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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.
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.
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.
Why is the demand for glucose diagnostic kits rising?
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.
How big is the critical care diagnostics market?
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.
What is the value of the U.S. critical care diagnostics market?
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.
Which leading companies are operating in the critical care diagnostics industry?
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.