Critical Care Diagnostics Market - Growth, Trends, and Forecasts (2020 - 2025)
The critical care diagnostics market is primarily driven by increasing global prevalence of chronic and lifestyle-related disorders and advancements in diagnostic technologies. According to the Health Library, it is estimated that about 84 million people in the United States suffer from some form of cardiovascular disease, causing about 2,200 deaths a day, averaging one death every 40 seconds.
Additionally, rising awareness among people for early diagnosis and treatment, rise in the use of data management and connectivity through interoperability to electronic health record (EHR), and rising adoption of telehealth services and remote communications are the other factors which are propelling the growth of Critical Care Diagnostics Market. However, high cost of the diagnostic test and lack of skilled professionals in handling the critical care diagnostics are likely to impede the growth of the market.
Key Market Trends
Emergency Rooms are Expected to Lead the Market
The public demand for emergency rooms, where critically ill patients are recommended, is witnessing a steady rise. The survival rate of critically ill patients in the emergency department is directly related to the advancement of early recognition and treatment of diseases. According to the recent article of 2017 published in Science Daily by University of Maryland, the percentage of critical care delivered by the emergency department increased significantly, with nearly half of all the medical care in the United States being delivered by the emergency department.
According to the US Department of Health and Human Services 2018, In 2017, around 18.6 percent of adults in the United States had one or more emergency department visits during the preceding 12 months. Moreover, A similar pattern of the increasing number of emergency rooms can be observed in the European countries, whereas, the numbers vary considerably in the emerging economies, such as India, China, and Japan.
Moreover, the growing burden of injuries due to accidents and chronic diseases owing to an ageing population projected to fuel the critical care diagnostics market growth over forecast period.
North America is expected to dominate over the Forecast Period
North America has been witnessing stable growth, but with substantial regional variations. The hospitals in the United States have made substantial investments in the physical infrastructure of their operating rooms. More than 60% of the revenue generated from the hospitals in the United States come from the activities in the operating room of an average hospital.
The need for upgrading the technology remains vital for critical care diagnostics and management. This factor is accompanied by the high cost of a long hospital stay, which involves an operating room procedure. The hospital costs by themselves are very high. The high healthcare expenditure, better infrastructure, and additional involvement by the government are expected to drive the growth of the market in North America.
The market players are involving 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. For instance, in January 2018 GE Healthcare entered into the strategic, long-term partnership with Roche to jointly develop digital clinical decision support solutions for cancer and critical care patients. Key players in the market are Abbott, Beckman-Coulter, and Roche, are among others.
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