Global Critical Care Diagnostics Market to Reach USD 1.3 Billion by 2024
The global critical care diagnostics (CCD) market is estimated to have been valued at USD 837.6 million in 2015 and is expected to reach USD 1.3 billion by 2024, driven by increasing awareness among physicians, patients’ requirements for cost-efficient, rapid, and accurate diagnostic tests, and technological advancements. However, the high costs of these tests and scarcity of skilled labor for handling new platforms pose a challenge to the market growth.
These are the latest findings of Grand View Research, Inc. (San Francisco, CA, USA), a market research and consulting company.
CCD tests deal with the specialized care and diagnosis of life-threatening diseases occurring in patients. Being cost-effective and easy-to-use with rapid and accurate diagnosis, they are used in emergency rooms, operating rooms, and intensive care units (ICUs) around the world. The CCD segment accounts for a share of 2-3% of the in-vitro diagnostic market.
The demand for CCD tests has been increasing due to growing awareness among patients about better healthcare options and increasing knowledge of target therapy among physicians. Based on type, the CCD market is being driven mainly by the clinical chemistry, flow cytometry tests, and coagulation tests segments. The immunoproteins segment is estimated to account for the largest share of the CCD market, in terms of value, due to a rise in the demand for rapid and accurate early diagnosis as well as the ability to reduce the recovery time of patients. However, microbiology and infectious tests along with immunoproteins assays are estimated to drive the CCD market, by type, during the forecast period.
Hospital ancillary locationss, such as emergency rooms, operating rooms, and ICUs, among others, are the main end-users of CCDs. The growing adoption of telehealth and increasing awareness of advanced diagnostics tools has also influenced the market growth. The emergency rooms segment is expected to drive the growth of the CCD market, by end-user, during the forecast period.
Geographically, North America is estimated to hold the largest share of the global CCD market, followed by Europe. However, the CCD market in Asia Pacific is expected to register the highest growth during the forecast period, driven by the region’s increasing geriatric population, growing number of intensive care specialized hospitals in India, and improved healthcare infrastructure in the rural areas. Additionally, new health reforms implemented by the government in China have expanded the insurance coverage of patients and improved the country’s primary healthcare system, further aiding the growth of the CCD market in Asia Pacific.
