Manometry System Market registered positive growth at 5.4% CAGR, reaching a valuation of US$ 279.6 Mn by the end of 2031
Sales of global manometry systems are expected to reach US$ 157.3 Mn in 2020. As per Future Market Insights, revenues for manometry systems are expected to reach US$ 279.6 Mn, expanding at a 5.4% CAGR over the forecast period (2021-2031).
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.
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.
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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.
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.
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.
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