Latest Update 2020: Early Impacts of COVID-19 on Critical Care Devices Market Trends and Future Dynamics 2027
Pune, New York, USA, November 20 2020 (Wiredrelease) Research Dive –:The emergence of COVID-19 all over the world has impacted the global critical care devices market in a positive way. This is owing to the increased usage of critical care devices for the treatment of COVID-19 affected patients. Moreover, the increasing number of geriatric population coupled with a surge in number of chronic diseases is increasing the demand for critical care devices, which is expected to drive the global market growth after COVID-19 pandemic.
The global critical care devices industry is likely to witness an increase in growth rate due to the outbreak of COVID-19. As per a new Research Dive published report, the global critical care devices market accounted for $32.1 billion in 2019 and is projected to surpass $41.5 billion by 2027. Comprehensive analysis on drivers, challenges, restraints, lucrative opportunities, and strategies implemented by market players and governments across the globe to sustain in the COVID-19 crisis are further offered in the report.
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Pre Market Forecast and the Current Market Scenario
The global critical care devices industry was likely to grow at a CAGR of 3.0% by 2026 prior to COVID-19 crisis.
While due to the COVID-19 pandemic, now the market is predicted to rise at a CAGR of 3.2% during the forecast period. This is majorly due to the rising demand for critical care devices for the treatment of COVID-19 affected patients.
The projected pre COVID-19 market size for critical care devices market was $33.0 billion in 2020 and is expected to witness an impressive growth and reach up to $33.3 billion due to COVID-19 pandemic. The demand for intensive care units have increased due to COVID-19 outbreak, which is expected to boost the critical care devices market growth. In addition, governments of various countries across the globe are taking initiatives for treating numerous chronic patients, which is expected to boost the growth of the market in the forecast period. For instance, the Indian government in July 2020 introduced three production incentive schemes to fight against the corona virus. These schemes are worth Rs. 12,000 crores to boost the local manufacturing of API, bulk drugs, and medical devices.
Prominent layers of the Industry
The key players operating in the global critical devices market include Cardinal Health, GE Healthcare, Breas Medical, Biometrix, Boston Scientific Corporation, Asahi Kasei Corporation, Air Liquide Medical Systems, Airon Corporation, Avanos Medical, and Biometrix. The report summarizes various aspects of all these key players including financial performance, product portfolio, recent strategic moves & developments, and SWOT analysis.
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Post-Pandemic Industry Landscape
As per the report, the global critical care devices market is predicted to sustain its progressive growth even after the pandemic. Technological advancements in various critical care devices is the major factor expected to escalate the growth of the global market after the COVID-19 pandemic. For instance, Novalis has invested in Enzyre to support the development of an advanced hand-held diagnostic and monitoring critical care device, ‘Enzypad’ that helps in monitoring of haemophilia patient blood coagulation status.
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