Discover the latest trends in the global critical care products market, driven by rising chronic illnesses and technological innovations.

VANCOUVER, BC, CANADA, June 3, 2024 /EINPresswire.com/ -- The global critical care products market, valued at USD 57.31 Billion in 2023, is projected to witness a steady revenue Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period. This growth is attributed to several key factors driving market expansion, including the rising prevalence of chronic illnesses, advancements in critical care technology, and growing government support for healthcare innovations.

Rising Prevalence of Chronic Illnesses

The surge in chronic illnesses, notably cardiovascular diseases (CVDs), has become a significant catalyst for the growth of the critical care products market. According to the World Health Federation (WHF), CVDs accounted for approximately 20.5 million global fatalities in 2021, with heart attacks and strokes contributing to a significant portion of these deaths. The increasing incidence of CVDs, coupled with aging populations, has propelled investments in critical care products, research, and preventive healthcare solutions.

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Advancements in Critical Care Technology

The market is further bolstered by advancements in critical care technology, such as continuous patient monitoring systems and AI-driven medical assistants. Startups like Vigocare and Clinomic are pioneering innovative solutions like Vigo Vitals and Mona OS 2, respectively, to enhance patient care and clinical decision-making in critical care settings.

Challenges in Market Growth

Despite the optimistic trajectory, the market faces challenges, particularly regarding the surging cost of medical equipment. High-income countries have witnessed a swifter reduction in CVD-related death rates compared to low- and middle-income countries, where the affordability of critical care equipment remains a significant barrier to access.

Segment Insights

Product Segment:

Haemodialysis Machines: Accounted for the largest revenue share due to the rising demand for haemodialysis treatments driven by the increasing prevalence of end-stage renal disease (ESRD) and chronic diseases like diabetes and hypertension.

ECG Devices: Registered the fastest CAGR, supported by advancements in portable and wireless ECG technology and the growing need for early detection and monitoring of cardiovascular diseases.

Application Segment:

Cardiology: Dominated the market due to the alarming rise in cardiovascular diseases globally, with ischemic heart disease emerging as a leading cause of premature death.

Renal Care: Recorded the fastest CAGR, driven by the growing incidence of chronic kidney disease (CKD) and the rising demand for hemodialysis and peritoneal dialysis services.

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End-Use Segment:

Hospitals: Accounted for the largest revenue share, supported by increasing patient admissions and the need for specialized critical care equipment.

Ambulatory Surgical Centres (ASCs): Expected to experience significant growth, offering a cost-effective alternative to hospital stays and providing improved accessibility for outpatient surgical procedures.

Critical Care Products Top Companies and Competitive Landscape

The global critical care product market is fairly fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products.

Koninklijke Philips N.V.,

Abbott

General Electric

Baxter

Advin Health Care

Boston Scientific Corporation

Compumedics Limited

Cook

Drägerwerk AG & Co. KGaA,

Dixion distribution of medical devices GmbH,

Fresenius SE & Co. KGaA

Getinge

ICU Medical, Inc.

heyer medical AG

Genixus

Critical Care Products Latest Industry Updates

On August 1, 2023, GENIXUS, a pharmaceutical company focused on revolutionizing acute and critical care medications, announced the expedited development and launch of their latest product under the KinetiX syringe platform: Rocuronium Bromide Injection. This decision was prompted by a recent natural disaster affecting manufacturing facility in Rocky Mount, NC, and the expected impact on the sterile injectables market due to this incident.

In January 2022, a virtual hospital and telehealth network called Avel eCARE contributed to the creation of the federally funded National Emergency Tele-Critical Care Network and increased its collaboration with the Department of Defense and the Department of Health and Human Services to offer critical care expertise to hospitals and municipalities in the South that are dealing with COVID-19 surges.

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Critical Care Products Market Segment Analysis

For the purpose of this report, emergen research has segmented global critical care products market on the basis of product, application, patient population end-use, and region:

Product Outlook (Revenue, USD Billion; 2019-2033)

Defibrillators

ECG devices

Haemodialysis machines

Infusion pumps

Ventilators

Feeding tubes

Anaesthesia monitors

CRRT machines

Others

Application Channel Outlook (Revenue, USD Billion; 2019-2033)

Cardiology

Neurology

Renal Care

Others

Patient Population Outlook (Revenue, USD Billion; 2019-2033)

Neonatal

Paediatric

Adults

Geriatric

End-Use Outlook (Revenue, USD Billion; 2019-2033)

Hospitals

Ambulance Surgical Centres (ASCs)

Specialty Clinics

Others

Regional Outlook (Revenue, USD Billion; 2019–2033)

North America

U.S.

Canada

Europe

Germany

France

U.K.

Italy

Spain

Benelux

Russia

Rest of Europe

Asia Pacific

China

Japan

South Korea

India

ASEAN Countries

Oceania

Rest of APAC

Latin America

Brazil

Mexico

Rest of LATAM

Middle East & Africa

GCC Countries

Israel

Turkey

South Africa

Rest of MEA

About Us:

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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Emergen Research
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