New York, USA, April 27, 2021 (GLOBE NEWSWIRE) -- A latest report on the global critical care devices market by Research Dive unfolds the impact of COVID-19 pandemic on the current and future growth of the global industry. The report is drafted by closely evaluating important factors like prime industry drivers & limitations, current trends & advances, regional market conditions, and size & scope of the industry in the course of the pandemic. The report states that the COVID-19 pandemic has made an optimistic impact on the industry growth.
Factors Impacting the Market Growth Prior to After the COVID-19 Pandemic
The global critical care devices market registered a revenue of nearly $32.1 billion in 2019 and is anticipated to grow at a 3.2% CAGR, surpassing $41.5 billion by 2027. The majority of critical care products are used to treat multiple chronic diseases. The rising demand for these devices to treat a variety of deadly diseases such as cardiovascular disease, respiratory disorders, cancer, and others is expected to be the primary driving force for the market during the forecast period. Furthermore, the rising geriatric population is expected to be one of the major factors driving the growth of the market during the analysis period.
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In the near future, technological advancements in these devices are expected to generate further investment opportunities. Individuals rely heavily on critical care health devices to help them monitor their health. The shortage of skilled labor to operate various critical care devices is expected to hamper the growth of the market during the analysis period. Furthermore, critical care health devices are very expensive, so some health care institutions cannot afford them, which is expected to be the most important constraint for the growth of the global critical care devices market during the analysis period.
Highlights of the Report
- The global critical care devices market CAGR, as projected before the rise of the COVID-19 pandemic, was 3.0% in the forecast period, 2020—2027.
- The global critical care devices market CAGR, as projected post the rise of the COVID-19 pandemic, is anticipated to be 3.2% during the course of the forecast period, 2020—2027.
- The global critical care devices market sector size in 2019, as projected before the commencement of the COVID-19 pandemic, was USD 33.0 billion.
- The current market size (2020), tolerating the impacts of the COVID-19 pandemic, is USD 33.3 billion.
Present Picture of the Market due to COVID-19 Disaster:
The global critical care devices market has benefited from the COVID-19 emergency. It has been noted that, as a result of the coronavirus's effects, most healthcare institutions have increased their use of these devices for treating patients, which is projected to be the most significant driving factor for the global critical care devices market during a pandemic. Furthermore, growing demand for intensive care units as a result of the covid-19 outbreak is expected to drive the market during the analysis period. Governments around the world have taken a variety of initiatives to treat numerous chronic patients, which is expected to boost the growth of the market during the analysis period. For example, in July 2020, the Indian government unveiled three development incentive schemes worth Rs 12,000 crore to boost local manufacturing of API, medical devices, and bulk drugs in order to combat the corona virus. The government also announced two other incentive programs aimed at increasing domestic medical device manufacturing and establishing bulk drugs.
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Regional Analysis:
On the basis of region, the global critical care devices market is further divided into North America, Europe, Asia-Pacific and LAMEA. North America region market garnered a revenue of $11.2 billion in 2019 and is predicted to grow with a CAGR of 2.8% in the analysis period. Increasing geriatric population, the chronic disease prevalence, and changes in lifestyle have resulted in some chronic diseases among the population, which is anticipated to boost the growth of the market in the analysis period. Furthermore, government funding for the production of various medical devices is expected to drive the demand during the analysis period.
Future Scope of the Industry:
According to the report, the global critical care devices market will witness significant growth in 2020 and is anticipated to follow the trend until the end of the analysis period. As the prevalence of chronic diseases rises, so will the demand for critical care products, which is anticipated to drive the growth of the global critical care devices market during the analysis period. Furthermore, the cases of transmitted diseases, an increase in the geriatric population, and an increase in road accidents globally are expected to drive the market during the analysis period. According to the World Health Organization (WHO), approximately 1.35 million people die each year as a result of traffic incidents in which the emergency care unit is used to provide the patient with appropriate medical facilities. Technological advancements in various critical care devices are expected to generate more investment opportunities for investors in the analysis timeframe. Novalis, for example, invests in Enzyre to support the development of Enzypad, a ground-breaking hand-held diagnostic and monitoring system that aids in the monitoring of haemophilia patients' blood coagulation status, allowing for quick intervention to avoid or stop bleeding. On the other hand, a shortage of qualified labor and the high costs associated with treating patients with various critical care devices are expected to hamper the growth of the market in the analysis timeframe.
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New participants and some of the top companies such as
- Avanos Medical, Inc
- GE Healthcare
- Biometrix
- Cardinal Health
- Air Liquide Medical Systems
- Breas Medical
- Airon Corporation
- Boston Scientific Corporation
- Asahi Kasei Corporation
- Biometrix,
and others are likely to structure the future of the global critical care devices market in the coming years.
For instance, in October 2020, Medela Healthcare, global manufacturer of medical vacuum solutions, announced that their mobile suction devices that are used as an alternative to wall vacuum - can help expand critical care capacity and support UK hospitals in the fight against COVID-19. Used in Europe and worldwide, the company’s portable medical suction machines are designed to provide suction and fluid removal during respiratory treatment provided with ventilators.
The report offers many strategies and ideas of the top industry players functioning in the industry such as the current strategic plans & developments, financial performance, SWOT analysis, and product/service range.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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