August 20, 2020
According to the research report titled ‘Critical Care Devices Market Size By Product, By Application Field, By End-use, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global critical care devices market is anticipated to register substantial growth over 2020-2026.
Factors such as surging demand for critical care devices in hospital ICUs, technological advancement in medical facilities, and improving healthcare infrastructure are key factors propelling the growth of global critical care devices market.
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Mounting pressure on critical care resources due to rising number of COVID-19 cases have impelled the demand for critical care devices, which in turn is stimulating the overall market outlook.
For the record, critical care refers to a medical treatment that is typically offered to severely ill patients admitted in the ICU. The treatment primarily deals with people suffering from life-threatening ailments such as organ failures, and effectively meets the patient’s requirements with the help of diagnostic & therapeutic technology as well as advanced monitoring devices.
Based on product terrain of global critical care devices market, the hemodialysis machines segment is expected to record a CAGR of 4.5% over 2020-2026, primarily due to rising geriatric population suffering from ESRD (end-stage renal disease).
With regards to the application spectrum, the neurology segment accounted for 14% of the market share in the year 2019 and is anticipated to witness similar growth in the ensuing years. Advancement in neurology coupled with increasing production of efficient and enhanced devices are responsible for the growth of the segment.
Speaking of end-user landscape, the specialty clinics segment is projected to register a CAGR of 3.5% through 2026, owing to increasing accessibility of technologically advanced products in the clinical settings.
As per the regional analysis, Latin America critical care devices industry accounted for USD 2 billion in the year 2019 and is expected to grow significantly over the period. Rising development of healthcare infrastructure in tandem with surging demand for critical care devices, ventilators, and hospital beds due to the outbreak of the COVID-19 pandemic are bolstering the expansion of the regional market.
Moreover, increasing utilization of critical care devices in ICUs is further augmenting the growth of Latin America critical care devices market.
The key players operating in global critical care devices market include B. Braun Melsungen AG, Baxter International Inc., Cardinal Health, Inc., Breas Medical AB, Air Liquide Medical Systems Pvt. Ltd, Asahi Kasei Corporation, Teleflex Incorporated, Bunnell Incorporated, Ventec Life Systems, Q-core Medical Ltd., Vyaire Medical, Inc., Hamilton Medical, Getinge AB, Boston Scientific corporation, BD, Skanray Technologies Pvt. Ltd, Avanos Medical, Inc., OSI Systems, Inc., Airon Corporation, Biometrix, Smiths Medical, Fresenius Medical Care AG & Co. KGaA, ICU Medical, Inc., Medtronic plc, General Electric Company, Drägerwerk AG & Co. KGaA, Koninklijke Philips N.V., and ResMed among others.