Global Critical Care Diagnostics Market Driven by Rising Expenditure in ICUs and Emergency Rooms
Posted on 12 Oct 2022
Critical care diagnostics tests have become essential solutions for patients dealing with life-threatening conditions, which especially require sophisticated invasive monitoring devices alongside other monitoring and life support systems. They are cost-effective and easy to use while providing accurate diagnosis and significantly reducing therapeutic turnaround. The global critical care diagnostics market was valued at USD 1.1 billion in 2020 and is projected to register a CAGR of 5.5% from 2021 to 2031 to reach USD 1.7 billion in 2031, driven mainly by the rising adoption of critical care diagnostic tests across operating rooms, emergency rooms, and intensive care units for meeting the needs of critically ill patients who require immediate attention.
These are the latest findings by Fact.MR (Rockville, MD, USA), a market research and consulting agency.
The growing demand for rapid diagnosis and treatment will continue to drive sales of critical care diagnostic products in the market. Similarly, growing awareness of these tests among physicians and patients, as well as their associated advantages, a rapidly growing geriatric population, and increase in the frequency of chronic diseases such as diabetes, heart disease, and cancer will drive the growth of the critical care diagnostics market over the forecast period. Demand is also being driven by the increasing adoption of telehealth services and remote communications. Rising usage of data management and connectivity through interoperability to electronic health records (EHR) will further boost market growth. However, the high cost of molecular diagnostics and lack of skilled professionals are expected to hamper the growth of the global critical care diagnostics market.
Based on test, the hematology tests segment accounts for a share of 40% of the critical care diagnostics market and is projected to grow at a CAGR of 5% through 2032. Based on end users, the emergency room segment is predicted to register the fastest growth over the forecast period due to rising demand for emergency services from patients seeking rapid medical attention. Patients can also receive emergency treatment without prior appointment and obtain basic life support in the event of severe traumatic situations. As the survival rate of critically ill patients in the emergency department is directly related to the advancement of early recognition and treatment of diseases, the demand for critical care diagnostics will grow at a significant pace in this segment.
Geographically, North America will continue to dominate the global critical care diagnostics market and account for around half of its total revenues due to considerable research and development efforts, and increased use of numerous tests by clinicians in the region. Within North America, the U.S. critical care diagnostics market was valued at around USD 290 million in 2020 and it is expected to grow at a steady pace over the next decade. Continuous advancements in diagnostic technologies are expected to create lucrative growth opportunities for the leading players in the critical care diagnostics market during the forecast period.
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