Critical Care Devices Market, Industry Analysis by Product, Age Group, Application, End–User & Forecasts to 2030
The global critical care devices market size is projected to grow at a significant CAGR during the forecast period 2020-2027. The market growth is attributable to growing demand for critical care devices such as patient monitoring, emergency resuscitation devices, ventilators, respiratory & cardiac support, and infusion pumps along with other life support devices. These devices are designed to offer 24-hour critical care and monitoring to seriously injured, the individuals with a life-threatening disease, or those who have undergone critical surgical procedure, thereby witnessing a high demand from the end users mainly, hospitals, trauma centers, home care settings and ambulatory surgical centers.
Moreover, increasing government funding, continuous introduction of technological upgradation in the critical care devices, growing investments by private sector in healthcare industry, and increasing prevalence of neurological disorders, cardiac diseases, respiratory diseases, acute coronary syndrome, hemodialysis and others are key factors aiding growth in the critical care devices market. Furthermore, growing medical tourism in Asian countries, high replacement rate associated with the critical care devices in the developed market and the introduction of advanced monitors capable of monitoring multi-parameter in a patient are few other factors generating potential demand in the critical care devices market.
In addition, increasing prevalence of infectious diseases along with rise in cases of road accidents and other trauma injuries is further expected to positively impact the growth in critical care devices market in the near future. Also, technological innovations in the critical care devices that are intended for use in intensive care units and surgical procedures have assisted various healthcare facilities to offer improved patient care, thereby boosting their demand.
In order to maintain their competitive edge, the key players operating in critical care market are adopting conventional business models that usually involves a combination of low-cost state-of-the-art products with their strong distribution networks. Increasing shift to a value-based healthcare model in developing economies has encouraged the critical care device manufacturers to upgrade their business models that focus on offering cost-effective products with enhanced clinical value. Cost-effectiveness and technological advancements have been two key factors anticipated to drive demand for critical care devices in the near future.
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Based on product, our scope of study has segmented the market into infusion pumps, ventilators, patient monitors and others including emergency resuscitation devices, ECG devices, and hemodialysis machines. In 2019, ventilators segment accounted for the largest revenue share in critical care devices market owing to their growing demand in intensive care unit (ICU) of hospitals and ambulatory surgical centers. Ventilators are the most expensive devices in an ICU owing to features such as microprocessor enabled closed loop control, equipped with visual and audible alarms, ability to maintain high-flow oxygen to manage respiratory insufficiency. With the increasing spread of Covid-19 a number of medical device manufacturers are focused on developing ventilators with advanced technology in order to cater the high demand. Thus, high demand and increased availability of technologically advanced ventilators is expected to aid the segment growth.
However, others segment is projected to grow at a lucrative CAGR during the forecast period. The wide usage of ECG devices, hemodialysis machines and emergency resuscitation devices in various healthcare settings for enhanced patient care is expected to drive the segment growth. In addition, high replacement rate and low price of these devices as compared to the other critical care devices such as ventilators is another key factor boosting the segment growth.
Age Group Insights
Based on age group, critical care devices market has been segmented into adults, geriatric, pediatric and neonatal. In 2019, geriatric segment accounted for the largest revenue share in critical care devices market. Growing geriatric population is a key driver for the critical care devices market. The number of elderly people diagnosed with chronic diseases and cancer is rapidly increasing across the globe. As per United Nations estimates, in 2012, global geriatric population accounted for 809.4 million individuals and is expected to double by 2050 and reach an estimated population of over 2,000 million. The rate at which the geriatric population is growing is a major concern for developed countries such as the U.S., Canada, the UK, France, Germany, and other European nations.
Moreover, due to the effects of aging and other unhealthy lifestyle, disease burden imposed by the geriatric patients is the highest. Furthermore, aging population accounts for majority of cases of cancer, respiratory, chronic cardiovascular, spinal, and neurological disorders, which in turn, necessitates the need for critical care devices, thereby aiding market growth.
Based on application, critical care devices market has been segmented into neurology, cardiology, renal care and others. In 2019, neurology segment accounted for the largest revenue share in critical care devices market. The growing number of patients with neurological disorders that are in constant need to monitor nerve and muscle activity is one of the key factor expected to boost segment growth. Increasing prevalence of neurological disorders such as stroke, migraine, multiple sclerosis (MS), chronic low back pain and spinal cord injury is further driving segment growth.
However, cardiology segment is projected to grow at a lucrative CAGR during the forecast period owing to increased usage of critical care devices in various cardiac treatment procedures such as surgery, coronary angioplasty, atrial fibrillation, acute coronary syndrome, pulmonary embolism, deep vein thrombosis and others.
End User Insights
The critical care devices market on the basis of end user has been segmented into hospitals, home care, ambulatory surgical centers and trauma centers. In 2019, hospitals segment accounted for the largest revenue share owing to high availability of advanced critical care devices such as ventilators and ECG devices used while treating various chronic diseases and trauma cases. Moreover, availability of high reimbursements on various critical care devices in hospitals and high patient inflow has led to increased demand, thereby aiding the segment growth. In addition, high availability of skilled healthcare professionals in hospitals further propels the segment growth.
