Global Critical Care Diagnostics Market - Segmented by Test Type, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global critical care diagnostics market is expected to register a CAGR of about 6.0% during the forecast period of 2018-2023. Critical care diagnostics deal with the specialized care and diagnosis of life-threatening diseases in patients. It is primarily driven by the increased number of physicians and patients’ demanding early disease diagnosis. As per the study scope of geographical regions, the well-established healthcare infrastructure with the high adoption rate of new technologies and increasing research and development activities provides North America an edge to sustain its high share over other regions to dominate the market.
Increasing Prevalence of Chronic Diseases and Lifestyle-related Disorders
The increasing global prevalence of chronic and lifestyle-related disorders is one of the primary factors which is propelling the critical care diagnostics market. The chronic diseases majorly include cardiovascular diseases, cancer, stroke, infectious diseases, lung disorders, diabetes, chronic kidney diseases, and liver diseases. In case of diabetes, a significant percentage of intensive care units (ICUs) admissions include patients with unknown diabetes cases showing a high percentage of hyperglycemia, insulin infusion, and blood glucose. In developed regions such as North America, the prevalence of chronic obstructive pulmonary disease (COPD) is high, followed by asthma, which require frequent critical care diagnosis or hospitalizations. Similarly, a wide range of chronic diseases need critical care, particularly in the case of elderly patients.
Other factors driving this market are the 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.
High Cost of Molecular Diagnostics Tools
The high costs related to molecular diagnostics tools and treatment restricts the growth of the critical care diagnostics market. The hospitals and other healthcare facilities are spending a high percentage of the amount for the molecular tests and tools maintenance including the associated research laboratories. Moreover, the development and clinical validation of molecular diagnostic clinical tests require high level of regulations as a drug development which limits the use of molecular diagnostics despite its potential use in critical care and precision medicine.
Another factor impeding this market is the lack of skilled professionals in handling the critical care diagnostics in hospital settings.
United States to Dominate the Market
The United States is one of the primary markets for critical care diagnostics, and is expected to sustain its dominance over the forecast period. According to the Society of Critical Care Medicine, United States, an estimated six million patients are admitted annually in ICUs for invasive monitoring which includes 20% of acute care admissions and 58% of emergency departments, all needing frequent high technological support. The rise in the awareness among people for early diagnosis adds to the rise in demand for critical care diagnostics market.
Key Developments in the Market