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The global critical care diagnostics market was valued at around US$ 1,133.83 Million at the end of 2021. The market is projected to register a 5.13% CAGR and top a valuation of US$ 1,965.81 Million by 2032.
The market for critical care diagnostics will be driven by factors such as increasing geriatric population, rising prevalence of chronic diseases like diabetes, heart disease, and cancer, and growing awareness of these tests among doctors and patients and their associated advantages.
Point of care diagnostics, also referred to as critical care diagnostics, are authorised tests that are carried out close to the patient and yield fast results. Critical care diagnostics also includes self-testing and over-the-counter tests. Critical care tests are sophisticated tests that deliver results sooner to diagnose the disease for better treatment plans, whereas pathology labs require a set amount of time to provide results depending on the type of test.
While pathology laboratories take hours or even days to produce results, critical care diagnostics offers swift diagnostic testing to the patient and allows for instant results. Blood glucose testing, urine strip testing, blood gas and electrolyte analysis, pregnancy testing, food pathogens screening, drug of abuse, haemoglobin diagnostics, infectious disease testing, and cholesterol screening are all included in the critical care diagnostics.
In addition to being employed at home, clinical laboratories, research facilities, and hospitals all use critical care diagnostics. These diagnostic procedures are economical and offer accurate, prompt diagnosis. These tests are used to diagnose people with life-threatening disorders.
The market for critical care diagnostics is primarily driven by improvements in diagnostic technology as well as the rising global prevalence of chronic and lifestyle-related disorders. For instance, according to data from the Centres for Disease Control and Prevention (CDC) updated in July 2022, 6 in 10 adults in the United States have one or more chronic diseases, and 4 in 10 adults have two or more, which include diabetes, heart disease, cancer, and chronic obstructive pulmonary disease. Because of the rising prevalence of chronic and lifestyle diseases globally, there is a higher need for critical care diagnostics for these patients, and as a result, the market is anticipated to grow over the coming years.
Moreover, growing geriatric population globally is also the factor influencing the markets’ growth. For instance, the World Health Organization (WHO) indicated in data published in October 2021 that the rate of population ageing is much higher than in the past and that by 2030, 1 in 6 individuals worldwide will be 60 years of age or older. The proportion of people 60 and older will rise during this period and nearly double from 12% to 22% by 2050.
Therefore, due to growing geriatric population, the health related problems such as cardiovascular and neurological disorders are supposed to increase, which ultimately increases the hospitalisation of these patients. The need to diagnose critically ill patients as a result of this hospitalisation is projected to fuel the market for critical care diagnostics.
The critical care diagnostics market is broadly divided into seven major regions, North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.
North America dominated the regional critical care diagnostics market due to the rising number of injuries brought on by traffic accidents in the United States. For instance, The Association for Safe International Road Travel (ASIRT) reported in March 2022 that 4.4 million injuries in the United States per year are severe enough to require medical attention. Due to the urgency with which these injuries must be diagnosed and treated, the field of critical care diagnostics is predicted to grow in the area.
These insights are based on a report Critical Care Diagnostics Market by Future Market Insights.