Critical Care Devices Market, by Product Type (Vital Sign Monitor, Anesthesia Workstation, Ventilator, Tourniquet, ECG Machine, Infusion Pump, Syringe Pump, Pendant), End-User (Hospital, Ambulatory Surgical Center, Homecare, Trauma Center, Others), Application (Surgery, Coronary Angioplasty, Atrial Fibrillation, Acute Coronary Syndrome, Pulmonary Embolism, Deep Vein Thrombosis, Hemodialysis: Global Opportunity Analysis and Industry Forecast, 2020–2027

The critical care devices market will witness growth mainly due to the rise in population and growing advancement in medical science. Critical care devices are high on demand due to their demand in treating intensive care unit patients.

Critical Care Devices Market Analysis:

Critical care or intensive care is required for patients in life-threatening conditions. Critical care units require to be staffed, designed and equipped in order to treat and monitor patients. Critical care devices are geared towards providing constant medical attention and support to the patients. Critical care devices help in providing better treatment facilities due to their constant reliability, efficiency, and 24 hours support facility. 

Technological advancement and treatment for medical emergencies are expected to drive the global critical care devices market:

With growing technological advancement, critical care devices will have an increase in demand. Today medical treatments involve a number of complicated procedures in which critical care devices make it easier to perform. Clinical science is continually developing, and it requires advanced gears to back it up. Alongside mechanical headway, treatment of health-related crises, for example, injury, cardiovascular medical procedure, neurosurgery, orthopedic medical procedure, and so on popularizes critical care devices. 

Lack of skilled personnel and high cost is projected to restrain the growth of the global critical care devices market:

Progressed critical care equipment or devices require accurate and legitimate information about operating the devices. Skilled personnel are needed in order to operate critical care devices in a correct manner. In addition, critical care devices are very expensive because of which developing and under-developed countries fail to equip with these devices. Recruiting skilled personals or training pre-existing employees can turn out to be very expensive as these critical care devices are already priced at a very high cost. Lack of skilled personnel and the high cost of the devices are two crucial components that restrain the growth of the critical care devices market.

Expanding improvement in the healthcare system and Growing Medical Tourism are projected to create enormous opportunities for the critical care devices market

New opportunities have opened up due to constantly improving healthcare infrastructure, technological advancements, rising disposable incomes, and increasing developments in the healthcare system. These factors are foreseen to act as an opportunity in the upcoming period. Moreover, growing medical tourism requires critical care devices for providing improved and better services to treat their patients. Eventually, high healthcare expenses will result in market growth and provide numerous opportunities.

Critical Care Devices Market, by Product Type:

Vital sign monitors and ventilators will be most lucrative till 2027

Critical care devices market growth includes the increasing number of ICU beds, high demand for ventilators and monitors, increased manufacturing capacities of critical care devices, and lenient regulatory requirements to facilitate the production of critical care devices. Some other critical care devices are anesthesia workstation, tourniquet, ECG machine, infusion pump, syringe pump, and pendant. 

Critical Care Devices Market, by Application:

Usage of critical care devices for surgeries will observe

a predominant growth rate till 2027

By applications, critical care devices are classified into various segments such as surgeries, coronary angioplasty, atrial fibrillation, acute coronary syndrome, pulmonary embolism, deep vein thrombosis, and hemodialysis. Out of these, critical care devices usage for surgeries is the most popular application which is anticipated to drive the global critical care device market in the projected time. Rising demand for remote patient monitoring devices in hospitals, trauma centers, clinics, and others act as a growth driver in the critical care devices market. 

Critical Care Devices Market, by End-User:

Hospitals and clinics are the top-most end-users of critical care devices

Critical care devices can be segmented into hospitals, ambulatory surgical centers, home care, trauma centers, and others. Critical care devices are widely used in hospitals and clinics as they are necessary medical equipment to treat emergency medical cases such as heart-attack, laparotomy, gall bladder removal, and others. This factor contributes toward the growth in the critical care devices market.

Critical Care Devices Market, by Region:

Critical care devices market was analyzed across North America (U.S., Canada), Europe (Germany, UK, France, Italy, Spain), Asia-Pacific (Japan, China, India, Australia, Singapore), Latin America (Brazil, Mexico), Middle East and Africa (Saudi Arabia, South Africa).In 2019, North America dominated the market share in the critical care devices market, trailed by Europe. The presence of a significant number of market players in North America makes the manufacturing of critical care devices convenient in this region.

In different regions, for example, Asia-Pacific region, the odds of development in critical care devices market are high due to increasing patient population base, increase in per capita income, advancement in technologies, and rise in Asian medical tourism.

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Key Participants in the Critical Care Devices Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Some of the significant players in the global critical care device market are ResMed, Philips Respironics, Draegerwerk, CareFusion Corporation Becton Dickson, GE Healthcare, Medtronic plc, Skanray Technologies, Maquet Holding B.V. & Co., KG Maquet Holding, ICU Medical, Fresenius Kabi, and others. Innovative designs, launching of advanced critical care device products, and cloud-based software health solutions are a portion of the methodologies inferred by the setup association in the critical care market.

To emphasize more on the competitor analysis of market players, the Porter’s five force model is explained in the report.

Source: Research Dive Analysis