The global critical care devices market accounted for a value of USD 11.4 billion in 2019 and and is projected to register growth at a CAGR of 3.3% during forecast period.
COVID-19 has impacted the critical care devices market. The COVID-19 is rapidly spreading among various countries which increases demand for various equipments such as ventilators and others in the hospitals. The COVID-19 patients are increasing rapidly and the manufacturing units of such equipments are operating during lockdown to supply the equipment on time to the hospitals. The market for critical care devices has witnessed immense growth in 2020 and is likely to grow significantly during forecast period sue to COVID-19
For more details, visit: Global Critical Care Devices Market By Product (Ventilators, Infusion Pumps, Others), By Application (Cardiology, Pulmonology, Others), By End-Users (Hospitals, Home Care, Others) By Region, Forecast & Opportunities to 2026
The demand for intensive care units is increasing immensely due to outbreak COVID-19 around the world. The patients of corona virus highly required respiratory instruments and ventilators due to lack of oxygen in the body. The healthcare industries are working day and night to fulfill the for critical care equipments demand. The number of patients is increasing day by day and this drives growth in critical care devices market during forecast period.
On the basis of product, the critical care devices market is segmented into patients monitoring system, ventilators, infusion pumps and others. The patient monitor system segment accounted for largest market share in 2019 and it is estimated to hold largest market share during forecast period. The patient monitoring system is one the vital equipment and it used in almost all the hospitals around the globe. However, the ventilators segment is estimated to register growth at highest CAGR during forecast period. The demand for ventilators is rapidly increasing around the globe due to outbreak of corona virus. The number of respiratory diseases is also rising which leads to high adoption of ventilators by the end-users. This is likely to drive growth in ventilators segment during forecast period.
On the basis of product, the critical care devices market is segmented into cardiology, pulmonology, neurology, orthopedic and others. The cardiology segment is estimated to grow at highest CAGR during forecast period. The cardiovascular disease is considered as one of the top causes of deaths in the world. As revealed by Centers for Diseases Control and Prevention, approximately 655,000 people in America die due to heart disease every year. To prevent death due to CVD, various critical care equipments are used such as cardiovascular intensive care unit (CICU) in the hospitals. The severe patients are admitted in the CICU and the number of patients in CICU ward in increasing. The patients in CICU require intensive care systems and trained staff. This increases demand for critical care devices in cardiology application. Thus, drives growth in this segment during forecast period.
North America region is estimated to dominate the market during forecast period. The geriatric population is increasing in this region and the incidence of chronic diseases is increasing rapidly. This increases demand for critical care equipment in this region. The lifestyle of people is changing and this increases the spending on health. The government in this region is adopting various initiatives to support market for critical care devices. The large number of manufacturers are present in this region leads to innovative and better products launching. This drives growth in North America region during forecast period.
The key market players in critical care devices industry are General Electric Company, B. Braun Melsungen AG, Medtronic, Baxter International Inc., Koninklijke Philips N.V., Getinge AB, Hamilton Medical, Lowenstein Medical UK Ltd., Dragerwerk AG & Co. KGaA, Nihon Kohden Corporation, Fisher & Paykel healthcare Ltd., Shenzhen Mindray Biomedical Electronics Co., Trivitron, BPL, Asahi Kasei Corporation and Skanray Technologies Pvt. Ltd.
- What are the expected industry trends over the next three to five years?
- Which of the critical care devices product is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?