Manometry Systems Market reaching a valuation of US$ 279.6 Mn by the end of 2031
Sales of global manometry systems market totaled US$ 157.3 Mn in 2020. The market registered positive growth at 5.4% CAGR, reaching a valuation of US$ 279.6 Mn by the end of 2031, according to Future Market Insights’ (FMI’s) latest study.
Rising incidence of fecal incontinence and constipation, increasing elderly population, technological advancements and expansion of healthcare infrastructure are the primary factors driving the manometry system market.
Rise in number of people aged 65 years and older is expected to be the major factor boosting the growth of the manometry system market. In 2018, According to the U.S. Census Board people older than 65 years represent around 13% of the total population; this percentage is expected to reach 20% by 2031.
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Rising cases of constipation, fecal incontinence, anorectal pain, pelvic floor dyssynergia and hirschsprung’s among older population is increasing the adoption of manometry systems. Demand for these systems helps evaluate patients and provides many useful data regarding anorectal function and indicates the prognosis of treatment, particularly in the management of sphincter injuries.
Rising demand for non-invasive equipment is driving the demand for manometry system. These systems are non-invasive diagnostic procedure that can detect pressures and sensation in the anus and rectum. With this, they indicate whether the patient’s pelvic function is normal without incision into the body or removal of tissue and has low risks, and complications.
Further, rising government initiatives and funding supporting the development of product is boosting the demand for manometry system market. Initiatives undertaken by government to enable and boost the ecosystem for the indigenous medical device industry is also stimulating market growth.
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Key Takeaways from Manometry System Market Study
- By product, system sheath & catheters is expected to account for the largest share of 55.0% in 2021.
- In terms of portability, stand-alone system will hold for the largest share of 55.4% in 2021 on the back of its enhanced sensitivity to provide accurate diagnosis of condition
- By end user, hospitals accounted for the largest share of 37.9% in 2021 owing to the rising demand for hospital stay that is short-term and increasing number of gastrointestinal processes.
- North America is expected to hold largest share of 38.9% in 2021 with the U.S. leading the market during the forecast period.
“As demand for manometry systems is rising due to high prevalence of gastrointestinal diseases, key players are engaging in product development that is technologically advanced for faster approvals. This is expected to give the key players a competitive edge in the industry, generating revenues,” says the FMI Analyst
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Who is Winning?
Some of the leading manufacturers of manometry system market are focusing on product launch collaboration and partnership strategies for global expansion objectives, thereby, enhancing their market presence.
Several joint ventures, agreements, and loan licensing procedures have influenced the market. The government of developing economies has taken several reforms to develop the market by regulating it to bring out more transparency and by allowing foreign investments in the industry.
New Product launches & approvals have emerged as key growth strategy adopted by the leading players in the manometry system market. Followed by this, acquisition was the second most key strategy adopted by the industry players. By adopting these strategies, it helped the company to expand their regional presence as well as product offerings.
- In October 2021, “UROTECH GmbH subsidiary of Medi-Globe Group’s provided detailed information on a new clinical study for using the Magnetic Black-Star® (MBS) in paediatric urology. The MBS was an innovative product of the UROTECH GmbH, which is used in stent placement as well as stent removal of children by without performing the surgeries using the stent’ magnetic tip.”
- In May 2020, RMS Medical Devices, proudly announced it’s the acquisition of QUICKORE products for BENELUX. With this new acquisition, RMS Medical Devices adds another premium technology to its Radiology portfolio.
- In October 2020, LABORIE Medical Technologies enters into strategic partnership with Urotronic to support regulatory approval of Optilume, a drug-coated balloon (DCB) technology for use in urethral strictures and benign prostatic hyperplasia (BPH).
- In August 2021, Medtronic Announced the FDA Approval of Next-Gen TAVR System for the treatment of symptomatic severe aortic stenosis. Next-Gen TAVR System is a self-expanding transcatheter aortic valve replacement, which is designed to enhance ease-of-use and predictable valve deployment throughout the procedure.
The key market players covered by FMI include EB Neuro S.p.A, MEDSPIRA, Medtronic, Medica S.p.A., RMS Medical Devices, MARQUAT Génie Biomédical, Diversatek Inc., Dentsleeve International Ltd., LABORIE, Prometheus Group, Smart Medical Group, Synectics Medical Limited, Medovations Inc., Sierra Scientific, and Urotech Gmbh.