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Critical Care Diagnostics Market Size

Report ID: GMI9740
Published Date: Jun 2024
Report Format: PDF

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Critical Care Diagnostics Market Size

Critical Care Diagnostics Market size was valued at around USD 1.3 billion in 2023 and is estimated to grow at 5.5.% CAGR from 2024 to 2032. Critical care diagnostics refers to the range of medical tests and evaluations used to diagnose, monitor, and manage critically ill patients, typically those in intensive care units (ICUs). These diagnostics are crucial for assessing the patient's condition, guiding treatment decisions, and predicting outcomes. It ensures timely and accurate diagnosis, guiding therapeutic interventions, and ultimately improving patient outcomes.

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The growing geriatric population is a significant driver for the critical care diagnostics market. For instance, according to Population Reference Bureau, in 2023, the number of Americans aged 65 and older is projected to increase from 58 million in 2022 to 82 million by 2050 (a 47% increase), and the 65-and-older age group's share of the total population is projected to rise from 17% to 23%. Older adults are more likely to suffer from chronic conditions such as cardiovascular diseases, diabetes, respiratory disorders, and kidney disease. These conditions often require intensive monitoring and management, driving the demand for critical care diagnostics to provide timely and accurate assessment and treatment.

Critical Care Diagnostics Market Report Attributes
Report Attribute	Details
Base Year:	2023
Critical Care Diagnostics Market Size in 2023:	USD 1.3 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	5.5%
2032 Value Projection:	USD 2 Billion
Historical Data for:	2021 - 2023
No. of Pages:	130
Tables, Charts & Figures:	235
Segments covered:	Product, Test Type, End-use, and Region
Growth Drivers:	Growing geriatric population Rise in the prevalence of chronic diseases and lifestyle-related disorders Rising adoption of telehealth services and remote communications
Pitfalls & Challenges:	High cost of molecular diagnostics tools Lack of skilled professionals

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Furthermore, adoption of rapid diagnostics (market size is estimated to account for USD 79.1 billion by the end of year 2032), advancement in molecular diagnostics, increasing use of in-vitro diagnostics, government initiatives and funding, and increasing education & awareness, are the supporting factors strengthening the growth of the market.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Critical care diagnostics industry size was worth USD 1.3 billion in 2023 and will grow at 5.5% CAGR between 2024 and 2032 due to escalating prevalence of chronic diseases and infectious outbreaks coupled with the emphasis on early detection and intervention.

The glucose diagnostic kits segment in the market will record USD 507.2 million by 2032, driven by the rising prevalence of diabetes and the importance of monitoring glucose levels in critical care settings.

U.S. critical care diagnostics industry size will expand at 5.1% CAGR from 2024 to 2032, attributed to advanced healthcare infrastructure, extensive research and development activities, and a strong emphasis on technological innovation.

Key players operating in the critical care diagnostics industry are Danaher Corporation, F. Hoffmann-La Roche Ltd., GE HealthCare Technologies, Inc., Hologic, Inc., Johnson & Johnson, Koninklijke Philips N.V., Medtronic plc, Nihon Kohden Corporation, and Nova Biomedical, among others.