The global fluid management system market size is expected to reach USD 23.2 billion by 2028 according to a new study by Polaris Market Research. The report “Fluid Management System Market Share, Size, Trends, Industry Analysis Report, By Application (Cardiology, Neurology, Dentistry, Urology, Gastroenterology, Anesthesiology, Gynecology, Laparoscopy, Others); By Product; By End-Use; By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing geriatric population, increasing occurrence of chronic diseases, and greater need for patient safety drive the market growth. Increasing demand for minimally invasive surgeries, improving healthcare infrastructure, and growing use of single-use disposable devices further support the market growth. Technological advancements, supportive government regulation, and rising investments in research and development of advanced medical equipment, and growing demand from developing economies are some factors expected to offer growth opportunities during the forecast period.
The different applications of fluid management systems include cardiology, neurology, dentistry, urology, gastroenterology, anesthesiology, gynecology, laparoscopy, and others. The urology segment dominated the global market for fluid management system in 2020. The fluid management system provides on-demand fluid warming and real-time fluid deficit monitoring throughout the procedure. Increasing demand for dialysis procedures and rising use in hospitals boost the growth of this segment.
The different products included in the report include standalone fluid management systems, integrated fluid management systems, and fluid management disposables and accessories. There has been a high demand for standalone fluid management systems. The increasing occurrence of chronic diseases coupled with initiatives to deliver effective healthcare services drives the market growth. Increasing demand for insufflators, fluid warming systems and dialyzers, medical insurance, and the development of advanced healthcare infrastructure boosts the market growth.
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The management systems are used in diagnostic centers, hospitals, clinics, ambulatory surgery centers, and others. The hospital segment accounted for the highest share in 2020. The increasing occurrence of cancer and cardiovascular diseases coupled with government initiatives to offer advanced healthcare services to citizens supports the growth of this segment.
North America dominated the global market for fluid management system in 2020 and is expected to maintain its dominance over the forecast period. High living standards, established healthcare infrastructure, and increasing occurrence of cancer support market growth in this region. However, Asia-Pacific is expected to exhibit significant growth during the forecast period.
Increasing population coupled with increasing awareness regarding minimally invasive surgeries fuels growth in this region. Leading global players are expanding their presence in developing nations of China, Japan, India, and South Korea to tap the growth opportunities offered by these countries. Owing to technological advancements, and the greater need to cater to customer requirements, companies are collaborating in order to strengthen the market presence and gain market share. Broadening of the product portfolio is another trend that is visible in the industry.
Some of the major market participants include Cardinal Health, Inc., Stryker Corporation, Karl Storz GmbH & Co. Kg, Zimmer Biomet Holdings, Inc., Baxter International Inc., Becton, Dickinson and Company, Angiodynamics, Inc., Hologic, Inc., Ecolab Inc., Olympus Corporation, Medtronic PLC, Fresenius Medical Care AG & Co. KGaA, B. Braun Melsungen AG, Johnson & Johnson, and Smiths Group PLC.