Critical Care Diagnostics Market Worth USD 1.29 Billion By 2024
The global critical care diagnostics (CCD) market will grow at a lucrative rate over the next few years to reach USD 1.29 billion by 2024, driven by the rapid awareness and acknowledgment of these tests by physicians and patients, rise in geriatric population and chronic health conditions, use of telehealth services in remote areas, and technological advancements. However, increased cost of molecular diagnostics and shortage of skilled labor to handle new platforms are expected to hinder the industry’s growth.
These are the findings of Grand View Research, Inc. (San Francisco, CA, USA), a market research and consulting company, which estimates the global CCD market size in 2015 to be USD 837.6 million.
CCD tests, such as the nucleic acid amplification test, allow clinicians to detect and identify organisms rapidly and accurately, as well as guide clinicians who wish to quickly commence treatment using the right antimicrobial therapy without any delay and terminate the use of avoidable drugs.
By test type, the CCD market is categorized into routine and special chemistry, flow cytometry, hematology, immunoproteins, microbial and infectious diseases, coagulation testing, and others. In 2015, the immunoproteins segment accounted for the largest share in terms of value, due to an increase in the demand for rapid and accurate early diagnosis, as well as the ability to reduce the recovery time of patients. By the end-user, the CCD market is categorized into operation rooms, emergency rooms, and ICUs.
The growth of the CCD market is driven mainly by factors, such as clinical chemistry, flow cytometry tests, and coagulation tests, among others. Growing awareness among patients for better healthcare options and increase in knowledge of target therapy among physicians has led to a higher demand for CCD tests. Moreover, the increasing adoption of telehealth and rising awareness of advanced diagnostics tools has also influenced the growth of the CCD market.
Over the 2013-2024 period, microbiology and infectious tests along with immunoproteins assays are estimated to drive the CCD market growth, with the microbial and infectious diseases test diagnostics segment likely to record the highest CAGR of over 5%. With approximately 58% of patients getting admitted in emergency rooms and nearly 20% of acute-care patients in ICUs, the emergency rooms segment is expected to record the highest growth rate over the same period.
As of 2015, the North American CCD market held the largest share of the global market, followed by Europe. Going forward, the Asia Pacific region is estimated to record the highest growth rate, with a CAGR of around 9.1% over 2013-2024, led by a large geriatric population, increasing chronic diseases, growth in intensive care specialized hospitals in India, and improving healthcare services and infrastructures across rural areas.
