by Market Overview:
The global Intra Abdominal Pressure Measurement Device Market is estimated to be valued at US$ 106.7 million in 2023 and is expected to exhibit a CAGR of 16.1% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights. Intra-abdominal pressure measurement devices are used to monitor and measure the pressure inside the abdominal cavity. These devices play a crucial role in the diagnosis, management, and treatment of various conditions such as abdominal hypertension, compartment syndrome, and certain respiratory disorders.
The advantages of intra-abdominal pressure measurement devices include accurate and real-time monitoring, early detection of complications, and improved patient outcomes. The growing prevalence of chronic diseases, increasing surgical interventions, and a rise in the geriatric population are driving the demand for these devices. Furthermore, advancements in technology and the integration of wireless capabilities have enhanced the efficiency and ease of use of intra-abdominal pressure measurement devices.
Market Key Trends:
One key trend in the Intra Abdominal Pressure Measurement Device Market is the increasing adoption of minimally invasive procedures. Minimally invasive surgeries offer several advantages over traditional open surgeries, including reduced scarring, shorter hospital stays, and faster recovery times. Intra-abdominal pressure measurement devices are essential in monitoring patients during these procedures, ensuring pressure remains within safe limits. For instance, laparoscopic surgeries require intra-abdominal pressure monitoring to prevent complications such as abdominal compartment syndrome. The rising preference for minimally invasive surgeries across various medical specialties is expected to fuel the demand for intra-abdominal pressure measurement devices.
Porter’s Analysis:
Threat of New Entrants: The Intra Abdominal Pressure Measurement Device Market has relatively high entry barriers due to the stringent regulatory requirements and high capital investments. Established market players have strong brand recognition and extensive distribution networks, making it challenging for new entrants to penetrate the market.
Bargaining Power of Buyers: Buyers in the market, such as hospitals and healthcare facilities, have moderate bargaining power due to the presence of multiple suppliers. However, the critical nature of intra-abdominal pressure measurement devices and the need to ensure patient safety may limit the bargaining power of buyers to some extent.
Bargaining Power of Suppliers: Suppliers of intra-abdominal pressure measurement devices have moderate bargaining power. The market is characterized by the presence of both large multinational companies and smaller regional players. Suppliers may have some leverage in terms of pricing and product availability.
Threat of New Substitutes: The threat of new substitutes in the market is low. Intra-abdominal pressure measurement devices have become standard in surgical and critical care settings, and there are currently no viable alternatives that offer the same level of accuracy and reliability.
Competitive Rivalry: The Intra Abdominal Pressure Measurement Device Market is highly competitive, with several key players operating globally. Companies such as CR. Bard, Inc., ConvaTec Group PLC, Stryker Corporation, Biometrix Ltd., Centurion Medical Products, and Potrero Medical are some of the major players in the market. Intense competition exists in terms of product innovation, pricing, and geographical presence.
Key Takeaways:
The global Intra Abdominal Pressure Measurement Device Market Growth is expected to witness high growth, exhibiting a CAGR of 16.1% over the forecast period, due to increasing surgical interventions and the growing prevalence of chronic diseases. The need for accurate and real-time monitoring of intra-abdominal pressure to prevent complications is driving the market.
North America is expected to dominate the Intra Abdominal Pressure Measurement Device Market, attributed to the presence of well-established healthcare infrastructure, technological advancements, and a high demand for minimally invasive surgeries. Asia Pacific is expected to be the fastest-growing region, driven by the rising geriatric population and increasing healthcare expenditure.
Key players operating in the global Intra Abdominal Pressure Measurement Device Market include CR. Bard, Inc. (Becton, Dickinson, and Company), ConvaTec Group PLC, Stryker Corporation, Biometrix Ltd. (Degania Silicone, Ltd.), Centurion Medical Products (Medline Industries, Inc.), and Potrero Medical. These players focus on strategic collaborations, product launches, and geographical expansions to strengthen their market presence.
The Intra Abdominal Pressure Measurement Device Market is poised for significant growth based on the increasing demand for minimally invasive surgeries and the rising prevalence of chronic diseases. Market players are actively engaged in innovation and expansion strategies to maintain a competitive edge in this evolving market landscape.
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.
