A surge in the number of minimally invasive surgeries and the rise in the prevalence of chronic diseases such as endometrial cancer, bladder cancer, and gastrointestinal diseases which causes an increase in the application & usage of fluid management devices drives the global fluid management devices market.
PORTLAND, Ore., March 21, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Fluid Management Devices Market by Product Type (Fluid management systems, Fluid management accessories), by Application (Urology, Hysteroscopy, Laparoscopy, Arthroscopy, Other), by End User (Hospitals, Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031."According to the report, the global fluid management devices industry was estimated at $4.56 billion in 2021, and is anticipated to hit $13.29 billion by 2031, registering a CAGR of 11.3% from 2022 to 2031.
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Drivers, restraints, and opportunities-
A surge in the number of minimally invasive surgeries and the rise in the prevalence of chronic diseases such as endometrial cancer, bladder cancer, and gastrointestinal diseases which causes an increase in the application & usage of fluid management devices drives the global fluid management devices market. On the other hand, the high cost of minimally invasive surgeries such as laparoscopy impedes the market growth to some extent. However, a rise in the number of product launches and an increase in the number of key strategies by the major players are expected to pave the way for lucrative opportunities in the industry.
The fluid management systems segment to retain its dominance by 2031-
By product type, the fluid management systems segment accounted for the highest share in 2021, garnering more than half of the global fluid management devices market revenue. The same segment would also cite the fastest CAGR by 2031. A rise in the number of key players that manufacture powered fluid management devices and an increase in the number of product launches and product approvals for fluid management devices drive the segment growth.
The laparoscopy segment to rule the roost-
By application, the laparoscopy segment held the major share in 2021, generating nearly one-third of the global fluid management devices market revenue. Surge in the prevalence of chronic diseases such as cancer and rise in the number of key players that manufacture fluid management devices for laparoscopy propel the growth of the segment. The hysteroscopy segment, on the other hand, would portray the fastest CAGR of 11.9% from 2022 to 2031. The increase in the quantity of fluid management devices for hysteroscopy being introduced is responsible for the growth observed.
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The hospitals segment to dominate by 2031?
By end-user, the hospitals segment accounted for more than two-thirds of the global fluid management devices market revenue in 2021, and is projected to rule the roost by 2031. The same segment would also portray the fastest CAGR of 11.5% from 2022 to 2031. The growth of this segment is being driven by two key factors: an increase in the number of surgical procedures being performed in hospitals, and a rise in government expenditure toward developing healthcare infrastructure.
North America garnered the major share in 2021 ?
By region, North America generated more than one-third of the global fluid management devices market revenue in 2021, and is expected to dominate by 2031. The growth of the market across North America is driven by various factors such as the increasing number of manufacturers of fluid management devices, advancements in healthcare technology, and a rise in the prevalence of chronic diseases such as cancer. Asia-Pacific, however, would showcase the fastest CAGR of 12.1% from 2022 to 2031. The marker growth across Asia-Pacific is driven by factors such as increased government expenditure on healthcare, a rise in chronic illnesses, and a surge in the aging population.
Key players in the industry-
The report analyzes these key players in the global fluid management devices market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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