Fluid management systems help in maintaining a controlled fluid balance in patients before, during and after surgeries. These systems collect, measure, transport and dispose or reuse surgical waste fluids produced during surgical procedures. The growing prevalence of chronic and lifestyle diseases have increased surgical procedures globally. Minimal invasive surgeries are gaining increased acceptance among patients and physicians alike due to their benefits such as lower risk of surgical site infections, quicker recovery time and reduced hospital stay. With an increasing number of minimal invasive surgeries being performed, demand for fluid management systems is expected to grow substantially.
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 Dynamics
One of the primary drivers for the growth of the fluid management system market size is the growing adoption of minimal invasive surgeries. Minimally invasive surgeries such as laparoscopic and arthroscopic procedures require fluid management systems to wash and aspirate internal body cavities. They help in visualizing internal organs and tissues with improved accuracy. As these surgeries reduce post-operative infections, hospital stay and recovery time, their adoption is increasing exponentially. According to the Society of American Gastrointestinal and Endoscopic Surgeons, more than 70% of cholecystectomies in the US are now performed laparoscopically. Rise in popularity of such minimal access procedures is fueling demand for fluid management systems globally. Another major factor propelling the market growth is the increasing surgical volumes owing to rising prevalence of diseases such as cancer, cardiovascular conditions and lifestyle diseases.
Segment Analysis
The fluid management system market can be segmented by product into systems, disposables, and accessories. Among these, the disposables segment dominates the market and accounts for over 55% share. Being single-use products, disposables are recurring purchases made by end users thus driving higher volume sales. Further, advancements in minimally invasive surgeries have increased adoption of advanced disposables like vacuum bottle systems, tubing sets, and waste receptacles.
PEST Analysis
Political: Regulations around medical waste disposal and emphasis on safety of reusable components influence purchases. Economic: Rising healthcare spending in developing nations opens prospects. Social: Growing elderly population and chronic diseases propel demand. Technological: Advancements in endoscopy, laparoscopy, and robotic surgeries increase integration of fluid management systems.
Key Takeaways
The global fluid management system market is expected to witness high growth at a CAGR of 10% during the forecast period of 2023 to 2030. Regional analysis shows North America dominates currently due to advanced healthcare infrastructure and regulatory environment encouraging adoption of technologically advanced products. However, Asia Pacific is poised to grow the fastest at a CAGR of 12% during the forecast period with China and India emerging as high potential markets.
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. These established players are investing in new product launches and acquisitions for geographical expansion to strengthen their market presence.
