Rise In Life-Threatening Illnesses And Injuries Are Anticipated To Boost The Demand For Critical Care Equipment Across The World
Seoul, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Global demand for critical care equipment is expected to increase at a CAGR of 6% from 2022 to 2027, says Fact.MR, a market research and competitive intelligence provider.
Critical care is a term used to describe specialist treatment provided to patients with life-threatening illnesses. Patients who require ongoing monitoring and detailed treatment receive this kind of care. The market for critical care equipment is expanding at an accelerated rate due to the rise in cardiovascular illnesses. In intensive care units, devices for pain control, emergency resuscitation, and patient monitoring are among the most important factors of critical care equipment.
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One of the key factors propelling the growth of the critical care equipment market is the rise in traffic accidents worldwide. Road traffic collisions are ranked as the ninth-most common cause of mortality in the world. A sizable population over 60 years old will support critical care equipment market growth because they have a lower immune level. The elderly are more vulnerable to cancer, neurological illnesses, spine injuries, and cardiac issues.
Due to favourable government regulations and quick investment growth in the region, North America currently enjoys a monopoly on the global market for critical care equipment. Due to the region's rapidly developing healthcare facilities and growing ageing population, Asia Pacific is predicted to experience significant growth between 2022 and 2027.
The most advanced and costly devices in intensive care units are ventilators and patient monitors (ICU).
To assist COVID-19 patients, Philips introduced the innovative Philips Respironics E30 ventilator. This advanced ventilator has visual and audible alarms, and it can support COVID-19 patients with respiratory insufficiency by providing high-flow oxygen.
Key Takeaways from Market Study
The global market for critical care equipment is currently valued at US$ 5.6 billion.
The market is expected to attain a valuation of US$ 7.5 billion by 2027.
China’s critical care equipment market is expected to reach US$ 1.3 billion by 2027.
Global sales of patient monitors are predicted to rise at a CAGR of 6.5% from 2022 to 2027.
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The growth of healthcare facilities and rising research and development that results in the introduction of new critical care devices are some of the market drivers.
Smiths Medical and Ivenix, Inc. entered into an exclusive collaboration on May 4, 2021, making Smiths Medical the first company in the U.S. to provide a full range of infusion management systems to meet healthcare needs across the continuum of care.
CorVent Medical announced the launch of the RESPOND- 19 ventilators across Europe in May 2021 after receiving CE mark approval. This technology enhances the care of critically ill patients and is ideal for intensive care units.
BPL Medical Technologies Pvt., Ltd.
Dragerwerk AG & Co. KGaA
MAQUET Holding B.V. & Co. KG
Critical Care Equipment Industry Research Segmentation
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global critical care equipment market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
The study divulges essential insights on the market on the basis of product (patient monitors, ventilators, infusion pumps, sleep apnea devices, others), type (hemodynamic monitoring, vital signs monitoring, neurologic monitoring, brain function monitoring), and end user (hospitals, ambulatory surgical centers, clinics, homecare settings, and others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
1. Global Critical Care Equipment Market - Executive Summary
1.4. Fact.MR Analysis and Recommendations
2. Global Critical Care Equipment Market Overview
2.2. Market Introduction and Definition
3. Market Risks and Trends Assessment
3.1.1. COVID-19 Crisis and Impact on Critical Care Equipment
3.1.2. COVID-19 Crisis and Impact on Aprotic Solvent Prices
3.1.3. COVID-19 Impact Benchmark with Previous Crisis
3.1.3.1. Change in Critical Care Equipment Demand
3.1.3.2. Before and After COVID-19 Crisis (Projected)
3.1.3.3. Before and After Sub-prime Crisis – 2008 (Actual)
3.1.3.4. Change in Demand post Recovery Period (After Each Crisis
Check out more related studies published by Fact.MR Research:
Mobile Continuous Patient Monitors Market: The demand for mobile continuous patient monitors witnessed an incredible rise in 2020 due to rising investments by the government in highly advanced, equipped and upgraded mobile monitoring devices to track patients from home without clinical visits for their safety due to the spread of Covid-19 pandemic. In 2021, further researches are getting conducted to bring continuous developments in this market.
High Frequency Ventilators Market: Premature babies have underdeveloped lungs. They require breathing support and cannot breath on their own. Incidences of preterm births are increasing each year due to various factors and hence, this particular factor is expected to drive the global high frequency ventilators market during the forecast period.
Medical Ventilators Market: The global demand for medical ventilators market is poised to expand 2.5x to reach US$ 3.6 Bn from 2021 to 2031. As of 2020, the industry was valued at US$ 1.4 Bn, with sales surging rapidly in the wake of the COVID-19 pandemic outbreak. Future demand is highly reliant on the increasing number of patients suffering from chronic obstructive pulmonary disease and asthma.
Veterinary Respiratory Ventilators Market: Growing pet adoption and reimbursement in regions such as the U.S. and Europe are the major factors driving the growth of the global veterinary respiratory ventilators market. Technological advancements in veterinary respiratory ventilators are further driving the demand for the product in matured markets.
Home Infusion Therapy Market: Newly-released Home Infusion Therapy industry analysis report by Fact.MR shows that global sales of Home Infusion Therapy in 2021 was held at US$ 31 Bn. With 8.6%, the projected market growth during 2022 - 2032 is expected to be significantly higher than the historical growth. Infusion Pumps is expected to be the highest revenue-generating product, accounting for an absolute dollar opportunity of nearly US$ 301 Bn during 2022 – 2032.
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