Fact.MR’s critical care diagnostics industry analysis reveals that the global market reached a valuation of US$ 1.1 Bn in 2020, and is anticipated to top US$ 1.7 Bn by 2031, expanding at a CAGR of 5.5%. Demand for hematology tests is projected to rise at a CAGR of 5% across the assessment period of 2021 to 2031.
Key Points Covered in Critical Care Diagnostics Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Growth of Critical Care Diagnostics in 2021
- Key Product Innovations and Regulatory Climate
- Critical Care Diagnostics Kits Market
- Critical Care Diagnostic Test Kits Production Analysis
- COVID-19 Impact on Demand for Critical Care Diagnostics and How to Navigate
- Critical Care Diagnostics and Management
- Recommendation on Key Winning Strategies
Critical Care Diagnostics Demand Analysis from 2016-2020 Vs Future Market Outlook for 2021 to 2031
As per Fact.MR - a market research and competitive intelligence provider, the global market for critical care diagnostics was valued at US$ 1.1 Bn in 2020.
Critical care diagnostics is primarily associated with intensive care of patients dealing with life-threatening conditions, which especially require sophisticated invasive monitoring devices alongside other monitoring and life support systems. The need for critical care diagnostic tests is increasing due to growing demand for rapid diagnosis and treatment and especially the rising geriatric population globally.
The market is primarily driven by increasing global prevalence of chronic and lifestyle-related disorders and advancements in diagnostic technologies.
Rising awareness among people for early diagnosis and treatment, rise in the use of data management and connectivity through interoperability to electronic health records (EHR), and rising adoption of telehealth services are the other factors that are expected to drive the market at a 5.5% CAGR across 2021 to 2031.
How are Technological Advancements Creating Ample Opportunities for Critical Care Diagnostic Providers?
Technology is evolving rapidly. Critical care refers to meeting the needs of the patients who require immediate attention, due to life-threatening health conditions, where the vital organs of the patient’s body are at the risk of failing. The treatment requires advanced therapeutic, monitoring, and diagnostic technology with the objective of stabilizing the functioning of the organs and improving patient conditions.
Early diagnosis will result in quicker treatment, thus eventually reduces recovery time or chances of the health condition becoming severe. Increased demand for targeted health therapy promotes the need for better diagnostic methods.
Using medical diagnostic techniques that provide quick, effective and reliable is important so that doctors can determine quick treatment measures. This includes critical care diagnostic kits, critical care diagnostic pressure monitors, and life-saving monitoring methods that may be invasive or normal.
Such advances in technology have resulted in greater capability, productivity, sensitivity, specificity, and ultimately, improvement in the clinical care of patients.
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What are the Restraints being Faced by Critical Care Diagnostic Product Suppliers?
Increased cost of molecular diagnostics and dearth of skilled labour are factors that are expected to hinder growth of the industry. Long validation processes along with high maintenance costs of critical care diagnostics are acting as restraining factors for the growth of the market.
Which Region Offers the Largest Opportunity for Critical Care Diagnostics?
North America accounts for around 50% of the global market share for critical care diagnostics. North America has been witnessing stable growth, but with substantial regional variations.
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.
Furthermore, technological advancements increased access to health care services, and entry of new manufacturers are other factors likely to fuel the market in the region during the forecast period.
Other regional markets that are expected to perform well over the coming years include the Canada critical care diagnostics kits market and the U.K. critical care hematology diagnostics market.
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What is the Critical Care Diagnostics Demand Outlook for the U.S.?
The critical care diagnostics market in the U.S. was valued at around US$ 290 Mn in 2020. According to the Health Library, it is estimated that around 84 Mn people in the U.S. suffer from some form of cardiovascular disease, causing around 2,200 deaths a day, averaging one death every 40 seconds.
Hospitals in the U.S. have made substantial investments in the physical infrastructure of their operating rooms. More than 60% of revenue generated from hospitals in the United States come from activities in the operating room of an average hospital.
Why is the Critical Care Diagnostics Industry Flourishing in China?
China is forecast to reach a projected market size of around US$ 320 Mn by 2031. New health reforms implemented by the government in China have expanded the insurance coverage of patients and improved the country’s primary healthcare system, further aiding the growth of the CCD market in Asia Pacific.
Increasing geriatric population, growing number of intensive care specialized hospitals, and improved healthcare infrastructure, presence of regional and international market players, and massive investments in R&D across China are expected to contribute notably toward the country’s market in the upcoming years.
