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.
What are Critical and Chronic Care Products?
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.
Market Research and Market Trends of Critical and Chronic Care Products:
- 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.
Who are the Major Players in Critical and Chronic Care Products Market?
The major players in this market are Piramal, Mylan, Convatec, Novartis, GE Healthcare, Abbott, Plunkett’s Health Care and other companies.
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