MarketsandMarkets™ published a report titled, "COVID-19 Impact on Critical Care Device Market by Device (High-Impact Products (Ventilators, Patient Monitors, Infusion Pumps, Hyperbaric Oxygen Therapy Devices and Sleep Apnea Devices) and Low-Impact Products (Anesthesia Machines, Defibrillators and Blood Warmers)) and Region – Global Forecast to 2021". Based on their findings, the global Critical Care Devices 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.
The market for critical care devices 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.
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The ventilators segment is expected to grow at the highest CAGR during the forecast period
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 CAGR during the forecast period. This growth can be attributed to its use in managing critically ill patients, given the fact that the coronavirus attacks the respiratory system.
Recent Developments
- On 29th April 2020, Medtronic has ramped up the production of its high-performance ventilators by more than 40%. In addition, the company is working with third-parties to explore other non-traditional mechanisms to increase the production of ventilators, including providing its intellectual property and ventilator designs to the public for third-party ventilator production
- Getinge has seen an increased global demand for advanced ventilators, extracorporeal life support (ECLS) equipment, and advanced monitoring for intensive care units since the outbreak of the COVID-19 pandemic. To meet the global demand, Getinge will temporarily increase its production of advanced ICU-ventilators by 160% in 2020, to 26,000 ventilators in total. In 2019, Getinge produced approximately 10,000 advanced ICU-ventilators at its production site in Solna, Sweden.
In 2019, the hospitals & clinics segment accounted for the largest share of the market
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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North America accounted for the largest share of the critical care devices industry in 2019, followed by Europe. The large share of this region is attributed mainly to a high number of positive COVID-19 cases and deaths in the US, a robust 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 country can easily manufacture these devices.
The prominent 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), Moog Inc. (US), Smiths Medical (US), and Philips Healthcare (Netherlands), among others
According to the new market research report “COVID-19 Impact on Critical Care Device Market by Device (High-Impact Products (Ventilators, Patient Monitors, Infusion Pumps, Hyperbaric Oxygen Therapy Devices and Sleep Apnea Devices) and Low-Impact Products (Anesthesia Machines, Defibrillators and Blood Warmers)) and Region – Global Forecast” published by MarketsandMarkets™.The Global 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%Recent DevelopmentsOn 29th April 2020, Medtronic has ramped up the production of its high-performance ventilators by more than 40%.
In addition, the company is working with third-parties to explore other non-traditional mechanisms to increase the production of ventilators, including providing its intellectual property and ventilator designs to the public for third-party ventilator productionGetinge has seen an increased global demand for advanced ventilators, extracorporeal life support (ECLS) equipment, and advanced monitoring for intensive care units since the outbreak of the COVID-19 pandemic.
To meet the global demand, Getinge will temporarily increase its production of advanced ICU-ventilators by 160% in 2020, to 26,000 ventilators in total.
In 2019, Getinge produced approximately 10,000 advanced ICU-ventilators at its production site in Solna, Sweden.Browse 85 market data Tables and 24 Figures spread through 90 Pages and in-depth TOC | Request Research Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=216430576The ventilators segment is expected to grow at the highest CAGR.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 CAGR during the forecast period.
April 26th every year marks the celebration of World Intellectual Property Day or World IP Day, and its theme for this year is “Innovate for a Green Future.https://www.kashishworld.com/blog/how-can-ip-be-a-solution-in-situations-of-crisis-like-the-covid-19-pandemic/
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In the latest coronavirus vaccine latest update, the US-based biotech company Moderna released new data on Monday which conclusively strengthens its case for the covid-19 vaccine.
The study stated that the moderna vaccine is 94% effective, and causes the human immune system to produce potent antibodies that endure for at least three months.Moderna Inc said that it expects between 100 million to 125 million doses of its experimental covid-19 vaccine available globally in the first quarter of 2021, in this latest covid-19 vaccine update USA.
The company added that around 85 million to 100 million of those doses would be available in the United States, while 15 million to 25 million available outside the country.The first-quarter doses are within the 500 million to up to 1 billion doses the company expects to manufacture in 2021, as per the covid-19 vaccine tracker.The vaccine, mRNA-1273, achieved high levels of binding and neutralizing antibodies in its test subjects.
Although these high levels of antibodies produced due to this covid-19 vaccine declined slightly over time, by introducing a booster vaccination the levels could be maintained high, for up to three months in all participants.The COVID-19 vaccine race:The Moderna vaccine built on the company’s previously reported findings, based on its study of about 30,000 volunteers.
In the study where both placebo and active shots were given to volunteers, only 11 of the active volunteers reported cases as opposed to the 185 cases in the placebo team.In other covid-19 vaccine news – Pfizer, which has developed a similar vaccine, reported similar findings.
Both Moderna and Pfizer vaccine showed promise in preventing severe cases.Based on these findings and the analysis of the vaccine’s safety and side-effects, Moderna has submitted an application for emergency use authorization to the food and drug administration(FDA).Pfizer applied for the same for its covid-19 vaccine on November 9.
