(PharmaNewsWire.Com, October 28, 2020 ) According to the new market research report "COVID-19 Impact on Critical Care Device Market by Device (High-Impact Products (Ventilators, Patient Monitors, Infusion Pumps, Hyperbaric Oxygen Therapy Devices and Sleep Apnea Devices) and Low-Impact Products (Anesthesia Machines, Defibrillators and Blood Warmers)) and Region - Global Forecast" published by MarketsandMarkets™.
How the Market Growth looks like and Industry Segmentation?
The global critical care devices market size is expected to reach USD 27.29 billion by 2021 from an estimated value of USD 37.97 billion in 2020. The critical care devices market is expected to witness a growth of 44.1% from 2019 to 2020.
Based on products, the critical care devices market is segmented into ventilators & supplies, sleep apnea devices, patient monitors, hyperbaric oxygen therapy devices, infusion pumps, defibrillators, anesthesia machines, blood warmers, and other critical care devices supplies. The ventilators segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to its use in managing critically ill patients, given the fact that the coronavirus attacks the respiratory system.
Based on the end-users, the COVID-19 Impact on Critical Care Device Market is segmented into hospitals & clinics, ambulatory care settings, emergency medical services, and home care settings. The hospitals & clinics segment is expected to grow at the highest CAGR owing to the increasing number of ICU beds and the growing number of field & make-shift hospitals to treat and manage the COVID-19 patients.
- Increase in the Number of ICU Beds in Countries with High Prevalence Of Covid-19
- Increasing Demand for Ventilators for the Effective Management of Critical Covid-19 Patients
- Less-Stringent Regulatory Requirements to Facilitate the Production of Critical Care Devices
Growth Opportunities:
- Expected Increase in Public Healthcare Investments Globally - Development of Low-Cost Ventilators
Leading Key Players in the Worldwide Industry:
The prominent players in the global critical care devices market are Becton, Dickinson and Company (US), B. Braun Melsungen AG (Germany), Baxter International Inc. (US), Fresenius Kabi (Germany), Medtronic plc (Ireland), Moog Inc. (US), Smiths Medical (US), and Philips Healthcare (Netherlands), among others
North America accounted for the largest share of the critical care devices industry in 2019, followed by Europe. The large share of this region is attributed mainly to a high number of positive COVID-19 cases and deaths in the US, a robust healthcare system, and the presence of many large hospitals in the region. Moreover, a large number of major global players are based in the US, owing to which the country can easily manufacture these devices.
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