coronary, and electrophysiology (EP) procedures through their interfaces.
In terms of products, the hemodynamic monitoring systems market is classified across hemodynamic monitoring systems, disposables, and services. The disposables segment is likely to record significant expansion with increasing penetration in casualty rooms and critical care units across hospitals as well as higher usage for the diagnosis and treatment of critically ill patients.
Application-wise, hemodynamic monitoring systems are segmented into invasive and non-invasive hemodynamic monitoring. The market demand of the minimally invasive hemodynamic monitoring systems is poised to see notable proceeds with the influence in technological advancements. In inclination of cardiac surgeons is growing towards minimal invasive approach as it prevents the risks associated with invasive hemodynamic monitoring.
Regionally, U.S. hemodynamic monitoring systems market revenue is anticipated to gain traction with the mount in the number of hospitals and clinics. The country is also home to a large number of leading industry participants that complement the presence of technologically advanced devices in the U.S. market. For Instance, Horizon Cardiology Hemo from McKesson integrates patient demographics, as well as clinical hemodynamic data and waveforms while offering cardiac images and procedural information into a complete patient record.
Asia Pacific is likely to emerge as a lucrative revenue pocket for the hemodynamic monitoring systems market owing to the expanding population, and the increasing incidences of diabetes, cardiovascular, and respiratory diseases in the region.
Edwards Lifesciences Corporation, Teleflex Incorporated, Osypka Medical, ICU Medical, Deltex Medical Group, Nihon Kohden Corporation, Argon Medical (Shandong Weigao Group Medical Polymer), PULSION Medical Systems, and Cheetah Medical (Baxter International) are a few firms instrumental in stimulating the market share to a significant extent.
Strategic partnerships, inclusive of mergers and acquisitions, as well as innovations through novel device launches and technological advancements, are the leading measures undertaken by these suppliers of hemodynamic monitoring systems to consolidate their position in the competitive business landscape.
For instance, Masimo, in November 2020, acquired Lidco, an advanced hemodynamic monitoring device manufacturer, for approximately $40.1 million. The acquisition is predicted to assist the company in providing innovative and best-in-class monitoring solutions for enhanced patient safety and outcomes.
Similarly, in October 2020, Getinge introduced its latest innovation in advanced hemodynamic monitoring, NICCI, to render continuous and noninvasive hemodynamic solutions in order to curb the risks of chronic complications in low blood pressure patients.
Impact of COVID-19 on hemodynamic monitoring systems market trends
The global economic turbulence caused by the COVID-19 pandemic gave rise to supply chain disruptions and laid tremendous impacts on various industrial and commercial verticals across the world. It also posed numerous challenges on the healthcare sector led by the overcrowded hospitals and ICU departments, forging an increased need for optimal allocation of healthcare resources.
On the flip side, the demand for hemodynamic monitoring systems picked up significant steam with the close as well as continuous cardiovascular monitoring of older patients that showed mild symptoms. Noninvasive hemodynamic checks are also exhibiting tremendous potential in guiding educated decisions using the patient’s fingers in order to look after the COVID-19 patients.
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