Fluid Management Market Expected to Grow Amid Covid-19, Finds Fact.MR
It is significant to note here that while number of people aged 65 and above in the North American region will be one in every four, in the United States of America, six in every ten people are currently suffering from a chronic illness. Furthermore, four in every ten people in this country, a developed country, are suffering from more than one illness that fall under the chronic category. The number of geriatric people under the same age group and by the same year will see the same ratio in the European region.
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Worldwide, however, the number would be one in every six people. Besides, by 2050, number of people aged 60 and above will be around 2 billion from 960 million, approximately, in the year 2017. This is a demographic that is not only susceptible to chronic illnesses but is also witnessing a growing demand for intensive care.
Besides, the kidney patients association of Britain states that about 2 million people in the world seek dialysis. This is a significant factor of growth in the global fluid management market. Experts claim that this segment would capture a sizeable share of the market. Additionally, the cardiology segment would be following close in the footsteps of dialysis, owing to increase in incidence of cardiovascular diseases, which takes away 17 million lives every year.
What's extremely important to bring in the picture drawn for this market is that the raging pandemic of COVID-19 is set to create new opportunities in its landscape over the stated period as a large number of people infected are severely ill patients. Additionally, novel opportunities are arising in burns treatment and cerebrospinal fluid management.
North America - The Dominant Regional Market
A sizeable share of the global fluid management market is set to be accounted for by the North America region and a number of factors support this prominent position. Some of the most significant factors are large numbers of geriatric people, high incidence of chronic illnesses and a favorable reimbursement policy. Presence of key market players in the region and a robust healthcare framework also contribute immensely to the market dominance.
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Additionally, it is equally crucial to point out here that region is taking massive strides as far as technological development is concerned. The adoption rate of advanced technology is also respectable, leading to more growth in the regional market. One such instance is the launch of next-generation infusion devices, which are highly popular with people suffering from lifestyle diseases. Market analysts claim that the region will grow at a rate of 4% over the 2020 to 2025 period.
Vendor Landscape - Fragmented and Competitive
The global fluid management market is not just fragmented due to presence of significant number of players but also it is quite competitive due to proactive measures taken by renowned names in the market. Top players include Baxter, C.R. Bard, Inc., BD, Smith & Nephew, B. Braun Holding GmbH & Co. KG, Fresenius SE & Co. KGaA, Cardinal Health Inc., Stryker, Boston Scientific Corporation and Karl Storz GmbH, among others.
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