Critical Care Diagnostic Market to Surge at a Robust Pace by 2024

Critical care is direct delivery of medical care by a physician(s) for a critically ill or injured patient. Critical care diagnostics involve intensive care of patients dealing with life-threatening conditions that require sophisticated invasive/non-invasive monitoring devices alongside other life support systems. Key factors supporting the industry growth include technological advancements, increase in geriatric population, awareness, and acknowledgment of vital organ’s tests by patients. However, higher cost of diagnostic techniques and lack of skilled labor are expected to hamper the growth of the market, especially in low to medium income countries.

Currently, the U.S. is the leading Critical Care Diagnostic Market. Increase in demand for accurate and rapid preventive health care services drives the market in the country. In addition, the critical care diagnostics market is expected to grow at a high rate in the next few years as custom chemicals and new technologies are being rapidly incorporated in critical care diagnostics to increase performance and response time. Moreover, government initiatives in implementing critical care diagnostics and improvement in the reimbursement scenario is likely to fuel market growth.

The critical care diagnostics market is segmented based on type of test, end-user, and region. In terms of type of test, the market is further categorized into coagulation testing, routine and special chemistry, hematology, flow cytometry, immunoproteins, and microbial and infectious diseases. Based on end-user, the critical care diagnostics market is segmented into ICUs, operation rooms, and emergency rooms.

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The emergency rooms segment is expected to witness a considerable growth during the forecast period due to rising demand among patients for ER services to seek immediate medical attention, get acute treatment without prior appointment, and receive basic life support in case of severe traumatic conditions. In terms of type of test, the microbial and infectious disease segment is expected to grow at the highest rate during the forecast period. This is attributed to the ability of these tests to diagnose a large number of patients with chronic infections rapidly and accurately. Presently, the immunoproteins diagnostic test segment accounts for the largest share of the critical care diagnostic market due to its rapid preventive health care services and precise methodology.

Geographically, the critical care diagnostics market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America held the largest share of the critical care diagnostics market in 2015 due to extensive research and development activities, significant investments, and increasing application of several tests by physicians. Europe was the second largest market for critical care diagnostics owing to implementation of high health care concerns and technological innovations in diagnostic tools in the region.

Asia Pacific is projected to dominate the global critical care diagnostics market in terms of growth rate during the forecast period. Rise in the number of specialty hospitals in the region, improving health care services and infrastructure in rural areas, growing geriatric population, and increasing prevalence of chronic diseases are attributed to the growth of the market in Asia Pacific. In Latin America, Brazil and Mexico are the countries that have significant growth potential due to developing medical organization, rising disposable incomes, and growing use of telehealth services in remote areas.

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Key players operating in the global critical care diagnostics market include Abbott Laboratories, Alere, Inc., Beckman Coulter, Inc., Becton, Dickinson and Company, Bayer AG, F. Hoffmann-La Roche Ltd., and Siemens Healthineers. The recent trend utilized by the major players in the critical care diagnostic market is a companion diagnostic device (in vitro diagnostic device or an imaging tool) that provides information essential for the safe and effective use of a corresponding therapeutic product.

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