According to a study conducted by Research Dive, the global critical care devices market is expected to register a revenue of $41.5 billion till 2027, growing at a rate of 3.2% CAGR during, 2019-2027.
Critical care devices market will witness to have a positive impact with the pandemic in 2020. Innovation in critical care devices which are used in surgical procedure and rise in the intensive care units have enabled healthcare institution to provide patient better healthcare facilities is predicted to drive the market during the pandemic. Government of various countries across the globe have taken various initiative for treating the patients, which is predicted to drive the market in the forecast period.
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For instance, in July 2020, Government of India have launched various schemes to boost production of local bulk drugs, medical devices with an objective to make India self-reliant in production of 53 critical (active pharmaceutical ingredients) APIs or Key Starting Materials (KSMs), and in production of treating various critical disease through medical devices. Lack of skilled labor for operating these devices is predicted to hamper the market in the forecast period. During this unpredicted situation, we are helping our clients in understanding the impact of COVID19 on the critical care devices market. Our report includes:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
The global market is classified on the basis of Product, application field, and end use. The report provides detailed information about drivers, opportunities, restraints, segmental analysis and competitive players of the market
Factors Affecting the Market Growth
As per our analyst, increasing demand of the critical care devices in various healthcare institution for treating various chronic diseases is predicted to drive the market in the forecast period. On the other hand, cost of these critical care devices is very high which is predicted to hinder the market growth in the projected time frame.
Multiparameter Monitoring Devices is Predicted to Grow Enormously
On the basis of product, the global critical care devices market is further classified into CRRT machines, ventilators, infusion pumps, ECG devices, multiparameter monitoring devices, hemodialysis machines, feeding tubes and others. Multiparameter monitoring devices segment accounted for $4.4 billion in 2019 and is predicted to grow with a CAGR of 3.6% in the forecast period. Increasing case of various chronic diseases in various region across the globe is predicted to boost the market in the forecast period. The chronic diseases are treated with multiparameter monitor which helps the user to give detail information of the patient’s condition which is predicted to boost the segment market in the estimated timeframe.
Neurology Segment Is Predicted to be the Most Lucrative Segment
On the basis of application segment, the global critical care devices market is further classified into renal care, cardiology, neurology and others. Neurology segment accounted for $10.3 billion in 2019 and is predicted to grow with a CAGR of 3.8% the forecast period. The neurological disorders consists of chronic back pain, migraine headache, heart stoke and many other chronic disease are related to neurological disorders. Rising incident of neurological patients as compared to others is predicted to drive the neurology segment in the forecast period.
Hospital segment Is Predicted to be the Most Profitable Segment
On the basis of end use, the global critical care devices market is further classified into hospitals, ambulatory surgical centers, specialty clinics and others. Hospital segment accounted for $12.2 billion in 2019 and is predicted to grow with a CAGR of 2.8% in the forecast period. Rising number of chronic diseases rises the demand of hospital segment in the forecast period. Hospital provides all the healthcare facilities with skilled labors to the patients which is predicted to drive the segment market in the estimated period.
Regional Breakdown of the Market
On the basis of region, the global critical care devices market is further classified into North America, Europe, Asia-Pacific and LAMEA. North America region market accounted for $11.2 billion in 2019 and is predicted to grow with a CAGR of 2.8% in the forecast period. Increasing geriatric population, increasing prevalence’s of chronic disease, and change in the lifestyle have witnessed some chronic diseases among the population which is predicted to boost the region market in the forecast. Moreover, government support for the development of various medical devices is predicted to drive the market in the forecast period.
Top Companies Leading the Market
The major key player in the critical care devices market are GE Healthcare, Cardinal Health, Breas Medical, Boston Scientific Corporation, Biometrix, Asahi Kasei Corporation, Airon Corporation, Air Liquide Medical Systems, Biometrix and Avanos Medical, Inc, among others
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