Asia-Pacific dominating with major share in the Critical and Chronic Care Products Market
Geographically, North America accounted for the maximum share of 45% in 2014 owing to the high standard of the hospitals and devices used. The market was valued at $4977 million in 2017. The critical and chronic care products for North America are expected to grow at a CAGR of 6.9%, to reach a value of $6536.27 million by 2023.
Europe is the second leading market in the industry with a value of $3131 million by 2017. The market is projected to grow at a CAGR of 4.0%, and to reach a value of $3930.5 million by 2023. Asia-Pacific is projected to grow at the fastest pace of a CAGR 6.9%, to reach a value of $3473.86 million by 2023. The critical and chronic care solution market has been growing tremendously over the past decade with new and improved products spearheading the market.
Selected Types of foods Analysis done in the full Report:
Infusion systems account for the largest share in revenue by type of device. The infusion systems are used to accurately deliver infusions. They are used in ICU rooms, general wards and care centers. Infusion systems market accounted for revenue of $3836 million in 2017. The market for infusion systems is expected to grow at a CAGR of 3.8% and to reach a value of $4780.13 million by 2023. Anesthesia airway is the second leading market that accounted to $2247 million in 2017. The market is expected to grow at a CAGR of 4.5% and to reach a value of $2908.19 million by 2023, followed by patient monitoring leading the market next. Recent findings state that drainage systems and pressure monitoring is expected to grow at the highest CAGR of 8.5% and 8.1% respectively. Drainage systems and Pressure monitoring is expected to reach a value of $2821.36 million and $436.33 million by 2023 respectively. Ventilators type is expected to reach an average rate of 5.2%, to reach a value of $1323.10 million by 2023.
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Excerpts on Market Growth Factors
Development in home healthcare segment will mainly be driven by technological advances, enabling improvement of affordable health monitoring devices. The rise in the demand for home health monitoring device will propel the market for chronic care products.
3-D printing will help in customizing interventional treatments as per individual patient needs, as clinicians will be able to manufacture devices to specific sizes and shapes. This launch of technology will propel the critical and chronic care products market.
The number of deaths due to chronic diseases is very high in emerging countries such as India, China and Brazil. To combat the situation health authorities are bound to invest in chronic health monitoring and treatment devices which will propel the market for Chronic care products.
Competitors are working on the development in home healthcare segment, which will mainly be driven by technological advances enabling improvement of affordable health monitoring devices. The rise in demand for home health monitoring device will propel the market for chronic care products.
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Key players of the Critical and Chronic Care Products Market
Key players in critical and chronic care market are GE Healthcare (U.S.), Philips Healthcare (The Netherlands, Medtronic Plc. (U.S.), and Smiths Medical (U.K.). The companies are making new entry with innovative products, in the fiscal year 2018. Some of the major launch of critical and chronic care products of key players are Philips Healthcare’s launch of VentAssist, GR Healthcare launch of Volume Control Ventilation, and Smith’s Medical launch of Clear-Cluff Pressure Infusor.
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