Critical Care Devices Market Size

Critical Care Devices Market Size

Critical Care Devices Market size was worth USD 54 billion in 2022 and is estimated to expand at over 5% CAGR from 2023 to 2032. The commendable surge in the burden of chronic diseases, such as chronic kidney disease, neurological disorders, rheumatoid arthritis, multiple sclerosis, and cancer worldwide, is a leading factor propelling the uptake of critical care devices over the next ten years.

Increasing adoption of a sedentary lifestyle and interrelated activities such as alcohol and tobacco consumption and smoking has triggered the prevalence of obesity and cardiovascular diseases. According to the World Health Organization, cancer is considered the second most prominent cause of death throughout the globe, accounting for around 10 million deaths in 2020. Also, nearly 70% of deaths from cancer widely occur in low-and middle-income countries, and one-third of deaths from cancer are caused due to dietary and behavioral risks. Hence, such a substantial rise in disease occurrence is estimated to enhance the critical care devices market growth.
 

Governments across the globe are also rolling out initiatives focused on the treatment and prevention of chronic ailments such as cancer, pneumonia, and cardiovascular diseases, further creating a favorable growth outlook for the critical care devices industry. For instance, UNICEF and WHO introduced the Integrated Global Action Plan for Pneumonia and Diarrhea (GAPPD), which aims to accelerate pneumonia control and prevent, protect, and treat pneumonia among children. The plan focuses on reducing deaths occurring from pneumonia to less than 3 children per 1000 individuals by 2025. Additionally, the integrated program seeks to increase the availability of critical care devices in developing countries. Thus, rising regulatory reforms for pneumonia control will accelerate business growth in developing economies.