Whereas, home care segment is anticipated to grow at a significant growth rate over the forecast period due to increasing set up of ICU units in the home care settings at affordable costs for patients with lower income levels.
This study examines the performance of market across six key regions, viz. North America, Western Europe, Eastern Europe, Asia Pacific, Latin America and Middle East & Africa. In 2019, North America accounted for the largest revenue share in critical care devices market owing to increase in geriatric population necessitating critical care devices along with growing prevalence of chronic diseases.
Moreover, high prevalence of cancer, cardiovascular, neurovascular, and other chronic disorders coupled with increasing FDA approval for critical care devices and increase in in-patient admissions in the CCU (Critical Care Unit) of hospitals and ASCs is further contributing significantly to the North America critical care devices market growth.
Competitive Market Insights
Competitive landscape analysis in the report covers 12-15 key players in this market. Some of the leading companies profiled in this study include ResMed, Draegerwerk, CareFusion Corporation, GE Healthcare, Medtronic Plc, Skanray Technologies, Fresenius Kabi, B. Braun Melsungen, Smiths Medical, Biometrix, Asahi Kasei Corporation, Avanos Medical Inc. and Airon Corporation; accounting for majority of the market share owing to their increased focus on technological advancements in the critical care solutions, focus on enhancing cost-effectiveness, efficacy, and safety along with post-sales services.
Majority of the companies are entering into strategic alliances such as merger & acquisitions, collaborations and product launches to compete in the market. For instance, in 2020, GE Healthcare entered into partnership with Ford Motor Company to enhance production of ventilators to meet the growing demand due to increasing COVID-19 patients. This strategy is anticipated to increase the company sales and strengthen its customer base. Moreover, an extensive competition analysis allows for an exhaustive market structure assessment. This section further offers insights on recent market developments, emerging opportunities, impactful trends and dormant business tactics.
A recent market intelligence report added to the repository of Credible Markets, titled “Critical Care Devices – Market Analysis and Forecast 2016 – 2027”, provides an extensive analysis of the global critical care devices market. The analysis and forecast is backed by the fact-based historic and current growth scenarios of the market. The report offers valued insights on the well-assessed market sizing (value) and growth projections for a stipulated period, 2016 – 2027.
The data has been meticulously gathered from some of the top industry experts and thorough secondary research. This information is authentic and dependable, and enables deeper understanding of critical care devices and their market potential at global as well as regional levels. It intends to help potential market entrants with their strategic business planning.
Detailed Analysis of Market Taxonomy:
The global critical care devices market report begins with a brief outline of the market taxonomy covering product, age group, application and end user analysis, along with an overview of the scope of its research. Detailed trend and opportunity assessment with respect to each product, age group, application and end user segment and associated sub-segments is the highlight of this section of the report. It then provides readers with a summary of the report that offers insights on market outlook and overall competition scenario in the critical care devices landscape. Relevant information and recent developments in surgical robot systems and accessories sector has been covered here. The market study then sheds light on the quick market background and its analysis with respect to critical care devices market research.
The report, in addition to analyzing the various socio-economic, political and technological aspects defining the performance of global critical care devices market, focuses on the overall scope of penetration and market attractiveness. The key market variables and their impact analysis with respect to the growth patterns of global critical care devices market are also evaluated in detail inside the report. It further provides information about the strategic background of market landscape, followed by the analysis of overall impact of the recent, current and upcoming strategic alliances and similar financial deals across the industry on performance of critical care devices market.
Covid-19 Impact Analysis:
Under an exclusive section that unleashes the covid-19 impact analysis on critical care devices market, the report attempts to track the evolution of growth path of market from 2019, through 2020, and post the medical crisis. While the pandemic has compelled entire industry to shift its preferences, it has turned the industry and its sub-sectors upside down within no time. The report covers deep-dive analysis of this impact particularly on the critical care devices market.
The report typically answers these FAQs-
• What is the market size and growth projections of this market?
• What are the top performing segments and regions of this market?
• What is the market size and growth rate across key countries?
• What factors will influence demand and supply trends in this market during the forecast period?
• What are the technology trends shaping this market?
• What are the key opportunities emerging in this market?
• What are the developmental strategies of key market players?
• What is the COVID-19 impact on the market and how long will it take to recover?
Segments Covered in the Report-
Product Type (Revenue, USD Million, 2016 – 2027)
• Infusion Pump
• Patient Monitor
Age Group Type (Revenue, USD Million, 2016 – 2027)
Application Type (Revenue, USD Million, 2016 – 2027)
o Coronary Angioplasty
o Atrial Fibrillation
o Acute Coronary Syndrome
o Pulmonary Embolism
o Deep Vein Thrombosis
• Renal Care
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End User Type (Revenue, USD Million, 2016 – 2027)
• Ambulatory Surgical Centers
• Home Care
• Trauma Centers
Regions covered in global critical care devices market report-
• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific
• Middle East & Africa