Critical Care Devices Market size worth over $51bn by 2026
Published Date: July 13, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Critical Care Devices Market size is set to surpass USD 51 billion by 2026; according to a new research report by Global Market Insights, Inc.
Surging demand for intensive care units will augment the market growth. The elderly COVID-19 patients and those with comorbidities including weakened immune systems are severely affected compared to others. These individuals may require admission to intensive care units with supportive ventilation for effective care that surges the overall market progression.
Technological innovations will act as a leading positive impact rendering factor on the critical care devices market growth
Technological advancements enable surgeons to accurately diagnose and treat critical care patients. Ongoing development in the medical field has saved several patients’ lives and improved the overall quality of life. Critical New alterations into medical devices enables better management of chronic diseases. In addition, innovations in critical care operations and intensive care units have helped healthcare facilities to provide better patient care for optimal outcomes.
With advanced critical care devices, doctors and other medical care givers have easier access to information such as medical imaging as well as remote monitoring of the health status of patients that propels the market share. Additionally, the electronic intensive care unit (eICU) is a type of telehealth that leverages the technology to provide better critical care services.
Multiparameter monitors being fundamental for critical care will experience a lucrative growth
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The multiparameter monitoring devices segment will showcase growth of around 6% through 2026. Advanced multiparameter monitors allows accurate and improved patient monitoring. Some of the well-established market players such as GE Healthcare, Medtronic among others have developed advanced multiparameter patient monitors that permit detection of various parameters and accurate analysis. Furthermore, government across several countries are undertaking initiatives to increase the awareness among doctors regarding the availability of top-notch multiparameter monitoring devices will foster the market value.
Browse key industry insights spread across 206 pages with 175 market data tables & 35 figures & charts from the report, “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, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Renal care application segment is anticipated to boost the market demand
The renal care segment held around 34% market share in 2019. Closed dialysate circuit that are used in renal therapies provide accurate and efficient control that helps in quick recovery of patient, influencing the market size expansion. Renal therapies utilize high precision blood pumps that minimizes the risks of arterial cannulation and heparin-induced bleeding favoring the market growth.
Rising preference towards specialty clinics will propel the market size
The specialty clinics end-use segment is predicted to witness 3.5% CAGR between 2020 and 2026. Growing number of individuals requiring critical care, availability of experienced professionals in speciality clinics and presence of precise healthcare infrastructure favours the segment growth.
Increasing cases of COVID-19 patients across the Asia Pacific will accelerate the market revenue
Asia Pacific critical care devices market garnered more than 23% revenue share in 2019 owing to rising cases of trauma injuries. In addition, malnutrition leading to weak immunity among the low-income population base will increase the market demand in the APAC region. Moreover, recent outbreak of COVID-19, is estimated to boost the need for critical care devices in the region.
Prominent critical care devices manufacturers’ initiatives will bolster the overall market expansion
Key players operating in market are Cardinal Health, GE Healthcare, Medtronic, Air Liquide Medical Systems, Koninklijke Philips, Becton Dickinson and Company, Boston Scientific Corporation, B. Braun, Asahi Kasei, Dragerwerk, ResMed, Smiths Medical, Getinge AB, Hamilton Medical, Ventec Life Systems, VYAIRE among others. These market players are involved in organic and inorganic market strategies such as collaborations and acquisitions to gain significant revenue shares in the critical care devices business.
Furthermore, industry players are also aiming to expand their critical care devices product portfolio and services to strengthen their market position as well as increase their customer base in the industry. For instance, in July 2019, Baxter launched PrisMax system for continuous renal replacement therapy in the U.S.
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