China spends 6% of its GDP on healthcare, according to estimates, and its critical care diagnosis equipment market has grown by double digits for the previous three decades. An increase in the incidences of cardiovascular diseases, demand for critical care diagnostic in ICUs, and the growing adoption of critical care diagnostic devices as part of the treatment of diseases are some of the key factors that have grown the demand for critical care diagnostics in China.
Why is Demand for Critical Care Diagnostics High for Use in Emergency Rooms?
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 the 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 U.S. Department of Health and Human Services, in 2017, around 18.6 % 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, growing burden of injuries due to accidents and chronic diseases owing to an ageing population is projected to fuel POC critical care market growth over the forecast period.
Why is Demand for Hematology Tests High in the Market for Critical Care Diagnostics?
Hematology tests accounted for a share of 40% in the market. Hematology involves the study of the blood, in particular how blood can affect overall health or disease. Hematology tests include tests on the blood, blood proteins and blood-producing organs.
These tests can evaluate a variety of blood conditions including infection, anemia, inflammation, hemophilia, blood-clotting disorders, leukemia and the body’s response to chemotherapy treatments. Tests may be routine and regular, or they may be called upon to diagnose serious conditions in urgent situations. In many cases, the results of a blood test can give an accurate assessment of body conditions and how internal or external influences may affect a patient’s health.
What Has Been the Impact of COVID-19 on Sales of Critical Care Diagnostic Products?
Implementation of lockdowns and transport bans due to the COVID-19 pandemic has caused disruptions in all sectors, including the critical care diagnostics market. Lack of raw materials has caused a slowdown in the production of medical equipment.
COVID-19 is an incomparable global public health emergency that has affected sales of critical care pregnancy & fertility testing kits and the long-term effects are projected to impact the industry growth during the forecast period. Our ongoing research amplifies our research framework to ensure the inclusion of underlying COVID-19 issues and potential paths forward.
Many medical equipment must go through a series of pre- and post-market clinical investigations before receiving market authorization certificates. Medical and healthcare departments are operating at full capacity to treat patients as the COVID-19 pandemic spreads. This has led to advancements in technologies and products being used in healthcare. 2021 is projected to be better, with the market regaining its original traction by 2022.
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Key players in the global critical care diagnostics market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies to enhance their market presence.
Critical care diagnostics kits manufacturers and critical care diagnostic pressure monitors suppliers are getting involved with government initiations through funding and collaborations, which can help the acute care diagnostics market to garner significant growth.
New strategies being adopted by critical care diagnostics kit manufacturers in Germany and those by Mexico critical care diagnostic pressure monitor suppliers are also expected to aid global market expansion.
Critical Care Diagnostics Market Report Scope
Market size value in 2020
USD 1.1 Billion
Market forecast value in 2031
USD 1.7 Billion
CAGR of 5.5% from 2021 to 2031
Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Market Segments in Critical Care Diagnostics Industry Research
- Critical Care Glucose Diagnostic Kits
- Critical Care Cardiometabolic Diagnostic Kits
- Critical Care Infectious Disease Testing Kits
- Critical Care Coagulation Diagnostic Kits
- Critical Care Cancer Markers Testing Kits
- Critical Care Hematology Testing Kits
- Critical Care Pregnancy and Fertility Testing Kits
- Critical Care Routine and Special Chemistry Diagnostics
- Critical Care Flow Cytometry Diagnostics
- Critical Care Diagnostics Hematology Tests
- Critical Care Immunoproteins Diagnostics
- Critical Care Microbial and Infectious Diseases Diagnostics
- Critical Care Diagnostic Nucleic Acid Amplification Tests
- Critical Care Coagulation Diagnostics Tests
- Critical Care Diagnostics at Operating Rooms
- Critical Care Diagnostics at Emergency Rooms
- Critical Care Diagnostics at Intensive Care Units
- FAQs -
The global critical care diagnostics market is currently worth more than US$ 1.1 Bn.
From 2016 to 2020, sales of critical care diagnostic products increased at around 3% CAGR.
Increasing aging population and chronic health concerns are factors driving demand for critical care diagnostics.
North America accounts for over 50% revenue share for critical care diagnostics.
Sales of critical care diagnostic products in Germany will most likely flourish at a CAGR of 3.5% over the next ten years.
Abbott Laboratories, Alere, Inc., Bayer Healthcare AG, and Beckman Coulter, Inc. are renowned critical care diagnostic product suppliers.
Hematology tests accounted for a share of 40% in the market.
The U.S., U.K, China, India, and Japan are the top 5 countries driving demand for critical care diagnostics.
The global market is expected to reach a value of above US$ 1.7 Bn by the end of 2031.
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