The global critical care devices market registered a revenue of nearly $32.1 billion in 2019, and is anticipated to grow at 3.2% CAGR, surpassing $41.5 billion by 2027.
The market is going to experience a positive impact in 2020 due to the pandemic. Increasing demand of the critical care devices for treating various chronic diseases is predicted to drive the market in the forecast period. On the other hand, lack of skilled labor is predicted to hinder the market in the forecast period.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|3.0%||3.2%||17||USD 33.0 Billion||USD 33.3 Billion|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Critical care devices are mostly used for treating various chronic diseases. Increasing demand of these devices for treating various deadly diseases like cancer, cardiovascular diseases, respiratory problems and many others is predicted to be the major driving factor for the market in the forecast period. In addition, increasing geriatric population is predicted to be the one of the major reasons for driving the market in the forecast period. Technological advancement in these devices is anticipated to create more investment opportunity in the near future.
Individuals are highly dependent on the critical care health devices that help them to monitor their health. Lack of skilled labor for operating various critical care devices is predicted to hamper the market growth in the forecast period. In addition, critical care health devices cost very high due to which some of the health care institutions cannot afford it, which is predicted to be the biggest restraint for the global critical care market growth in the forecast period.
The critical care devices market will witness to have a positive impact due to the pandemic. It has been noticed that due to the impact of the coronavirus, most of the healthcare institutions have increased the usage of these devices for treating patients, which is predicted to be the biggest driving factor for the market during pandemic. Moreover, increasing demand for intensive care units due to the covid-19 outbreak is predicted to drive the market in the forecast period.
Governments across the globe have taken various initiative for treating various chronic patients which is predicted to drive the market in the forecast period. For instance, in July 2020 to fight against the corona virus the government of India unveils 3 production incentive schemes worth Rs 12,000 crore to boost local manufacturing of API, medical devices and bulk drugs. The government also notified two other incentive schemes aiming to boost domestic medical manufacturing devices and establishing bulk drugs.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
Increasing cases of chronic diseases gives rise to the demand of critical care devices which is predicted to boost the global market in the forecast period. Moreover, increasing cases of transmitted diseases, rise in the geriatric population and road accidents across the globe are predicted to drive the market in the projected period. According to World Health Organization (WHO), it has been estimated that approximately 1.35 million people die each year as a result of road accidents where the emergency care unit are required to provide the patient with necessary medical facilities.
Technological advancement in various critical care devices is predicted to create more investment opportunity for the investors in the forecasted timeframe. For instance, Novalis invests in Enzyre to support development of Enzypad, a breakthrough hand-held diagnostic and monitoring device which helps in monitoring of haemophilia patient blood coagulation status, enabling fast action to prevent or stop bleeding. On the other hand lack of skilled labor and high cost involved in treating patient with various critical care devices is predicted to hamper the market growth in the projected timeframe.
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- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Critical Care Devices Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity