Fluid Management Devices Market Expected to Reach $13,292.76 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Fluid Management Devices Market," The fluid management devices market size was valued at $4,563.0 Million in 2021, and is projected to reach $13,292.76 Million by 2031, growing at a CAGR of 11.3% from 2022 to 2031.

Factors that drive the growth of the fluid management devices market trends include rise in number of product launches and product approvals for devices by fluid management devices industry and rise in the number of surgical procedures. For instance, in January 2021, the Hologic, Inc., an innovative medical technology company, announced the launch of fluent fluid management devices, in Europe. This product is designed to offers more effective fluid management for physician in hysteroscopic procedures. Thus, an increase in development of advanced fluid management products in emerging nations is expected to propel the growth of the market. In addition, the rise in demand for early diagnosis of disease for effective treatment acts a key driving force for the expansion of the global market.

In addition, an increase in the number of specialty clinics or dialysis centers is anticipated to drive the demand for fluid management devices. Thus, this factor is attributed to drive the fluid management devices market growth. According to Fresenius Medical Care, the world's leading provider of products and services for individuals with renal diseases, in June 2020, it was reported that North America is expected to open more than 100 new Transitional Care Units (TCUs) in 2020. These units will help people recently diagnosed with kidney failure learn about the treatment options available to them. Thus, rise in number of transitional care units for treatment kidney diseases will increase the number of surgical procedures and is anticipated to drive the growth of market.

Moreover, the market for fluid management devices is expected to develop due to increase in the number of key players who manufactures fluid management devices and rise in number of adoptions of key strategies such as acquisition, partnership, collaboration, and agreement my market players. In addition, rise in disposable income among the population of developing nations and increase in R&D activities, both contribute toward the expansion of the market.

Rise in prevalence of bladder cancer, prostate cancer and other urology disorders are anticipated to drive the demand for fluid management devices in urology surgeries. Thus, this factor is attributed to fuel the growth of market. In addition, rise in the number of key players that manufacture fluid management devices for application in urology is anticipated to drive the growth of the market. For instance, ENDO P (Bonvisi), RocaFlow fluid management pump (Olympus America) and fluid pump ENDO PUMP 100 (EndoMed Systems) are some of the fluid management devices used in urology procedures.

By product, the market is segmented into fluid management devices and fluid management accessories. The fluid management devices segment dominated the market in 2021 and is expected to continue this trend during the forecast period, owing to rise in number of product launch and product approvals for powered fluid management devices.

By application, the market is classified into urology, hysteroscopy, laparoscopy, arthroscopy, and others. The hysteroscopy segment dominated the market in 2021 and is expected to continue this trend during the forecast period, owing to rise in the prevalence of endometrial cancer and increase in the number of product provision of fluid management devices for hysteroscopy.

Based on end user, the market is divided into hospitals, clinics, and others. The hospitals segment dominated the market in 2021 and is expected to continue this trend during the forecast period, owing to rise in number of endoscopic procedures in hospitals and increase in prevalence of chronic diseases

North America accounted for most of the global fluid management devices market share in 2021 and is anticipated to remain dominant during the forecast period. This is attributed to technologically advanced healthcare sector, presence of high number of market players and rise in number of product approvals for fluid management devices. Asia-Pacific is anticipated to witness lucrative growth during the forecast period, owing to rise in expenditure by government organization to develop the healthcare sector and increase in awareness among people regarding surgical procedures.

The COVID-19 outbreak is anticipated to have a negative impact on the growth of the global fluid management devices market. The COVID-19 pandemic has stressed healthcare systems globally. Decrease in the number of elective surgical procedures and decrease in number of accidental injuries are attributed to restrain the growth of market. 

Key findings of the study

• By product type, the fluid management devices segment was the highest contributor to the market in 2021.
• By application, the hysteroscopy segment was the highest contributor to the market in 2021.
• By end user, the hospitals segment dominated the market in 2021 and is expected to continue this trend during the forecast period.
• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.