Critical Care Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Critical Care Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Critical Care Diagnostics market is expected to register a CAGR of 6% over the forecast period, 2022-2027.

As the COVID‐19 pandemic continues to expand throughout the world, innovative methods are required to involve residents in the care of critically ill COVID‐19 patients. Several initiatives and implementations have been carried out by various government organizations and market players related to critical care which are likely to drive market growth. For instance, in November 2021, the Gujarat government planned to rope in private doctors to start tele-ICU services that are expected to ease the pressure on government hospitals and health centers in rural and remote areas that have a dearth of specialized doctors. Moreover, In July 2022, with the support of the European Union early in the COVID-19 pandemic, the European Society of Intensive Care Medicine (ESICM) developed the C19 Skills Preparation Course (C19_SPACE) to orientate and supplement clinical learning for nurses and doctors not regularly or newly engaged in intensive care units (ICUs). Thus, in view of the aforementioned factors, the pandemic is likely to significantly impact the market studied.

The critical care diagnostics market is primarily driven by the increasing global prevalence of chronic and lifestyle-related disorders and advancements in diagnostic technologies. For instance, according to the Centers for Disease Control and Prevention (CDC) data updated in July 2022, in the United States, 6 in 10 adults have a chronic disease and 4 in 10 adults have two or more chronic diseases which include heart disease, cancer, stroke, chronic obstructive pulmonary disease, and diabetes. Therefore, with the increasing chronic and lifestyle diseases worldwide there is an increased demand for critical care diagnostics for these patients, thereby the market is expected to see a surge over the forecast period.

Moreover, the data published in October 2021 by World Health Organization (WHO) reported that the pace of population aging is much faster than in the past and 1 in 6 people in the world will be aged 60 years or over by 2030. At this time, the share of the population aged 60 years and over will increase and will nearly double from 12% to 22% by 2050. As the aging population creates an increase in health-related issues, especially cardiovascular and neurological diseases, the hospitalization of patients is also expected to rise. This hospitalization is likely to lead to the requirement for the diagnosis of critically ill patients, and this is expected to drive the critical care diagnostics market.

Therefore, owing to the factors mentioned above the studied market is expected to grow over the forecast period. However, the high cost of the diagnostic test and the lack of skilled professionals in handling critical care diagnostics are likely to impede the market's growth.

Key Market TrendsIntensive Care Unit Segment is Expected to Witness Growth Over the Forecast Period

Intensive care refers to the specialized treatment given to patients who are acutely unwell and require critical medical care. An intensive care unit (ICU) provides critical care and life support for acutely ill and injured patients.

Growth in the number of cases of neurological disorders, respiratory disorders, cardiovascular diseases, malignancy, and the increasing number of surgeries is expected to rise the demand for ICU settings in the market during the forecast period.

According to the article 'Trauma of Major Surgery' published in the National Center for Biotechnology Information (NCBI) in July 2020, globally, a staggering 310 million major surgeries are performed each year. Moreover, as per the Organization for Economic Co-operation and Development (OECD), in 2020, 54,836 laparoscopic cholecystectomy procedures were performed in Denmark, and in Costa Rica, the number of courses was 30,031. Thus, the growing number of surgeries is expected to increase the demand for ICUs for such critically ill patients which is further expected to boost the segment's growth.

Moreover, in March 2022, Royal Philips’s Collaboration Live received an expansion of its Food and Drug Administration 510 market clearance for remote diagnostic use on additional mobile platforms. Available on Philips Ultrasound Systems EPIQ and Affiniti, Collaboration Live allows clinicians to collaborate in real-time with colleagues to complete image acquisition and diagnosis regardless of location.

Thus, the segment is expected to witness significant growth over the forecast period due to the abovementioned factors.

North America is Expected to Dominate the Hair Removal Devices Market

North America has been witnessing stable growth, but with substantial regional variations. Hospitals in the United States have made substantial investments in the physical infrastructure of their operating rooms.

The increasing number of injuries due to vehicle crashes in the United States resulted in the increasing demand for critical care diagnostics, further boosting the market's growth. According to the data published in March 2022, by Association for Safe International Road Travel (ASIRT), annually, 4.4 million are injured seriously enough to require medical attention in the United States. Thus, these injuries require a quick diagnosis for quick treatment, therefore, critical care diagnostics is expected to see a surge in the region.

Additionally, in August 2022, Oncocyte Corporation announced that the United States Department of Veterans Affairs (“VA”), the largest integrated health care system in the United States, was awarded a Federal Supply Schedule Contract for the Company’s DetermaRx test. The contract is for five years. Such instances are expected to boost the growth of the studied market in the region over the forecast period.

The high healthcare expenditure, better infrastructure, and additional involvement by the government are expected to drive the growth of the market in North America.

Competitive Landscape

The critical care diagnostics market is highly competitive and consists of several major players. In terms of market share, there is moderate consolidation in the market. The market players are involved with government initiations, through funding and collaboration which can help the Critical Care Diagnostics market to garner significant growth. Top players are also engaged in new product launches, partnerships, collaborations, etc to enhance their market presence. Key players in the market are Abbott, Beckman-Coulter, and Roche, among others.

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