Critical Care Diagnostics Market Size

Critical Care Diagnostics Market Analysis

The Critical Care Diagnostics Market size is estimated at USD 1.36 billion in 2024, and is expected to reach USD 1.78 billion by 2029, growing at a CAGR of 5.5% during the forecast period (2024-2029).

COVID-19 had a significant impact on the market studied. Owing to the high burden of COVID-19, healthcare systems across the globe were implementing critical care centers for diagnosis as well as therapeutics. For instance, in November 2021, the Gujarat government in India initiated tele-ICU services to ease the pressure on government hospitals and health centers in rural and remote areas with a dearth of specialized doctors. Moreover, in July 2022, with the support of the European Union early in the COVID-19 pandemic, the European Society of Intensive Care Medicine (ESICM) developed the C19 Skills Preparation Course (C19_SPACE) to orientate and supplement clinical learning for nurses and doctors not regularly or newly engaged in intensive care units (ICUs). Thus, given the aforementioned factors, the pandemic considerably impacted the market studied. Currently, the market has reached its pre-pandemic nature in terms of demand for critical care diagnostics and is expected to witness healthy growth in the coming years.

The critical care diagnostics market is primarily driven by the increasing global prevalence of chronic and lifestyle-related disorders, an increase in data management and connectivity through interoperability to Electronic Health Records (EHR), and advancements in diagnostic technologies. According to the Centers for Disease Control and Prevention (CDC), data updated in July 2022, in the United States, 6 in 10 adults have a chronic disease, and 4 in 10 adults have two or more chronic diseases, which include heart disease, cancer, stroke, chronic obstructive pulmonary disease, and diabetes. Therefore, with the increasing chronic and lifestyle diseases worldwide, there is an increased demand for critical care diagnostics for these patients; thereby, the market is expected to see a surge over the forecast period.

Moreover, the data published in October 2021 by WHO reported that the pace of population aging is much faster than in the past, and 1 in 6 people in the world will be aged 60 years or over by 2030. WHO also stated that the share of the population aged 60 years and above will increase and nearly double from 12% to 22% by 2050. As the aging population creates an increase in health-related issues, especially cardiovascular and neurological diseases, the hospitalization of patients is also expected to rise. This hospitalization is likely to lead to the requirement for the diagnosis of critically ill patients, and this is expected to drive the critical care diagnostics market.

Therefore, owing to the factors mentioned above, the studied market is expected to grow over the forecast period. However, the high cost of the diagnostic test and the lack of skilled professionals in handling critical care diagnostics are likely to impede the market's growth.