The high adoption rate of advanced surgical procedures such as minimally invasive surgeries, the rising burden of chronic diseases and technological advancements are the key factors driving market growth. Minimally invasive techniques are becoming standard for surgical technique, at a very fast pace. In this, doctors use various methods to operate with minimal damage to the body as opposed to traditional open surgery. In general, minimally invasive surgery is associated with shorter hospital stays and fewer complications. The demand for this surgery is increasing due to a higher accuracy rate with relatively reduced pain, and infections. Thus, owing to the benefits associated with minimally invasive surgeries, the adoption rate is increasing, which may fuel the growth of the market over the forecast period.
Key Market Trends
The Dialyzers Segment is Expected to Show Better Growth during the Forecast Years
Based on Product, the market is segmented into Dialyzers, Insufflators, Suction and Irrigation Systems, Fluid Warming Systems, Fluid Waste Management, and Others. The growth of the dialyzers segment is mainly attributed to the rising burden of chronic kidney disease (CKD). Diabetes and high blood pressure are considered major causes of CKD in adults. According to the International Diabetes Federation, approximately 463 million adults (aged 20-79 years) are living with diabetes and by the year 2045, this number is expected to reach 700 million. The dialyzer is required to purify the blood of people suffering from severe kidney failure as wastes and extra water build up in the body and may cause other health problems. Hence, owing to the aforementioned factors, the segment is believed to witness rapid growth over the forecast period.
North America holds the Largest Share in the Market Studied
The North American region holds the largest share, due to the strong presence of device manufacturers, large patient population, advancement in technology, and growth in the number of dialysis centers. According to the Centers for Disease Control and Prevention (CDC), dialysis facilities in the United States increased from 5,958 to 6,871 between 2012 to 2016. Additionally, other factors such as a large number of patients undergoing cardiovascular surgeries, and increasing prevalence of gastroenterology and urological disorders are expected to propel the market growth in the forecast period.
The market studied is moderately competitive and there are several global companies that are operating in this industry. The major players in the fluid management systems market are B. Braun Melsungen AG, Baxter International Inc., Becton, Dickinson and Company, Cardinal Health Inc., Hologic Inc., Johnson & Johnson, Medtronic PLC, Smiths Medical Inc., Smith & Nephew PLC, and Stryker Corporation.
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