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Critical Care Devices Market 2020 by industry trends, statistics, key companies growth and regional forecast

Author : Ronak Bora | Published Date : 2020-09-02 

Critical Care Devices Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

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 authorization 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 utilized with any ventilator.

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According to a research report by GMI Inc. the critical care devices market is likely to surpass a valuation of $51 billion 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 6% 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.

Demand from the cardiology segment is estimated to grow notably in the next few years on account of the rising prevalence of cardiovascular disease associated demand for cardiac monitoring devices. Rapid development in technology along with benefits offered by the device for cardiac care is boosting product demand and will positively impact industry growth will further propel the industry growth.  

In 2019, critical care devices industry across ambulatory surgical centers segment held 29% of the overall market share and will gain substantial growth through 2026. The growth can be attributed to the increased patient preference for these centers due to the availability of technologically advanced products, better patient management and lesser cost. Also, risk of HAIs is much lower in ambulatory settings as compared to hospitals, which may boost patient growth Growing demand for critical care devices in Europe

Europe critical care devices market size had reached USD 9 billion in 2019 and is expected to grow over 2020-2026. Presence of a large number of drug machinery manufacturers in the region along with availability of advanced healthcare facilities with well-equipped machines is boosting regional growth. Moreover, rising prevalence of chronic diseases, general treatment affordability as well as favorable medical reimbursement scenario across Europe may further boost product penetration.

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 U.S. 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. 

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/critical-care-devices-market  

Partial Chapter of the Table of Content 

Chapter 4.    Critical Care Devices Market, By Product

4.1. Key segment trends

4.2. Infusion pumps

4.2.1.    Market size by region, 2015 - 2026 (USD Million)

4.3. Ventilators

4.3.1.    Market size by region, 2015 - 2026 (USD Million)

4.4. ECG devices

4.4.1.    Market size by region, 2015 - 2026 (USD Million)

4.5. Multiparameter monitoring devices

4.5.1.    Market size by region, 2015 - 2026 (USD Million)

4.6. CRRT machines

4.6.1.    Market size by region, 2015 - 2026 (USD Million)

4.7. Hemodialysis machines

4.7.1.    Market size by region, 2015 - 2026 (USD Million)

4.8. Feeding tubes

4.8.1.    Market size by region, 2015 - 2026 (USD Million)

4.9. Others

4.9.1.    Market size by region, 2015 - 2026 (USD Million)

Chapter 5.    Critical Care Devices Market, By Application Field

5.1. Key segment trends

5.2. Renal Care

5.2.1.    Market size by region, 2015 - 2026 (USD Million)

5.3. Cardiology

5.3.1.    Market size by region, 2015 - 2026 (USD Million)

5.4. Neurology

5.4.1.    Market size by region, 2015 - 2026 (USD Million)

5.5. Others

5.5.1.    Market size by region, 2015 - 2026 (USD Million)

 

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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