Top 3 trends characterising the critical care devices market by 2026
The global critical care devices market is estimated to observe tremendous growth due to the increasing number of patients being admitted to ICUs or emergency care units. In addition, technological advancements leading to the innovation of new products is likely to further fuel the critical care devices market size over the coming years.
Taking April 2020 for instance, Hillrom, a US-based medical device company reportedly launched new connectivity advancements, medical device and updates clinical protocols to enable care givers to diagnose and treat COVID-19 patients more easily.
The FDA also granted the company’s MetaNeb System an emergency use authorisation to help COVID-19 patients. The MetaNeb System effectively combines secretion clearance, lung expansion, and aerosol delivery within a single combined therapy session and also can be utilised with any ventilator.
According to a research report by Global Market Insights, the critical care devices market is likely to surpass a valuation of $51bn by 2026.
Below is a brief overview of three major trends that are influencing the critical care devices market growth:
Increasing demand for ventilators
In terms of product, the market is bifurcated into ventilators, infusion pumps, CRRT machines, multiparameter monitoring devices, feeding tubes, ECG devices, and hemodialysis machines among others. Of these, in 2019, the ventilators segment accounted for an industry share of more than six percent with the COVID-19 further pushing industry demand.
In fact, the rapidly increasing spread of the coronavirus pandemic is a key factor that is propelling the ventilator demand all across the world as they are essential care equipment for patients. In addition, an upsurge in the number of people diagnosed with chronic respiratory diseases should further proliferate the market growth over the forecast timespan.
Increasing prevalence of cardiovascular disorders
With regards to application, the market is bifurcated into neurology, cardiology, renal care, and others. The cardiology segment is anticipated to register tremendous gains owing to the growing cases of cardiovascular disorders across the globe, which is augmenting the need for cardiac monitoring devices and generating remunerative growth opportunities.
Furthermore, technological advancements in the cardiological devices and the benefits they offer to effectively improve cardiac care should further impel the segment size over the coming years. The cardiology segment is projected to expand at a CAGR of more than two percent through the forecast timeframe.
Growing demand for critical care devices in Europe
The strong presence of key manufacturers is likely to fuel the Europe critical care devices market size over the coming years. The regional market holds a valuation of more than $9bn and is projected to observe significant growth by the end of the projected timeframe.
Numerous advancements in the healthcare sector, presence of well-equipped facilities, and the growing number of patients suffering from chronic diseases should increase product deployment in the region. In addition, the increasing disposable income leading to affordability of treatment is likely to fuel the regional market size over the coming years.
Key companies in the critical care devices market are increasing their production capacities to meet the tremendous product demand generated by the ongoing COVID-19 pandemic, as it is creating immense need for ventilators across the world to treat patients.
Manufacturers across the world are also entering partnership deals to effectively meet this increasing demand. Taking April 2020 for instance, Hamilton Medical inked a partnership agreement with General Motors to open a new manufacturing line for producing critical care ventilators near its US office located in Reno, Nevada.
The competitive landscape of the global critical care devices market is inclusive of players such as ResMed, Getinge, Dragerwerk, B. Braun, Boston Scientific, Baxter, Becton Dickinson, Fresenius Medical Care, Asahi Kasei Corporation, Koninklijke Philips, Air Liquide Medical Systems, GE Healthcare, and Cardinal Health among others.
You can view the report here.