The blood flow measurement devices market involves a variety of medical devices that are used for measuring blood flow in arteries and veins. These devices enable accurate quantification of blood circulation and help detect peripheral arterial disease, deep vein thrombosis, and critical limb ischemia among others. Some of the commonly used blood flow measurement devices include Doppler ultrasound, laser Doppler, electromagnetic blood flowmeters. These devices provide non-invasive results in real-time with the help of technologies such as Doppler effect and ultrasound imaging. The global blood flow measurement devices market is estimated to be valued at US$ 639.05 million in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising demand for non-invasive diagnostic tools for measuring blood circulation is anticipated to drive the market growth during the forecast period. Non-invasive blood flow measurement devices eliminate risks associated with invasive procedures such as infections, bleeding, and complications. These devices are also convenient for repetitive testing and provide real-time results without any preparations. The increasing inclination towards minimally invasive diagnostics among patients and physicians is likely to boost the adoption of non-invasive blood flow measurement devices over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the medical devices industry requires large capital investments and regulatory compliance. However, opportunities exist for new players with disruptive technologies.
Bargaining power of buyers: The bargaining power of buyers is high as blood flow measurement devices is a fragmented market with numerous global as well as regional vendors. Buyers can negotiate on price and quality.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternatives. However, compliance with quality and regulatory standards is important.
Threat of new substitutes: Threat of new substitutes is high due to rapid technological advancements. New non-invasive imaging techniques pose a threat.
Competitive rivalry: The competitive rivalry is high among the prominent vendors due to their global presence and wide product portfolio.
SWOT Analysis
Strength: Strong product portfolio, global presence and brand recognition of key players like Arjo, Medistim, and Transonic provide a competitive advantage.
Weakness: Heavy R&D investments and stringent regulatory approvals pose challenges to new entrants and small players. Limited reimbursements reduce adoption in developing nations.
Opportunity: Growth opportunities exist in emerging markets due to increasing healthcare expenditures. New applications in vascular disease management present an opportunity.
Threats: Threat from alternative modalities like ultrasound Doppler reduces the demand for conventional devices. Economic slowdown can impact sales.
Key Takeaways
The global blood flow measurement devices market size is projected to witness high growth during the forecast period owing to increasing prevalence of cardiovascular diseases worldwide.
Regional Analysis: The North America region currently dominates the market due to presence of major players, high healthcare spending and growing geriatric population. Europe holds the second largest share due to favourable reimbursement policies and government funding for research.
The key players operating in the blood flow measurement devices market are Arjo, Atys Medical, Compumedics Ltd., Cook Medical Inc., Deltex Medical Ltd., GF Health Products, Inc., Medistim ASA, Moor Instruments Ltd., Perimed AB, Transonic Systems, Inc., Medtronics, Biomedix Inc, AKW Medicals Inc., D E Hokanson Inc., Elcat GmBH, Flowtronics Inc., Ace Medicals, Carolina Medical Plc, and Compumedics Ltd. Arjo and Transonic dominate the market with their comprehensive product portfolios for Doppler ultrasound devices, MRI systems and transit time flow measurement devices.
