Critical care devices market research report by 2020 to 2026

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A research study conducted by Global Market Insights, Inc., suggests that critical care devices market is likely to exceed the $51billion mark by 2026, in terms of revenue.

Rise in number of hospital admissions in emergency units or ICU (intensive care units) will drive global critical care devices market outlook. Due to the current outbreak of COVID-19, demand for critical care devices such as pulse oximeters, vital sign monitors, ventilators etc. in intensive care units is escalating. As of July 20, 2020, more than 14 million confirmed cases of coronavirus have been reported and over 600,000 people have died, globally.

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Several healthcare and drug manufacturing companies are working day in and day out to bring an effective treatment for COVID-19. B. Braun, a German healthcare company received EAU (Emergency Use Authorization) in April 2020 from the U.S. FDA for developing infusion pumps for treating corona positive patients.

Rise in incidence of chronic diseases like diabetes and cancer will boost the demand for critical care devices. According to the WHO, cancer is as one of the prominent causes of death in the world and accounted for more than 9.6 million deaths in 2018.  Around 70% of deaths from cancer occur in low/middle-income countries due to lack of healthcare infrastructure.

Substantial rise in prevalence of deadly diseases and infections will support industry growth over the coming years. Estimates suggest that global critical care devices market size will exceed USD 51 billion in terms of annual remunerations by 2026.

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Asthma affects an estimated 300 million individuals worldwide and the number is rising which will further bolster ventilator demand over the coming years. In 2019, ventilators segment accounted for over 6% of the global critical care devices market share and is estimated to gain major traction through 2026. The substantial growth can be attributed to prevalence of coronavirus which directly impacts the respiratory system in human and will be the primarily contributor towards growing deployment for ventilators, worldwide.

Demand from the cardiology segment is estimated to grow notably in the next few years on account of the rising prevalence of cardiovascular disease associated demand for cardiac monitoring devices. Rapid development in technology along with benefits offered by the device for cardiac care is boosting product demand and will positively impact critical care devices market growth will further propel the industry growth.  

Europe critical care devices market size had reached USD 9 billion in 2019 and is expected to grow over 2020-2026. Presence of a large number of drug machinery manufacturers in the region along with availability of advanced healthcare facilities with well-equipped machines is boosting regional growth. Moreover, rising prevalence of chronic diseases, general treatment affordability as well as favorable medical reimbursement scenario across Europe may further boost product penetration

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Some of the prominent manufacturers of critical care devices market are GE Healthcare, Cardinal Health, Medtronic, Koninklijke Philips, Air Liquide Medical Systems, Asahi Kasei Corporation, Becton Dickinson & Company, Fresenius Medical Care, Baxter, B. Braun, Boston Scientific, Dragerwerk, ResMed and Getinge, among others.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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