Critical Care Products Market 2024 Growth, Business Experts, Industry Trends and Forecast By 2032

Growing Demand for Critical Care Units and Advancements in Technology Drive Market Expansion

The global critical care products market is set to experience substantial growth, with market size reaching USD 57.31 billion in 2023 and an expected annual growth rate (CAGR) of 5.4% over the forecast period. Key factors driving this growth include the increasing prevalence of chronic illnesses, higher demand for treatment in critical care units, and advancements in medical technology.

Key Market Drivers: Rising Chronic Illnesses and Technological Innovation

The rising incidence of chronic illnesses, such as cardiovascular diseases (CVDs), is a major factor fueling the demand for critical care products. Cardiovascular conditions, including heart attacks and strokes, are responsible for a significant proportion of global deaths. According to the World Health Federation (WHF), in 2021, cardiovascular diseases accounted for 20.5 million deaths, making up one-third of all fatalities worldwide. This growing health crisis is increasing investments in critical care products, advanced medical technologies, and preventative healthcare solutions.

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Additionally, advancements in critical care technology are playing a crucial role in the market's expansion. Companies are continuously developing cutting-edge solutions that improve patient care. For instance, Clinomic, a German startup, received medical device regulation certification in 2023 for its AI-driven medical assistant, Mona OS 2, designed to support critical care units. Such innovations enhance the capabilities of healthcare providers and improve patient outcomes.

Challenges: High Equipment Costs

Despite these drivers, the market faces challenges, particularly the rising cost of critical care equipment. While high-income countries benefit from improved healthcare infrastructure, low- and middle-income countries, which account for over 80% of CVD-related deaths, struggle to afford essential medical devices. The high cost limits access to necessary treatment, hindering market growth in economically disadvantaged regions.

Product Insights: Dominance of Hemodialysis Machines and Growing Demand for ECG Devices

In terms of product categories, hemodialysis machines are expected to maintain their dominance in the market, driven by the rising number of patients with end-stage renal disease (ESRD). This increase in demand is linked to the growing prevalence of conditions such as diabetes and hypertension, which contribute to kidney disease. Innovations in dialysis technology, combined with improved access to healthcare and medical tourism, are boosting the market for hemodialysis machines.

Meanwhile, ECG devices are projected to experience the fastest growth, as cardiovascular diseases continue to rise globally. The increasing demand for portable and wireless ECG technology is making early detection and monitoring more accessible, further driving the market.

Application Insights: Cardiology Leads, Renal Care Shows Fastest Growth

The cardiology segment is the largest revenue generator in the critical care products market, owing to the high prevalence of cardiovascular diseases. Alarming data shows that heart disease and strokes claim more lives each year than cancer and respiratory diseases combined. This has led to a greater need for advanced cardiology products.

Renal care, on the other hand, is expected to exhibit the highest growth rate. The rising incidence of chronic kidney disease (CKD), which now affects an estimated 850 million people worldwide, is driving demand for renal care services, including dialysis treatments for patients in advanced stages of CKD.

End-Use Insights: Hospitals Remain Key Users, While ASCs Show Promising Growth

Hospitals accounted for the largest share of the critical care products market in 2022. This is primarily due to the rising number of patients being admitted for critical care. Hospitals rely on specialized equipment such as ventilators, defibrillators, and hemodialysis machines to provide life-saving treatments.

Ambulatory surgical centers (ASCs) are expected to experience significant growth, driven by their cost-effectiveness and convenience. ASCs offer a cheaper alternative to hospital stays, often reducing costs for patients by 40% to 60%. These centers are gaining popularity for minor surgeries and procedures that don't require hospitalization, making them a growing segment in the healthcare industry.

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Critical Care Products Top Companies and Competitive Landscape

The global critical care product market is fairly fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products.

Some of the major companies included in the global critical care products market report are:

Koninklijke Philips N.V.,
Abbott
General Electric
Baxter
Advin Health Care
Boston Scientific Corporation
Compumedics Limited
Cook
Drägerwerk AG & Co. KGaA,
Dixion distribution of medical devices GmbH,
Fresenius SE & Co. KGaA
Getinge
ICU Medical, Inc.
heyer medical AG
Genixus

Critical Care Products Latest Industry Updates

On August 1, 2023, GENIXUS, a pharmaceutical company focused on revolutionizing acute and critical care medications, announced the expedited development and launch of their latest product under the KinetiX syringe platform: Rocuronium Bromide Injection. This decision was prompted by a recent natural disaster affecting manufacturing facility in Rocky Mount, NC, and the expected impact on the sterile injectables market due to this incident.
In January 2022, a virtual hospital and telehealth network called Avel eCARE contributed to the creation of the federally funded National Emergency Tele-Critical Care Network and increased its collaboration with the Department of Defense and the Department of Health and Human Services to offer critical care expertise to hospitals and municipalities in the South that are dealing with COVID-19 surges.

Critical Care Products Market Segmentation Analysis
For the purpose of this report, emergen research has segmented global critical care products market on the basis of product, application, patient population end-use, and region:

Product Outlook (Revenue, USD Billion; 2019-2033)

Defibrillators
ECG devices
Haemodialysis machines
Infusion pumps
Ventilators
Feeding tubes
Anaesthesia monitors
CRRT machines
Others

Application Channel Outlook (Revenue, USD Billion; 2019-2033)

Cardiology
Neurology
Renal Care
Others

Patient Population Outlook (Revenue, USD Billion; 2019-2033)

Neonatal
Paediatric
Adults
Geriatric

End-Use Outlook (Revenue, USD Billion; 2019-2033)

Hospitals
Ambulance Surgical Centres (ASCs)
Specialty Clinics
Others

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Regional Outlook (Revenue, USD Billion; 2019-2033)

North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Russia
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
ASEAN Countries
Oceania
Rest of APAC
Latin America
Brazil
Mexico
Rest of LATAM
Middle East & Africa
GCC Countries
Israel
Turkey
South Africa
Rest of MEA

Critical Care Products Market Snapshots

Critical Care Products Market Size: https://www.emergenresearch.com/industry-report/critical-care-products-market/market-size

Critical Care Products Market Share: https://www.emergenresearch.com/industry-report/critical-care-products-market/market-share

Critical Care Products Market Trends: https://www.emergenresearch.com/industry-report/critical-care-products-market/market-trends

Critical Care Products Regional Market Demand: https://www.emergenresearch.com/industry-report/critical-care-products-market/regional-market-demand

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