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Critical Care Equipment Market Booms with Innovation to Tackle Rising Chronic Diseases
Critical Care Equipment Market Report
The critical care equipment market size is expected to see strong growth in the next few years. It will grow to $8.07 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to innovation and r&d, global health threats, value-based healthcare, emerging markets growth, climate and environmental impact. Major trends in the forecast period include technological advancements, remote patient monitoring, personalized medicine and customization, global health events preparedness, data security and privacy.
Market Overview -
Critical care equipment also refers to medical equipment that is used to treat people who have life-threatening injuries or illnesses. It is typically performed in an intensive care unit for surgical complications, accident injuries, severe infections, and serious respiratory issues.
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Surge In Chronic Diseases Drives Growth In The Critical Care Equipment Market
An increasing number of chronic diseases is expected to propel the growth of the critical care equipment market going forward. Chronic diseases are defined broadly as conditions that last one year or longer and necessitate ongoing medical attention, and limit daily activities. Critical care equipment is used in chronic diseases to monitor patients and treat their illnesses that are operated in the intensive care unit for surgical complications, severe infections, and serious respiratory issues. Critical care equipment gives life support to the different organs in the body. For instance, according to the World Health Organization, a Switzerland-based government agency, due to chronic diseases, 41 million people died in 2022, which is equivalent to 74 percent of all deaths globally. Each year, 17 million people die from chronic diseases before age 70. By 2025, chronic diseases will affect an estimated 164 million people. Therefore, an increase in chronic diseases is driving the growth of the critical care equipment market.
Competitive Landscape -
Major companies operating in the critical care equipment market report are AKAS Medical, B. Braun Melsungen AG, BPL Medical Technologies Pvt. Ltd., Drägerwerk AG & Co. KGaA, General Electric Company, Koninklijke Philips N.V., MAQUET Holding B.V. & Co. KG, Medtronic plc, Nihon Kohden Corporation, Skanray Technologies Ltd., Smiths Medical Inc., Getinge AB, Fresenius Kabi AG, Baxter International Inc., Hamilton Medical AG, Fisher & Paykel Healthcare Limited, Abbott Laboratories, Edwards Lifesciences Corporation, ResMed Inc., Teleflex Incorporated, Becton Dickinson and Company, ICU Medical Inc., Masimo Corporation, Mindray Medical International Limited, ZOLL Medical Corporation, Hill-Rom Holdings Inc., Stryker Corporation, Terumo Corporation, Boston Scientific Corporation, Cardinal Health Inc., Johnson & Johnson Services Inc., Siemens Healthineers AG .
Innovative Solutions Propel Growth In The Critical Care Equipment Market
Product innovation is a key trend for gaining popularity in the critical care equipment market. Major companies operating in critical care equipment are focused on developing innovative solutions to strengthen their position in the market. For instance, in January 2023, Getinge AB., a Sweden-based medical technology company launched its new product 'Servo-C mechanical ventilator'. This ventilator provides lung-protective therapeutic tools to treat both pediatric and adult patients. Its design simplifies respiratory support. The main unique features are CO2 monitoring and helps to visualize volume and pressure targets. It also offers 360-degree alarm visibility, high flow therapy, and personalized lung protection with better monitoring.
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Key Segments -
The critical care equipment market covered in this report is segmented -
1) By Product Type: Patient Monitors, Ventilators, Infusion Pumps, Sleep Apina Devices, Other Products
2) By Monitoring Type: Hemodynamic Monitoring, Vital Signs Monitoring, Neurologic Monitoring, Brain Function Monitoring, Monitoring Types
3) By Patient Type: Adult, Geriatric, Pediatric, Neonates
4) By Distribution Channel: Direct Tender, Retail Sales, Third Party Distribution, Other Distribution Channels
5) By End User: Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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