Global Fluid Management Devices Market Report 2023: Sector is Expected to Reach $13.2 Billion by 2031 at a CAGR of 11.3%
Dublin, May 03, 2023 (GLOBE NEWSWIRE) -- The "Fluid Management Devices Market by Product Type, Application, End-user: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The fluid management devices market was valued at $4,563.00 million in 2021 and is estimated to reach $13,292.76 million by 2031, exhibiting a CAGR of 11.3% from 2022 to 2031.
Key Market Players
Baxter International Inc.
Cardinal Health Inc.
FRESENIUS SE & Co. KGaA (Fresenius Kabi)
KARL STORZ SE & Co. KG
The fluid management devices are used to improve visibility during surgical procedures or endoscopic surgeries by providing precise fluid pressure to internal cavities. This system is used for various types of surgeries, including hysteroscopy, laparoscopy, and others. It consists of a collection system, a pump, a controller, and a monitor.
The collection system is used to collect fluids during the procedure and the pump is used to move the fluid from the collection system to the controller.
The controller is used to regulate the flow of fluid and the monitor is used to monitor the fluid levels. The system is designed to help reduce the risk of infection and to improve the accuracy of surgical procedures. Fluid management devices is used in different types of minimally invasive surgeries such as arthroscopy, laparoscopy, hysteroscopy, and others.
The growth of the fluid management devices market is driven by technological advancement for development of different fluid management devices and rise in prevalence of chronic diseases as gastroesophageal reflux disease, enlarged prostate bladder tumor, bladder cancer, colorectal cancer, endometrial cancer, and others.
Rise in the prevalence of chronic diseases cause increase in the number of surgical procedures for diagnosis and treatment purpose. Thus, this factor is anticipated to drive the demand for fluid management devices in surgical procedures and boosts the market growth.
In addition, rise in prevalence endometrial cancer cause, surge the demand for hysteroscopic surgeries. Thus, this factor is anticipated to fuel the usage of fluid management devices and anticipated to drive the growth of the market.
For instance, according to the American Cancer Society, it was reported that in 2023, estimated cases for uterine cancer are 66,200. In addition, in 2020, according to the World Cancer Research Fund International (WCRF), it was reported that around 417,367 female population was diagnosed with endometrial cancer across the globe. This factor is anticipated to drive the number of hysteroscopy and fuels the demand for fluid management devices. Therefore, rise in number of endometrial cancers is attributed to boost the growth of market.
In addition, increase in the product launch and product approval for different fluid management devices is anticipated to drive the growth of market. Moreover, growing prevalence of musculoskeletal disorders, such as osteoarthritis and rheumatoid arthritis cause rise in the number of arthroscopic surgical procedures. In addition, increasing geriatric population is also contributing to the rise in number of arthroscopic procedures, as older adults are more prone to musculoskeletal disorders.
Also, technological advancements in arthroscopy devices and increasing awareness about their advantages cause an increase in surgical interventions. Thus, this factor is anticipated to increase the demand for fluid management devices and boost the growth of the market.
Moreover, rise in expenditure by government to develop healthcare infrastructure fuels the market growth. For instance, as per the Office for National Statistics, in 2021, it was reported that total healthcare expenditure in the UK was $300,07 billion, which is an increase in nominal terms of 7.4% on spending in 2020.
Moreover, according to Centers for Medicare and Medical Services Government (CMS), it was reported that, national healthcare expenditure (NHE) grew by 2.7% to $4.3 trillion in 2021, or $12,914 per person, and accounted for 18.3% of Gross Domestic Product (GDP). Hence, rise in healthcare expenditure across the globe is expected to fuel the demand for fluid management devices in hospitals, clinics diagnostic centers and others, thereby boosting the market growth.
On the other hand, the major restraint for the fluid management devices market is the potential risks associated with the procedures, such as infection, bleeding, and tissue damage. Additionally, the cost of treatment and lack of trained professionals are hindering the growth of the market.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the fluid management devices market analysis from 2021 to 2031 to identify the prevailing fluid management devices market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the fluid management devices market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global fluid management devices market trends, key players, market segments, application areas, and market growth strategies.
Increase in the number of minimally invasive surgeries.
Rise in the prevalence of chronic diseases.
Technological advancement for development fluid management devices
High cost of minimally invasive surgeries
Rise in the number of adoptions of key strategies by market players
Key Market Segments
By Product Type
Fluid management systems
Fluid management accessories
By End User
For more information about this report visit https://www.researchandmarkets.com/r/iurfzr
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