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COVID-19 Impact on Critical Care Device Market - Anticipated To Witness High Growth In The Near Future

robert henric
COVID-19 Impact on Critical Care Device Market - Anticipated To Witness High Growth In The Near Future

Major Growth Boosting Factors: The Critical Care Device Market 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.

Revenue Growth Opportunities: The Global COVID-19 Impact on Critical Care Device 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.

Recent Developments:

  • In April 2020, The FDA issued Emergency Use Authorization for B. Braun’s Perfusor Space Syringe Infusion Pump, Infusomat Space Volumetric Infusion Pump, and Outlook ES Pump systems to deliver nebulized meds into a nebulizer to treat COVID-19 patients.

  • To help ensure the continuity of supply, BD has placed all BD and Alaris infusion sets on manual inventory allocation until further notice. As a part of the supply continuity plan, the company is also reducing the number of available product SKU’s of Alaris system pump sets.

  • In October 2019, B. Braun Medical Inc. (US) collaborated with STANLEY Healthcare (US) to integrate and deploy B. Braun’s Space Infusion Pump Systems along with DoseTrac Infusion Management Software with STANLEY Healthcare’s MobileView software, Aeroscout RTLS MobileView, at Saratoga Hospital, located in New York, US, to provide real-time pump status data.

  • In April 2019, Smiths Medical (US) partnered with HCA Capital Division (US) to integrate the Medfusion 4000 system with PharmGuard Software with HCA’s electronic medical records system (EMR), to provide better patient outcomes by reducing medication errors.

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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 rate during the forecast period. This can be attributed to owing to rapid manufacturing of emergency ventilators, worldwide, and the development of low-cost ventilators.

Based on end-users;

The critical care devices market has been segmented into hospitals, home care settings, ambulatory care settings, and emergency medical services. The hospitals & clinics segment accounted for the largest share of the critical care devices industry in 2019. The large share of this segment is attributed to the strong financial capabilities of hospitals for purchasing high-priced critical care devices, the large patient pool treated at hospitals, and the availability of trained professionals to operate these critical care devices.

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Geographical Scenario: The critical care devices market is segmented into five major regions, namely, North America, Europe, the Asia Pacific (APAC), Latin America, and the Middle East & Africa. In 2019, North America accounted for the largest share of the critical care devices industry. The large share of this region can primarily be attributed to the high adoption of specialty infusion pumps, the high number of positive COVID-19 cases & deaths in the US, a strong 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 US can easily manufacture these devices.

Global Leaders: The key 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), ResMed (US), Koninklijke Philips (Netherlands), and Fisher & Paykel Healthcare (New Zealand), among others.

robert henric
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