Hemodynamic Monitoring System Market is Expected to Grow at a CAGR of 6.5% by the End of 2021
In terms of revenue, the hemodynamic monitoring systems market was valued at US$ 328.7 Mn in 2014 and is projected to reach US$ 508.4 Mn by 2021. Factors driving market growth include government and private sector initiatives to reduce healthcare costs, rising prevalence of lifestyle diseases, growing the geriatric patient population, increasing the incidence of respiratory disorders and growing demand for the screening of critical congenital heart disease (CCHD).
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In terms of region, North America dominated the hemodynamic monitoring systems market with over 30% share in terms of value in 2014 but is expected to lose its market share to APAC by 2021. Europe accounted for over 20% of the total hemodynamic monitoring systems market share in 2014 and will maintain its dominance through 2021. Among the regions, APAC is projected to register the highest CAGR over 2015–2021 due to low-cost product offerings by manufacturers in the region. As of 2014, APAC was the third-highest contributor to the overall hemodynamic monitoring systems market, accounting for over 18% market share. By the end of 2021, it is projected to gain 330 BPS.
On the basis of device type, the market has been segmented into pulse contour, oesophageal Doppler, volume clamp, hemodynamic monitoring sensors and pulmonary artery catheters.
The pulmonary artery catheters segment had a dominant share in the global hemodynamic monitoring systems market in 2014, while the volume clamp segment accounted for over 20% share.
Global hemodynamic monitoring systems market is further segmented on the basis of end use into hospitals, clinics, ambulatory surgery centres, home care settings and independent catheterisation laboratories. Revenue contribution of the hospitals segment was over 40% in 2014 and is projected to increase to over 42% by 2021, registering a significant CAGR of 7.3%. Home care settings segment is anticipated to record highest CAGR during the forecast period as hemodynamic monitoring systems are being adopted increasingly in home care settings.
By application type, the hemodynamic monitoring systems market is segmented into invasive hemodynamic monitoring, noninvasive hemodynamic monitoring and minimally invasive hemodynamic monitoring segments. Among the three segments, minimally invasive hemodynamic monitoring segment is expected to register the highest CAGR of 8.0% over 2015-2021. The invasive hemodynamic monitoring segment accounted for over 30% market share in 2014 but is projected to lose its share to the other two segments by the end of the forecast period.
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Key players in the global hemodynamic monitoring systems market include Edwards Lifesciences Corporation, ICU Medical, Inc., Teleflex Incorporated, LiDCO Group Plc and PULSION Medical Systems SE. Global players focus on research and development initiatives for introducing innovative products to attain sustainable advantages over their competitors. In addition, they also focus on expanding their regional presence through mergers and acquisitions. In developed regions, hemodynamic monitoring systems manufacturers prefer selling their products directly to the consumer. By contrast, most vendors in countries such as China have tie-ups with suppliers to enhance their customer reach. Globally, medical equipment manufacturers in China account for over 50% market share for exporting noninvasive devices.
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