Market Trends of Critical Care Diagnostics Industry
This section covers the major market trends shaping the Critical Care Diagnostics Market according to our research experts:
Intensive Care Unit Segment is Expected to Witness Considerable Growth Over the Forecast Period
Intensive care refers to the specialized treatment given to patients who are acutely unwell and require critical medical care. An Intensive Care Unit (ICU) provides critical care and life support for acutely ill and injured patients.
Growth in the number of cases of neurological disorders, respiratory disorders, cardiovascular diseases, malignancy, and the increasing number of surgeries is expected to rise the demand for ICU settings in the market during the forecast period. For instance, as per the report published by the CDC in January 2022, about 0.6% of children aged 0-17 years suffered from active epilepsy in 2021. The same source also stated that around 470,000 children had active epilepsy, and about 3.0 million adults in the United States had active epilepsy in 2021. In addition, the incidence of epilepsy in the United States in seniors is up to 240 per 100,000 per year. Hence, with such a high prevalence of neurological diseases in the United States, the segment is expected to witness substantial growth in the coming years.
Moreover, in March 2022, Royal Philips's Collaboration Live received approval from FDA for remote diagnostic use on additional mobile platforms. Available on Philips Ultrasound Systems EPIQ and Affiniti, Collaboration Live allows clinicians to collaborate in real-time with colleagues to complete image acquisition and diagnosis regardless of location.
Additionally, health expenditure is rising across the globe, fueling the growth of the ICU segment. As health expenditure increases, the focus of hospitals on providing critical care also increases, resulting in a drastic rise in the number of ICUs. For instance, as per the data from Canadian Institute for Health Information published in November 2021, approximately USD 230,000 were spent on healthcare in Canada during the year 2021. With such expenditure, the implementation of ICU care can be achieved, which is believed to propel segment growth.
North America is Expected to Dominate the Critical Care Diagnostics Market
North America has been witnessing stable growth but with substantial regional variations. Hospitals in the United States have made substantial investments in the physical infrastructure of their operating rooms.
The increasing number of injuries due to vehicle crashes in the United States resulted in the growing demand for critical care diagnostics, further boosting the market's growth. According to the data published in March 2022 by Association for Safe International Road Travel (ASIRT), annually, 4.4 million are injured seriously enough to require medical attention in the United States. Thus, these injuries require a quick diagnosis for quick treatment. Therefore, critical care diagnostics is expected to see a surge in the region.
Additionally, in August 2022, Oncocyte Corporation announced that the United States Department of Veterans Affairs (VA), the largest integrated healthcare system in the United States, was awarded a Federal Supply Schedule Contract for the Company's DetermaRx test. The contract is for five years. Such instances are expected to boost the growth of the studied market in the region over the forecast period.
The high healthcare expenditure, better infrastructure, and additional involvement by the government are expected to drive the growth of the market in North America.
