Critical Care Diagnostics Market to Exceed US$ 1.7 Billion by 2031 Amid Rising Prevalence of Chronic Diseases
11 Oct 2022
Acquisition
Rising Expenditure in ICUs and Emergency Rooms to Push Critical Care Diagnostic Sales by 5.5%
Fact.MR in its latest study highlights the key growth factors, latest developments, opportunities & challenges, and market statistics to offer a better understanding of the global critical care diagnostic market. It also sheds light on the key trends influencing the market growth through the segments including product, test, end user, and regions.
NEW YORK, Oct. 11, 2022 /PRNewswire/ -- The global critical care diagnostics market size was valued at US$ 1.1 billion in 2020 and is likely to exhibit growth at a CAGR of 5.5% from 2021 to 2031. Overall sales in the market are expected to reach a valuation of US$ 1.7 billion in 2031.
Rising adoption of critical care diagnostic tests across operating rooms, emergency rooms, and intensive care units for meeting the needs of critically ill patients who require immediate attention is a key factor driving the global critical care diagnostics market.
Critical care diagnostics tests have become essential solutions for patients dealing with life-threatening conditions, which especially require sophisticated invasive monitoring devices alongside other monitoring and life support systems. They are cost-effective and easy to use with accurate diagnosis and they significantly reduce therapeutic turnaround.
Thus, growing demand for rapid diagnosis and treatment will continue to push the sales of critical care diagnostic products in the market. Similarly, rising awareness of these tests among physicians and patients, as well as their associated advantages, rapidly growing geriatric population, and an increase in the frequency of chronic diseases such as diabetes, heart disease, and cancer will drive the critical care diagnostics market over the projected period.
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The emergency rooms segment is predicted to witness the fastest growth over the forecast period due to rising patient demand for emergency services to seek rapid medical attention. Patients can also receive emergency treatment without prior appointment, and obtain basic life support in the event of severe traumatic situations.
As the survival rate of critically ill patients in the emergency department is directly related to the advancement of early recognition and treatment of diseases, demand for critical care diagnostics will grow at a significant pace in this sector.
Regionally, North America will continue to dominate the critical care diagnostics market due to considerable research and development efforts and increased use of numerous tests by clinicians.
By test, the haematology tests segment accounts for around 40% market share and it is predicted to grow at 5% CAGR through 2032.
Based on end users, critical care diagnostics at emergency rooms segment is likely to grow at a higher CAGR during the forecast period.
North America is projected to account for around half of the revenue in the global critical care diagnostics market.
The U.S. critical care diagnostics market was valued at around US$ 290 Mn in 2020 and it is expected to grow at a steady pace over the next decade.
The overall critical care market in China is forecast to reach around US$ 320 Mn by 2031
Growth Drivers:
Continuous advancements in diagnostic technologies is expected to create lucrative growth opportunities for leading market players during the forecast period.
Demand is also being driven by the increasing adoption of telehealth services and remote communications.
Rising usage of data management and connectivity through interoperability to electronic health records (EHR) will further boost the market.
Restraints:
High cost of molecular diagnostics is expected to impede growth of the global critical care diagnostics market.
Lack of skilled professionals is also negatively impacting the critical care diagnostics market.
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The critical care diagnostics market is extremely competitive due to large presence of various regional and domestic competitors. In order to capitalize and increase their revenue share, leading players are participating in government initiatives through financing and collaboration, launching new diagnostic tools, ramping up their research and development activities, and adopting merger and acquisition strategy.
For instance,
In August 2022, UltraSight acquired European certification for its coaching software, which is meant to integrate with existing point-of-care ultrasound scanners. It walks technicians through the difficult operation of imaging the heart muscle and provides advice on how to get the best results.
In August 2020, Philips launched a rapid Equipment kit for ICU ramp-up allowing healthcare professionals to quickly support critical care patient monitoring.
Key Companies Profiled by Fact.MR
Roche Diagnostics (Schweiz) AG
More Valuable Insights on
Critical Care Diagnostics Market
In the latest study, Fact.MR offers a detailed study on global critical care diagnostics market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of critical care diagnostics through detailed segmentation as follows:
By
Product:
Glucose Diagnostic Kits
Cardiometabolic Diagnostic Kits
Infectious Disease Testing Kits
Coagulation Diagnostic Kits
Haematology Testing Kits
Pregnancy and Fertility Testing Kits
By
Test:
Routine and Special Chemistry Diagnostics
Flow Cytometry Diagnostics
Diagnostics Haematology Tests
Immunoproteins Diagnostics
Microbial and Infectious DiseasesInfectious Diseases Diagnostics
Diagnostic Nucleic Acid Amplification Tests
Coagulation Diagnostics Tests
By End User:
By Region:
North America
Latin America
Europe
Oceania
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Key Questions Covered in the Critical Care Diagnostics Market Report
What is the projected value of the critical care diagnostics market in 2021?
At what rate will the global critical care diagnostics market grow until 2031?
Which are the factors hampering the growth in the critical care diagnostics market?
Which region is expected to lead in the global critical care diagnostics market during 2021-2031?
Which are the factors driving the critical care diagnostics market during the forecast period?
What is the expected market value of the critical care diagnostics market during the forecast period?
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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.
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