Critical and Chronic Care Products Market- By Treatment ; By Device ; By Temperature Management, Vascular Access, Patient Care; By End-User ; By Geography - Forecast(2024 - 2030)

Critical and Chronic Care Products Market Size is forecast to reach $21,615.30 Million by 2030, at a CAGR of 5.20% during forecast period 2024-2030.Intensive care products or critical care products are the branch of medicine concerned with the diagnosis and management of life-threatening conditions requiring sophisticated organ support and invasive monitoring whereas chronic care products refers to medical care products which addresses pre-existing or long term illness, as opposed to acute care which is concerned with diagnosis and treatment of short term or severe illness of brief duration. The rising number of hospitals & clinics which cater to the patients suffering from both chronic and critical illness is driving the market for critical and chronic care products. These products include catheters, infusion pumps, ventilators, patient monitoring devices, I.V. disposables and others. They are used in hospitals, clinics and rehabilitation centers. The Critical and Chronic care products market in 2017 is estimated at $11,183 million, and it is growing at a CAGR of 5.2% from 2018 to 2023.  

Critical care helps people with life-threatening injuries and illnesses. It is involved in the treatment of problems such as complications from surgery, accidents, infections, and severe breathing problems. In such cases, constant attention is given by specially-trained health care providers. The commonly used equipment in critical care are Monitors, intravenous tubes, feeding tubes, catheters, breathing machines, and other equipment are common in critical care units. 

 

Chronic care involves medical and non- medical services to assist people suffering from chronic disorders. Chronic care aids the patients in independent living, aims to provide successful personal and social adjustment, minimize further deterioration of physical and mental health, and prevent acute exacerbations of chronic conditions.

 

• AI in healthcare is expected to rise with a high growth rate. Healthcare companies are focusing on the usage of AI and advanced algorithms to stimulate expert human reasoning. They are also focusing on Machine learning tools to identify patient’s symptoms and recommend appropriate course of action. Rare diseases are being clinically diagnosed via face recognition software’s combined with machine learning.
• The growing trend in critical and chronic care product market is the use of better tools in the ICU. Companies are manufacturing new innovative equipment to improve patient safety and improve the quality of care patients receive.
• One solution to the staffing shortage in critical care units is electronic ICUs which allow an ICU nurse to monitor and manage all of the patient population in their organization’s ICU from off-site. This remote monitoring allows fewer specialists to access to more patients.

The major players in this market are Piramal, Mylan, Convatec, Novartis, GE Healthcare, Abbott, Plunkett’s Health Care and other companies.

The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.

 

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• Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
• Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
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• Analyze the sales and distribution channels across key geographies to improve top-line revenues.
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• Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years. 
• Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.  

Key Market Players:

The Top 5 companies in the Critical and Chronic Care Products Market are:

1. Piramal
2. Mylan N.V.
3. Convatec Inc.
4. GE Healthcare
5. Medtronic