The blood flow measurement devices market is estimated to be valued at US$ 695.78 Mn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Blood flow measurement devices are medical devices that are used to measure and monitor blood circulation in different blood vessels of the body. These devices help detect issues related to blood flow and circulation. Some common devices are Doppler ultrasound devices, plethysmography devices, and laser Doppler devices. These devices find application in detection of deep vein thrombosis, peripheral arterial disease screening, and diagnosis of cardiovascular conditions.
Market Dynamics:
The global blood flow measurement devices market is witnessing significant growth owing to the growing prevalence of cerebrovascular diseases and cardiovascular diseases worldwide. As per the World Health Organization (WHO), cardiovascular diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year. High blood pressure, obesity, smoking, and lack of physical activity are some key risk factors. Further, increasing healthcare expenditure, awareness among population, and technological advancement in devices are some other factors driving the market growth during the forecast period. Moreover, developing healthcare infrastructure in emerging economies is anticipated to present lucrative growth opportunities for players in the market.
SWOT Analysis
Strength: Blood flow measurement devices have gained increased accuracy and reliability over time through technological advancements. Miniaturization of devices allow for their use in various medical settings. Non-invasive devices offer convenience to patients.
Weakness: Availability of alternative diagnostic methods can reduce demand for certain blood flow measurement devices. High costs of advanced devices limit their adoption in developing regions. Training requirements of complex devices pose operational challenges.
Opportunity: Rising geriatric population and increasing incidence of cardiovascular and cerebrovascular diseases will drive the need for frequent monitoring. Growing healthcare investments in emerging markets create new markets. Integration of AI and IoT can enhance device capabilities.
Threats: Stringent regulatory norms regarding approval of new and modified devices increase compliance burden. Reluctance to change from established practices hinders uptake of novel technologies. Economic slowdowns impact healthcare sector spending.
Key Takeaways
The Global Blood Flow Measurement Devices Market Demand is expected to witness high growth, exhibiting CAGR of 8.8% over the forecast period, due to increasing prevalence of cardiovascular diseases worldwide. North America currently dominates the market due to supportive reimbursement schemes and advanced healthcare infrastructure. However, Asia Pacific is likely to be the fastest growing region attributable to rising healthcare expenditure, large patient population and increasing medical tourism.
Regional analysis
North America is projected to account for over 35% value share of the global market by 2030, followed by Europe. This is attributed to the significant contribution of the US and Germany markets. However, Asia Pacific region is anticipated to grow at a CAGR above 10% during the forecast period. Rapidly developing healthcare infrastructure especially in China and India will drive the regional growth.
Key players
Key players operating in the blood flow measurement devices market are Arjo, Atys Medical, Compumedics Ltd., Cook Medical Inc., Deltex Medical Ltd., GF Health Products, Inc., Medistim ASA, Moor Instruments Ltd., Perimed AB, Transonic Systems, Inc., Medtronics, Biomedix Inc, AKW Medicals Inc., D E Hokanson Inc., Elcat GmBH, Flowtronics Inc., and Carolina Medical Plc. Major players are focusing on new product launches and geographical expansion to optimize revenue generation.
Read more
https://www.rapidwebwire.com/blood-flow-measurement-devices-market-size-share-growth-outlook-2023/
Comments
0 comment