(PharmaNewsWire.Com, May 05, 2021 ) The 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“, the global critical care devices market size is expected to reach USD 27.29 billion by 2021, expected to witness a growth of 44.1%
What Drives the COVID-19 Impact on Critical Care Device Market Growth?
he market for critical care devices is driven primarily by the increasing number of ICU beds owing to the continuously rising COVID-19 cases, increasing demand for ventilators for effective management of critical COVID-19 patients, and ease of regulatory requirements to facilitate the production of critical care devices.
In addition, the development of low-cost ventilators and the expected increase in healthcare budgets offer significant growth opportunities for players operating in the critical care devices market. However, disruption of supply chain & logistics due to the rapid spread of coronavirus is likely to challenge the growth of this market.
COVID-19 Impact on Critical Care Device Market Segmentation in Detailed:
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 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.
Geographical View in-detailed:
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.
The prominent players in the global COVID-19 Impact on Critical Care Device 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
Becton, Dickinson and Company (US) was the leading player in the infusion pumps segment and accounted for the largest share in 2019. BD is known for its diversified product offerings in the field of infusion pumps. The company’s comprehensive product portfolio includes volumetric pumps, syringe pumps, ambulatory pumps, enteral pumps, and PCA pumps, under its market-leading brand—Alaris. The company also provides dedicated disposables for its infusion products. Over the years, the company has maintained its leading position in the market through continuous innovation and the launch of advanced products. BD continuously focuses on product offerings by enabling its infusion products to be ready for data integration with other allied products. In addition to this, BD focuses on expanding its product portfolio and geographic presence by mergers and acquisitions. In line with this, in April 2017, BD acquired Caesarea Medical Electronics (Israel).
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