Fluid Management System is Estimated to Witness High Growth Owing...

Fluid Management System is Estimated to Witness High Growth Owing to Increasing Number of Surgical Procedures

Posted 2024-01-02 10:00:53

A fluid management system is a centralized system used for collecting, regulation and disposal of fluids generated during surgical procedures. It helps in maintaining a balanced fluid volume in the patient during surgery. Fluid management systems provide efficient fluid removal and measurement during surgical procedures. They help surgeons gain better visibility by reducing mess and clutter in the operating room. Fluid management systems make use of vacuum pumps and regulators to remove smoke and aspirated fluids. They find applications in various surgical specialties including orthopedics, laparoscopy, cardiology, neurology and gynecology.

The global fluid management system market is estimated to be valued at US$ 12.41 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Increasing number of surgical procedures is a key driver fueling growth of the fluid management system market. As per estimates, around 312 million surgeries were performed worldwide in 2020. Factors such as rising incidence of chronic diseases, growing geriatric population, and increasing focus on healthcare infrastructure are driving up surgical volumes globally. Furthermore, favorable reimbursement policies for surgical procedures in developed countries are encouraging patients to undergo surgeries. For instance, in the U.S., Medicare, Medicaid, and private insurers provide full or partial coverage for a range of surgical procedures. This is positively impacting demand for fluid management systems from hospitals and surgical centers. Rising awareness about benefits of minimally invasive surgeries is another driver of market growth. These procedures require use of fluid management systems to remove fluids, maintain clear surgical field and improve visibility. Technological advancements in fluid management systems focused on portability, ease of use and efficiency are further expanding the potential applications of these systems.

SWOT Analysis
Strength: The fluid management system market size has potential growth opportunities due to the rising geriatric population, prevalence of chronic disorders such as diabetes, cancer, and rising number of surgical procedures globally. The technologically advanced fluid management systems offer precise fluid control and higher accuracy. Leading manufacturers are introducing innovative systems with improved features to gain competitive advantage.
Weakness: High costs associated with advanced fluid management systems limit their adoption in budget constrained settings. Lack of availability of skilled professionals in developing regions pose challenges.
Opportunity: Increasing focus on minimally invasive surgeries provide growth prospects for players. Growing medical tourism in emerging nations present new avenues. Development of portable and disposable systems cater to unmet needs in homecare and ambulatory surgical centers.
Threats: Stringent regulatory standards and lengthy product approval process increases complexity. Economic slowdowns impact the healthcare expenditures of nations.

Key Takeaways

The global fluid management system market is expected to witness high growth. North America currently dominates the market owing to advanced healthcare infrastructure and greater accessibility. Asia Pacific is poised to grow at the fastest pace due to rising medical tourism, healthcare reforms and growing privatization.

Regional analysis: North America holds the major share in the fluid management system market. This can be attributed to factors such as presence of advanced medical facilities, favorable reimbursement policies and high patient awareness regarding surgical procedures. Asia Pacific region has high growth potential due to rapidly developing healthcare infrastructure especially in India and China. Additionally factors such rising healthcare expenditure and increasing medical tourism is supporting the market growth in the region.

Key players: Key players operating in the fluid management system market are 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. Leading players are focusing on new product launches and strategic collaborations for long term growth.