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The critical care diagnostics market share is expected to increase by USD 1.83 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 17.4%.
This critical care diagnostics market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers critical care diagnostics market segmentations by application (microbial and infectious disease testing, hematology testing, cardiac and lipid testing, coagulation testing, and others) and geography (North America, Europe, Asia, and ROW). The critical care diagnostics market report also offers information on several market vendors, including Abbott Laboratories, Becton, Dickinson and Co., bioMerieux SA, Bio Rad Laboratories Inc., Chembio Diagnostics Inc., Danaher Corp., EKF Diagnostics Holdings Plc, F. Hoffmann La Roche Ltd., Quidel Corp., and Siemens AG among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The growing focus on diagnosis of chronic conditions and infectious diseases is notably driving the critical care diagnostics market growth, although factors such as lack of skilled professionals may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the critical care diagnostics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Critical Care Diagnostics Market Driver
One of the key factors driving the critical care diagnostics market growth is the growing focus on diagnosis of chronic conditions and infectious diseases. Chronic diseases and conditions such as diabetes, stroke, and cancers are diagnosed by using critical care diagnostics. According to the CDC report 2020, more than 34 million adults in the US or 11% of the total US population, have diabetes. The rate of diabetes that is diagnosed has increased with age. Among the adults aged 18-44 years, 4% had diabetes; among those aged 45-64 years, 17% had diabetes; while among those aged 65 years and older, 25% had diabetes. Serious conditions with a high mortality rate also incur greater patient costs and strengthen the impetus for rapid POC diagnosis. Thus, the regulatory authorities are approving the products for emergency use to identify and diagnose critical conditions. Thus, with the number of increasing cases of chronic disorders, the demand for POC products that are required during critical care diagnosis and treatment will increase, thereby contributing to the market growth globally.
Key Critical Care Diagnostics Market Trend
Data management and connectivity to EHRs through interoperability is the major trend influencing critical care diagnostics market growth. One of the major concerns with critical care diagnostics was that, while using the POC products in a critical care setting, the results were not captured electronically. Therefore, they are less accessible and are not included in data analytics. The results should be properly recorded and electronically linked with the EHR. Sometimes, the data will be available at the place of testing. However, once the patient leaves the testing location, results become unavailable unless the devices are connected to the laboratory information system (LIS) and/or EHR. Therefore, companies are focusing on providing the advanced technology of data management of the patients by introducing the advent of health information technology within the healthcare system. Manufacturers are also developing software for critical care diagnostics, where the data of each patient gets stored in the data warehouse through connectivity to EHRs by the interoperability method. The compliance of rapid diagnostic analyzers with LIS or EHRs is one of the emerging trends in a critical care setting, as most companies are shifting toward innovating their technology and products.
Key Critical Care Diagnostics Market Challenge
Lack of skilled professionals is one of the key challenges hindering the critical care diagnostics market growth. Most of the critical care diagnostic tests are performed in hospitals and physicians' offices by highly skilled staff. The popularity of critical care diagnostic testing is growing in developing countries. Most medical professionals lack knowledge about the technology, its benefits, and the handling of patients during POC testing. Also, many medical personnel is unfamiliar with routine laboratory procedures such as proper patient preparation, sample collection, calibration, instrument maintenance, and quality control. In the countries of Africa and in developing countries such as China, India, and Brazil, the lack of technical expertise in POC diagnosis delays the availability of test results, which, in turn, interrupts the treatment outcome. Many medical professionals are unable to interpret the basic test results during the test or identify the abnormalities under the microscope. This lack of expertise enhances the probability of a wrong diagnosis. Hence, it is important to educate medical professionals about the use of critical care diagnostic devices.
This critical care diagnostics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global critical care diagnostics market as a part of the global healthcare supplies market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the critical care diagnostics market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the critical care diagnostics market encompasses successful business strategies deployed by the key vendors. The critical care diagnostics market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The critical care diagnostics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the critical care diagnostics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by vendors to ensure a sustainable market presence.
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43% of the market's growth will originate from North America during the forecast period. US is the key market for critical care diagnostics in North America. Market growth in this region will be faster than the growth of the market in other regions.
In 2019, the number of weekly visits to the emergency department (ED) of hospitals was 2.1 million in the US. The average increase in emergency department visits increased by 25% in the past ten years. Therefore, the increasing number of hospital visits that require critical care diagnosis creates a demand in the market. This will facilitate the critical care diagnostics market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
However, in early 2020, the outbreak of the COVID-19 pandemic led to a halt in the general operations of healthcare facilities and treatment centers in the region as they became more focused on treating COVID-19 patients, which restricted the number of critical care diagnoses and emergency department visits, which, in turn, negatively impacted the growth of the critical care diagnostics market in the region. For instance, according to CDC, ED visits in the US declined 42% during the early part of the COVID-19 pandemic, from 2.1 million per week to 1.2 million. Restrictions on medical tourism, following the imposition of restrictions on travel, also had a negative impact on the critical care diagnostics market, but the market is expected to grow after the pandemic is contained in the region.
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The critical care diagnostics market share growth by the microbial and infectious disease testing will be significant during the forecast period. The prevalence of infectious diseases such as bacterial infections, respiratory diseases, and human papillomavirus (HPV) is gradually increasing globally.
Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the critical care diagnostics market size and actionable market insights on post COVID-19 impact on each segment.
Critical Care Diagnostics Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 17.4% |
Market growth 2021-2025 |
$ 1.83 billion |
Market structure |
Fragmented |
YoY growth (%) |
16.76 |
Regional analysis |
North America, Europe, Asia, and ROW |
Performing market contribution |
North America at 43% |
Key consumer countries |
US, UK, Japan, Germany, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Abbott Laboratories, Becton, Dickinson and Co., bioMerieux SA, Bio Rad Laboratories Inc., Chembio Diagnostics Inc., Danaher Corp., EKF Diagnostics Holdings Plc, F. Hoffmann La Roche Ltd., Quidel Corp., and Siemens AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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