Critical Care Devices Market Size By Product (Infusion Pumps, Ventilators, ECG Devices, Multiparameter Monitoring Devices, CRRT Machines, Hemodialysis Machines, Feeding Tubes), By Application Field (Renal Care, Cardiology, Neurology), By End-use (Hospitals, Ambulatory Surgical Centers, Specialty Clinics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Industry trends

Critical Care Devices Market size exceeded USD 32.2 Billion and is projected to experience around 2.8% CAGR from 2020 to 2026.
 

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Innovations in critical care devices used in surgical procedures and intensive care units have enabled healthcare facilities to provide improved patient care that will foster the market progression. Due to the availability of advanced critical care devices healthcare specialists have easier access to patient’s information or status. This further allows better management of critical patients.
 

Surging demand for ventilators will propel the critical care devices market growth

Ventilators are among the most sophisticated and most expensive devices in the intensive care unit (ICU). Ventilators have evolved from small, pneumatically controlled, and pneumatically powered devices to marvels of microprocessor technology capable of closed-loop control. As COVID-19 continues to spread worldwide, various healthcare companies are putting enormous efforts to fill the demand and supply gap so that caregivers can treat soaring numbers of patients effectively. For instance, recently Philips introduced a novel Philips Respironics E30 ventilator to help COVID-19 patients. The new ventilator is equipped with audible and visual alarms allowing high-flow oxygen to support COVID-19 patients with respiratory insufficiency.
 

Moreover, as the COVID-19 pandemic continues to grow, other market players are also increasing the capacity of ventilator productions to efficiently treat patients affected, thus augmenting the critical care devices market. However, lack of skilled professionals in the healthcare industry may hinder the market growth.
 

Increasing prevalence of acute kidney failure will boost the market demand for CRRT machines

The CRRT machines segment valuation in the critical care devices market was over USD 1 billion in 2019 owing to increasing prevalence of renal failure across the globe. Rising research & development expenditures by foremost industry leaders for developing advanced CRRT devices will prove beneficial for the market expansion. Also, technology integrated in these critical care devices enable monitoring of severely ill patients at regulator intervals that secures the market growth.
 

Neurology segment is anticipated to upsurge the critical care devices market demand

The neurology application segment accounted for more than 14% market share in 2019 due to increasing number of neurology patients to measure nerve or muscle activity. Rising incidence of neurological disorders such as chronic low back pain (CLBP), stroke, (TBI), migraine headache, multiple sclerosis (MS) and spinal cord injury among others will foster the market progression. Furthermore, technological advancements in the field of neurology equipment will increase its adoption rate, fueling the market revenue.
 

Hospitals segment will dominate the market due to surging number of chronic disorders

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The hospital end-use segment is predicted to witness around 2% growth rate in the critical care devices market during the forecast period. Rising number of individuals requiring critical care devices in hospital settings coupled with presence of improved healthcare infrastructure favours the market growth. Availability of skilled healthcare professionals along with advanced devices such as ventilators and ECG devices used in hospital settings boosts the market size.
 

Presence of leading industry players in North America region proves beneficial for the market growth

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North America critical care devices market held a significant revenue share in 2019 and will reach USD 11 billion by 2026. Increasing government support for the development of innovative products is expected to help the market gain significant momentum. Additionally, rising geriatric population requiring critical care devices coupled with increasing prevalence of chronic disorders on account of changing lifestyles in the region will foster the market share. Moreover, presence of large number of manufacturers in North America introducing innovative and better critical care devices will propel the market revenue.
 

Strategic initiatives undertaken by key market players have helped them to maintain their financial stability

Some of the prominent players operating in the critical care devices market include Air Liquide Medical Systems, Airon Corporation, Asahi Kasei Corporation, Avanos Medical, Inc, B. Braun Melsungen, Baxter, Becton, Dickinson and Company, Biometrix, Boston Scientific Corporation, Breas Medical, Cardinal Health, and GE Healthcare. These foremost market leaders are undertaking numerous growth strategies to garner larger revenue share in the industry.
 

Some of the recent developments:

• In March 2020, GE Healthcare partnered with Ford Motor Company to increase production of ventilators for COVID-19 patients. This strategy will help the company in increasing its sales and strengthening its customer base across the market
   
• In April 2020, Hamilton Medical and General Motors were working together to create a new production line of critical care ventilators in the U.S. This strategy will thereby help the company to expand its geographical presence and strengthen their market position in the U.S. market
   

The critical care devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:

Market, By Product

• Infusion Pumps
• Ventilators
• ECG Devices
• Multiparameter Monitoring Devices
• CRRT Machines
• Hemodialysis Machines
• Feeding Tubes
• Others

Market, By Application Field

• Renal Care
• Cardiology
• Neurology
• Others

Market, By End-use

• Hospitals
• Ambulatory Surgical Centers
• Specialty Clinics
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • Saudi Arabia
  • South Africa