COVID-19 Impact on Critical Care Device Market by Device (High-Impact Products (Ventilators, Patient Monitors, Infusion Pumps, Hyperbaric Oxygen Therapy Devices and Sleep Apnea Devices) and Low-Impact Products (Anesthesia Machines, Defibrillators and Blood Warmers)) and Region - Global Forecast to 2021
“The global critical care devices market is projected to grow at a CAGR of 44.6% from 2019 to 2020.”
The global critical care devices market size is projected to reach USD 27.29 billion by 2021 from USD 37.97 billion in 2020. The market for critical care devices is driven primarily by the increasing number of ICU beds owing to the continuously rising COVID-19 cases, increasing demand for ventilators for effective management of critical COVID 19 patients, and ease of regulatory requirements to facilitate the production of critical care devices.
“In 2019, the infusion pumps product segment accounted for the largest share of the market.”
Based on the product, the infusion pump segment accounted for the largest share of the critical care devices market in 2019. The large share of this segment can be attributed to the growing COVID-19 patient pool, increasing availability of ambulatory infusion pumps, research on plasma therapy for the treatment of COVID-19 patients, and the introduction of technologically advanced products in the market.
“In 2019, the hospitals and clinics segment accounted for the largest share of the market.”
Based on end-users, the hospital segment accounted for the largest share of the critical care devices market in 2019. The large share of this segment is attributed to the strong financial capabilities of hospitals for purchasing high-priced critical care devices, the large patient pool treated at hospitals, the increase in the number of make-shift hospitals, and the availability of trained professionals to operate these critical care devices.
“North America is projected to witness the highest growth during the forecast period.”
The North American market is estimated to register the highest CAGR during the forecast period. Factors such as the highest number of COVID-19 cases globally, the presence of a large number of key local players that can ramp up the production of these devices, increased accessibility to advanced healthcare facilities are fueling the demand for critical care devices in the APAC region.
The breakdown of primary participants was as mentioned below:
By Company Type: Tier 1–40%, Tier 2–35%, and Tier 3–25%
By Designation: C-level–25%, Director Level–55%, and Others–20%
By Region: North America–40%, Europe–25%, Asia Pacific–20%, Latin America–10%, Middle East & Africa–5%
The leading players in the critical care devices market include Becton, Dickinson and Company (US), B. Braun Melsungen AG (Germany), Baxter International Inc. (US), Fresenius Kabi (Germany), Medtronic plc (Ireland), ResMed (US), Koninklijke Philips (Netherlands), and Fisher & Paykel Healthcare (New Zealand), among others.
The report analyzes the various critical care devices and their adoption patterns. It aims at estimating the market size and future growth potential of the critical care devices market for different segments such as product, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market, and recent developments and key short-term strategies.
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The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening the market.
This report provides insights on the following pointers:
Market Development: Comprehensive information on the lucrative emerging regions by product, end user, and region
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the critical care devices market
Competitive Assessment: In-depth assessment of market shares, short-term growth strategies, of leading players in the critical care devices market
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