Critical Care Devices Market Analysis

Critical Care Devices Market Analysis

In terms of product, the multiparameter monitoring devices segment is predicted to garner over USD 17 billion in revenue by 2032. Growing awareness about the availability of advanced technology inbuilt multiparameter patient monitors in critical care in developing countries will boost segment growth in the foreseeable future. Also, developing regions are price sensitive, and hence, government and regulatory authorities undertake several initiatives to lower the costs of multiparameter patient monitors that resolve affordability issues.

With respect to the application field, critical care devices market share from cardiology segment is estimated to grow at over 5% CAGR between 2023 and 2032. The increasing prevalence of cardiovascular diseases such as atrial fibrillation is a key factor driving the demand for critical care devices in cardiology applications. The growing prevalence of arrhythmia-related disease and consistent technological developments and benefits associated with the device to enhance cardiac care.
 

Regarding the end user, hospital segment size of the critical care devices market is poised to reach USD 37 billion by 2032. Surging hospital admissions owing to the increasing prevalence of COVID-19 has resulted in exponential demand for critical care devices in hospital settings. The rising number of individuals requiring critical care across these establishments, coupled with the ongoing improvements in the healthcare infrastructure, will favor market growth. Additionally, the availability of skilled healthcare professionals and advanced devices such as ventilators and ECG devices used in hospital settings, in line with the rise in government funding and healthcare expenditure, will provide enormous growth potential for critical care devices.
 

North America critical care devices market is set to exhibit over 4.5% CAGR from 2023 to 2032. Increasing government support for the development of innovative products is anticipated to help the market gain significant momentum. The rising geriatric population requiring critical care, in covalence with the increasing prevalence of chronic disorders due to changing lifestyles in this region. Moreover, the presence of a large number of manufacturers in North America introducing innovative and better critical care devices.