New York, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Cardiac Output Monitoring Devices Market’ for the forecast period, i.e. 2023 – 2033, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Profiling of key market players
Global Cardiac Output Monitoring Devices Market Size:
The global cardiac output monitoring devices market is estimated to garner revenue of nearly USD 1.80 Billion by the end of 2033 by growing at a CAGR of ~4% over the forecast period, i.e., 2023 – 2033. Further, the market generated revenue of around USD 1.19 Billion in the year 2022. The growth of the market is primarily attributed to the worldwide surging occurrences of cardiovascular diseases. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death globally. An estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths. Hence, this is expected to be a prime factor to fuel the market growth. Further, rising awareness among affected patients about the benefits of early and advanced treatment are anticipated to be other factors to drive the growth of the global market.
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Global Cardiac Output Monitoring Devices Market: Key Takeaways
- The North America region to gain the largest share of the revenue in the year 2022
- The invasive segment to dominate the revenue graph
- Hospitals sub-segment remains prominent in the end user segment
Rising Prevalence of Cardiovascular Diseases across the Globe to Boost Market Growth
The most important behavioral risk factors of cardiovascular diseases are unhealthy diet, physical inactivity, and harmful use of alcohol. Alcohol consumption among the adult population has been increasing throughout the years worldwide, which is resulting into prevalence of cardiovascular diseases around the world. It was observed that between 2015 and 2019, excessive alcohol usage caused more than 140,000 fatalities annually in the United States. The deaths caused by drinking too much were primarily brought about by the long-term health impacts of excessive drinking, including liver issues and heart diseases. Hence, this is estimated to significantly boost the growth of the global cardiac output monitoring devices market.
In addition to this, the initiatives taken by governments to spread awareness about the treatment options, and organizing free camps are anticipated to be major factors to boost the growth of the cardiac output monitoring devices market. Moreover, increasing percentage of health expenditure contributing to the global GDP is also estimated to be a significant factor to influence the growth of the global cardiac output monitoring devices market. As per the data by The World Bank, in the year 2019, share of global health expenditure in worldwide GDP accounted to 9.83%.
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Global Cardiac Output Monitoring Devices Market: Regional Overview
The global cardiac output monitoring devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
High Rate of CVD Deaths to Drive the Market Growth in the North America Region
The cardiac output monitoring devices market in the North America region held the largest market share of ~40% in the year 2022 backed by the rise in healthcare expenditure, increasing cases of cardiovascular diseases and deaths, increasing disposable income, and accessibility of technologically advanced equipment in the region. It was noted that, one person dies every 35 seconds in the United States from cardiovascular disease. Further, about 699,000 people in the United States died from heart disease in 2020, which is 1 in every 5 deaths. The easy availability of better medical facilities, backed by the favorable medical policies in the region is also estimated to elevate the market growth. In addition to this, the boost in the market growth can be ascribed to the rising investment in R&D activities, and the presence of key market players in the region.
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Increasing Out-of-Pocket Expenditure Per Capita to Influence Growth in the Asia Pacific Region
On the other hand, market in the Asia Pacific region is estimated to grow with a notable CAGR over the projection period. The market growth can be attributed to increasing number of CVD patients, increasing funding in healthcare infrastructure, rising awareness about treatment among patients, and inactive lifestyles followed by unhealthy diets. As per the American College of Cardiology, 58% of the total deaths caused by CVD in 2019 were reported from the Asia Pacific region. Furthermore, out-of-pocket spending per person in the region has been rising over the past few years, and it is anticipated that this trend will continue during the forecast period, which in turn, is expected to fuel the market growth. An out-of-pocket expense is a payment, which is to be made with one’s own money even if he or she is reimbursed. It could be a business expense, or a health expense.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Cardiac Output Monitoring Devices Market, Segmentation by Type
- Invasive
- Non-invasive
The invasive segment held a market share of 58% in the year 2022. For continuous cardiac output monitoring, invasive cardiac output monitoring devices are ideal, as they provide accurate, reproducible results. Growing popularity of minimally invasive techniques involving arterial and venous lines along with the increasing count of cardiac implant surgeries is anticipated to propel segment growth over the projection period. According to the data provided by the National Center of Biotechnology and Information, every year, nearly 400,000 coronary artery bypass grafting (CABG) surgeries are performed.
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Global Cardiac Output Monitoring Devices Market, Segmentation by End User
- Hospitals
- Ambulatory Surgical Centers
- Others
The hospitals segment is estimated to hold a substantial market share in the global cardiac output monitoring devices market over the forecast period. The growth of the segment can be attributed to the existence of a huge patient pool in a hospital facility that requires treatment for CVDs. Moreover, rising healthcare expenditure per capita on healthcare is also estimated to add to the growth of this segment in the market. According to the data by The World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
Global Cardiac Output Monitoring Devices Market, Segmentation by Product
- Consumables & Accessories
- Devices
Global Cardiac Output Monitoring Devices Market, Segmentation by Technology
- Pulmonary Artery Catheter
- Lithium Dilution Technique
- Thermodilution Pulse Contour Analysis Technique
- Arterial Waveform Analysis Technique
- Doppler
- Others
Few of the well-known market leaders in the global cardiac output monitoring devices market that are profiled by Research Nester are Edward Lifesciences Corporation, ICU Medical, Inc., Baxter International, Inc., Deltex Medical plc, CNSystems Medizintechnik GmbH, ABIOMED Inc, Boston Scientific Corporation (BSC), BioTelemetry, Inc., Masimo Corporation, Schwarzer Cardiotek GmbH, and others.
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Recent Developments in the Global Cardiac Output Monitoring Devices Market
- In January 2022, Smiths Medical was successfully acquired by ICU Medical Inc. from Smiths Group Plc. Smith Medical also manufactures vascular access items and essential care goods in addition to syringes and ambulatory infusion systems.
- In June 2021, in an effort to increase the alternatives available to patients with acute decompensated heart failure (ADHF) and enhance the prognosis for heart failure, ABIOMED Inc. announced that it would acquire preCARDIA, a manufacturer of medical devices.
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