by Fluid management systems play a crucial role in ensuring optimal body fluid levels during medical procedures such as colonoscopies, urological procedures, arthroscopies, and laparoscopic surgeries. These systems allow for controlled manipulation, drainage, measurement, and disposal of various irrigation fluids and bodily fluids. They are used for suctioning, irrigation, and tissue management during surgeries. Fluid management systems offer features such as fluid warming, simultaneous multi-fluid infusion/vacuum, automated regulation of vacuum levels, and digital displays with integrated data storage. The global prevalence of chronic diseases such as cancer, cardiovascular disease, diabetes and gastrointestinal disorders has increased significantly in recent years. This has enhanced the demand for surgical interventions, thereby driving the need for fluid management systems in operating rooms.
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 key trends: One of the key trends in the fluid management system market size is the introduction of advanced surgical technologies. Manufacturers are increasingly focused on developing smart fluid management systems equipped with advanced features such as touchscreens, automated regulation, and connectivity capabilities. For instance, Stryker Corporation offers its Endoscopy Fluid Management System that features a 10.4-inch HD touchscreen for intuitive control of irrigation and suction as well as automated regulation of vacuum levels. Furthermore, technological advancements in minimally invasive surgeries have spurred demand for portable and compact fluid management systems. This has encouraged manufacturers to launch wireless and battery-powered systems with integrated storage and monitoring capabilities. New product launches and focus toward robotic and MI surgeries are expected to open lucrative growth opportunities for players in the fluid management system market over the forecast period.
Porter’s Analysis
Threat of new entrants: The fluid management system market requires high initial investment for infrastructure and regulatory compliance which makes threat of new entrants moderate.
Bargaining power of buyers: The bargaining power of buyers is moderate as fluid management systems are medical necessity items however buyers have alternatives based on suppliers and regions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate to high as key components for fluid management systems have limited substitutes and suppliers differentiate based on product capabilities.
Threat of new substitutes: Threat of new substitutes is moderate as new technologies are emerging but established players have strong brand acceptance and proprietary know-how in existing fluid management systems.
Competitive rivalry: The competitive rivalry in fluid management system market is high as the market is competitive with established global players and regional specialized players differentiating based on product portfolios and service offerings.
Key Takeaways
The global Fluid Management System Market is expected to witness high growth.
Regional analysis: North America region currently dominates the Fluid Management System Market share globally followed by Europe region. Asia Pacific region is expected to witness fastest growth during the forecast period owing to growing medical infrastructure and healthcare expenditure in emerging countries of Asia.
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. The global players are focusing on partnerships, new product launches and expansion to increase their Fluid Management System Market share.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
