The hemodynamic monitoring system market size is projected to reach US$ 2.65 billion by 2031 from US$ 1.58 billion in 2023. The market is expected to register a CAGR of 6.7% during 2023–2031. Use of artificial intelligence and machine learning is likely to remain key trend in the market.
Hemodynamic Monitoring System Market Analysis
Hemodynamic monitoring system is used to monitor the blood circulation of patient and evaluate the heart health. Thus, increasing prevalence of heart related diseases due to growing geriatric population and detection of pediatric heart conditions is fueling the demand for hemodynamic monitoring system. In addition, increasing investment for research and development of hemodynamic monitoring system, awareness initiatives for heart health, and growing focus on patient safety and care quality is driving the growth of the hemodynamic monitoring system market. Moreover, rising demand for critical care monitoring in intensive care units, emergency departments, and operating rooms is also fueling the growth of the market. Expansion of home healthcare services and remote patient monitoring program acts as an opportunity for growth of the market in the forecast period.
Hemodynamic Monitoring System Market Overview
Geographically, Asia Pacific is expected to register highest CAGR in the forecast period 2023-2031. Increasing focus on market players on introduction of technologically advanced products in Asia Pacific, growing adoption of home healthcare services, growing demand for non-invasive diagnostic techniques, and increasing R&D activities is fueling the growth of the Asia Pacific hemodynamic monitoring system market. Moreover, growing geriatric population, rising healthcare expenditure, increasing prevalence of cardiovascular diseases (CVDS), and improving government support for creating awareness about heart health is fueling the growth of the market in Asia Pacific.
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Hemodynamic Monitoring System Market: Strategic Insights
Market Size Value in US$ 1,419.94 Million in 2021 Market Size Value by US$ 2,173.15 Million by 2028 Growth rate CAGR of 6.4% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Hemodynamic Monitoring System Market: Strategic Insights
| Market Size Value in | US$ 1,419.94 Million in 2021 |
| Market Size Value by | US$ 2,173.15 Million by 2028 |
| Growth rate | CAGR of 6.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Hemodynamic Monitoring System Market Drivers and Opportunities
Increasing Prevalence of Cardiovascular Diseases to Favor Market
Cardiovascular diseases (CVDs) cause millions of deaths every year worldwide. According to the 2022 heart disease & Stroke Statistical Update Fact Sheet, Global Burden of Disease, an estimated 119.1 million people died of CVDs in 2020. It also stated that the global prevalence of stroke and ischemic stroke in 2020 was 89.1 million and 68.2 million, respectively. The major causes of CVDs are hypertension, obesity, and diabetes. As per the World Health Organization (WHO), ~17.9 million lives are lost due to CVD every year, i.e., ~32% of all deaths reported globally. The awareness regarding CPR is high in western countries. According to the Centers for Disease Control and Prevention (CDC), ~350,000 cases of out-of-hospital cardiac arrest (OHCA) occur in the US every year. Hemodynamic monitors allow measurement of cardiac functions and blood circulation in cardiac patients. The monitoring allows physicians to measure blood pressure from inside the veins, arteries, and heart. Thus, growing prevalence of CVDs is surging the demand for hemodynamic monitors.
Adoption of Remote Patient Monitoring act as an Opportunity for Market Growth
By monitoring a patient’s vitals remotely, healthcare professionals can avoid admissions to healthcare facilities. If the cases can be handled virtually, beds are reserved only for patients requiring critical care, which allows hospital administrations to manage their resources more effectively. A shift from long-term facilities, inpatient rehabilitation, and skilled nursing facilities to home care settings results in greater chances of better, consistent, and timely interaction between patient and doctor owing to the growing prominence of cloud and mobility-driven medical devices. Increasing adoption of remote patient monitoring by integrating devices with electronic medical records (EMR) for real-time analysis of the results creating opportunity for growth of the hemodynamic monitors.
Hemodynamic Monitoring System Market Report Segmentation Analysis
Key segments that contributed to the derivation of the hemodynamic monitoring system market analysis are product, type, and end user.
- Based on type, the hemodynamic monitoring system market is divided into noninvasive hemodynamic monitoring system, minimally invasive hemodynamic monitoring systems, and invasive hemodynamic monitoring systems. The noninvasive hemodynamic monitoring system segment is further divided into non-Invasive cardiac system and others. The invasive hemodynamic monitoring system segment held the largest market share in 2023.
- In terms of product, the market is bifurcated into monitors and disposables. The disposables segment held a significant share of the market in 2023.
- Based on end user, the hemodynamic monitoring system market is divided into hospitals, cath labs, home care, and ambulatory surgical centers. The hospitals segment held the largest market share in 2023.
Hemodynamic Monitoring System Market Share Analysis by Geography
The geographic scope of the hemodynamic monitoring system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market. The projected growth of the hemodynamic monitoring system market in North America is attributed to the factors such as increasing health expenditure, rising cardiovascular disease prevalence, increasing awareness about heart health, and growing geriatric population. The prevalence of CVDs in the US is much higher, as more than 50% population is suffering from different types of CVDs. According to the Centers for Disease Control and Prevention (CDC), every year, more than 0.6 million people die due to CVDs; this nearly accounts for one in every four deaths. The primary cause of CVDs among people is hypertension, obesity, and diabetes. Furthermore, various organizations are focusing on introducing programs for the care and treatment of CVDs and creating awareness about these treatments in Mexico. For instance, in June 2022, the American Heart Association launched a 2-year program funded by Novartis Mexico to improve the consistency of care for CVDs.
Hemodynamic Monitoring System Market Report Scope
Hemodynamic Monitoring System Market News and Recent Developments
The Hemodynamic Monitoring System market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the hemodynamic monitoring system market are listed below:
- Mindray Medical with Edwards Lifesciences integrated Edwards FloTrac sensor for hemodynamic monitoring into Mindray's flagship BeneVision N series patient monitors in the European market, following their launch in China in 2022. (Source: Mindray, Company Website, June 2023)
- Royal Philips integrated its Interventional Hemodynamic System and market-leading portable Patient Monitor IntelliVue X3, providing advanced hemodynamic (blood flow) measurements at the tableside in the cath lab and continuous monitoring of key vital signs throughout the patient journey. (Source: Philips, Company Website, May 2021)
Hemodynamic Monitoring System Market Report Coverage and Deliverables
The “hemodynamic monitoring system Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- hemodynamic monitoring system market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- hemodynamic monitoring system market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- hemodynamic monitoring system market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the hemodynamic monitoring system market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Product, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the hemodynamic monitoring system market in 2023.
Growing incidences of cardiovascular diseases, rising demand for critical care monitoring, and significantly rising elderly population are among the most influential factors responsible for the market growth.
Use of artificial intelligence and machine learning are likely to remain key trends in the hemodynamic monitoring system market.
Koninklijke Philips NV, Osypka Medical GmbH, General Electric Co, Edwards Lifesciences Corporation, Schwarzer Cardiotek, Getinge Group, Deltex Medical, ICU MEDICAL INC., Masimo, and Baxter International Inc. are among the key players operating in the market.
The hemodynamic monitoring system market is estimated to reach US$ 2.65 billion in 2031.
The hemodynamic monitoring system market is anticipated to record a CAGR of 6.7% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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