Global critical care devices are projected to drive due to the increase in the geriatric population, the surge in chronic disease, and the growth in public healthcare investments globally
critical care devices
The global critical care devices market size anticipated growing with a CAGR of over 32.61%, during the forecast period, 2020-2027. It is primarily attributed to supportive reimbursement policies that offer medical treatment to various patients at an economical price. Additionally, the increasing private sector investments in the healthcare industry and growing patient population base will impact the growth of the critical care devices industry in the future. Further, the high replacement rate of essential devices of care, increasing medical tourism in developing countries, and the development of multiparameter monitors are expected to witness remarkable growth of the global critical care devices market. Also, the technological developments about advancement in the critical care device are likely to propel the demand for essential devices of care over the coming years.
Moreover, the surge in demand for accurate and rapid preventive health care services in the developing economies will spur the global critical care devices market share in the forecast span. Also, the mounting geriatric population, increasing population of chronic and respiratory diseases, rising number of local manufacturers in developing countries, and the increasing number of super-specialty hospitals across the world will accelerate the growth of the market. Furthermore, the innovations in the field of complicated surgeries and ease of regulatory requirements to facilitate the production of critical care devices will augment the critical care devices industry.
Product Overview in the Global Critical Care Devices Market
Based on the product, the global critical care devices market classified into Infusion Pump, Ventilator, Patient Monitor, and Other. The Ventilator will be the fastest-growing segment in the forecast period. It is attributable to the surge in demand for ventilators for its use in managing critically ill patients, and rapid manufacturing of emergency ventilators, worldwide, and the development of low-cost ventilators.
Type of Monitoring Overview in the Global Critical Care Devices Market
Based on the type of monitoring, the global critical care devices market segregated into hemodynamic monitoring, vital signs monitoring, neurologic monitoring, and brain function monitoring. The hemodynamic monitoring held for the highest revenue in 2019. Its help in early detection of perfusion's inadequacy and monitoring the correct assessment of the cardiovascular system and its response to tissue oxygen demands.
Patient Overview in the Global Critical Care Devices Market
Based on the patient, the global critical care devices market segmented into an adult, geriatric, and paediatric and neonatal. The paediatric and neonatal segment accounted for a larger market share in 2019 and projected to lead the market by 2027. Many newborn children are readily affected by diseases in developing countries due to the massive demand for critical care devices for caring for newborn babies.
End-User Overview in the Global Critical Care Devices Market
Based on the end-user, the global critical care devices market segment into hospitals, ambulatory surgical centers, home care, trauma centers, and others. The hospitals' segment generated the most significant revenue in 2019, on account of the swelling number of ICU beds and the growing development of hospital infrastructure to tackle chronic diseases.
Regional Overview in the Global Critical Care Devices Market
By geography, the global critical care devices market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America accounted for maximum revenue share in 2019 due to the high healthcare expenditure, the presence of developed healthcare infrastructure, and the high adoption rate of technological advancements in the region.
Global Critical Care Devices Market: Competitive Landscape
Companies such as Philips Respironics, GE Healthcare, Maquet Holding, Medtronic plc, ResMed, Draegerwerk, Biometrix, Fisher & Paykel, CareFusion Corporation, Skanray Technologies, ICU Medical, Airon Corporation, Fresenius Kabi, Smiths Medical, NP Medical, and OSI Systems are the key players in the global critical care devices market.
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