Asia Pacific Critical Care Equipment Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product (Ventilators, Patient Monitor Systems, Infusion Pumps, and Others); Application (Cardiology, Pulmonology, Orthopedics, Neurology, and Others); End-User (Hospitals, Ambulatory Care Centers, Home Care, and Others) and Country
The Asia Pacific critical care equipment market is expected to reach US$ 10,552.25 million by 2027 from US$ 4,602.61 million in 2019. The market is estimated to grow with a CAGR of 10.2% from 2020 to 2027.
The growth of the market is attributed to the key driving factors such as growing prevalence of respiratory illnesses and high growth in diabetes and the aging population. However, the reformed government policies post the COVID-19 pandemic is expected to obstruct the growth of the market to a certain extent during the forecast period.
Critical care equipment includes cardiac support, patient monitoring, respiratory support, emergency resuscitation devices, pain management, and other life support equipment designed to care for critically ill patients or those who have undergone a major surgical procedure. These devices help in preventing any serious injury or death of the patient. They are essential in all healthcare facilities such as hospitals and clinics.
The increasing demand for critical care equipment by hospitals and various healthcare facilities across the nation has boosted the manufacturing process of critical care equipment by the companies. One of the primary driving factors is the growing prevalence of respiratory illnesses in the Asia Pacific region. As per the Globocan 2018 report, lung cancer is the most common cancer in China. In 2018, there were 774,323 cases of lung cancer in China. Also, patients with lung cancer often require critical care devices such as ventilators, respiratory monitoring devices, and hyperbaric oxygen therapy devices. Moreover, the increasing prevalence of respiratory diseases in Australia is likely to increase the demand for ventilators in Australia. For instance, COPD was the 5th leading cause of death in 2018 in Australia. As per the Australian Institute of Health and Welfare, around 1 in 20 Australians aged 45 years or more had chronic obstructive pulmonary disorder during 2017–18. Moreover, as per the Worldometer, there were 25,448 COVID-19 cases in Australia, owing to which the Australian companies are ordered to build 2,000 ventilators to boost hospitals' capacity to treat COVID-19 patients. Australia's federal government focuses on increasing its intensive care unit capacity to treat seriously ill COVID-19 patients. Two thousand invasive ventilators would be produced by a consortium of local companies, which will be led by Grey Innovation, a Victorian business. Therefore, the growing prevalence of respiratory illnesses is one of the key driving factors for the growth of this market.
Countries in the Asia Pacific are facing challenges due to increasing incidences of COVID-19. As per the data of Worldometer, as of September 21, 2020, China reported 85,291 COVID-19 cases, while Japan reported 78,657 cases, India recorded 5,491,410 cases, and Australia reported 26,912 confirmed cases. In India, owing to the increasing number of 40,000 daily cases, nearly a dozen states have imposed a partial lockdown in high-risk areas. The outbreak has severely affected the tourism industry and imposed supply chain disruptions; moreover, low-income countries face additional challenges due to the shortage of healthcare infrastructure. Restrictive measures have been put forth in South Korea, Malaysia, Singapore, the Philippines, and India to prevent disease transmission.
Based on product, the critical care equipment market is segmented into patient monitor systems, ventilators, infusion pumps, and others. The patient monitor systems segment held the largest share of the market in 2019; whereas, the ventilators segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on application, the critical care equipment market is segmented into cardiology, pulmonology, neurology, orthopedic, and others. The cardiology segment held the largest share of the market in 2019; whereas, the pulmonology segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on end-user, the critical care equipment market is segmented into hospitals, ambulatory care centers, home care, and others. The hospitals segment held the largest share of the market in 2019 and is anticipated to register the highest CAGR in the market during the forecast period.
Some of the major primary and secondary sources for critical care equipment market included in the report are International Civil Aviation Organization (ICAO), Worldometers, Invest India, and World Population Prospects, among others.
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