Potential Impact of COVID-19 on Critical Care Devices Market: What to Expect from Industry in 2020?

The coronavirus outbreak has influenced the critical care devices industry fairly and positively. Expanded usage of critical care devices is expected to fuel the demand for COVID-19 care during the forecast era. Markets are projected to provide investors with more growth prospects over time. Leading players of the market are predicted to unlock vibrant opportunities for the growth of the market in the forthcoming years by taking various initiatives.

The latest research report on the global critical care devices market by Research Dive reflects the influence of COVID-19 pandemic on the present and expected growth of the global market. This report is professional and comprehensive research formulated by specialists by evaluating top driving factors, major regional market situations, opportunities & future scope, and trends & developments in the market during the COVID-19 catastrophe.

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Highlights of the Report:

The global critical care devices market has witnessed remarkable growth in the previous years. The sudden outbreak of COVID-19 has impacted the market, bringing even more chances of growth. As per the report, the global critical care devices industry is expected to register a revenue of $41.5 million by 2027, at a growth rate of 3.2% during the forthcoming years. In the current situation, the market has garnered $33.3 million in 2020, owing to the increasing demand for critical care devices across the healthcare industry.

Factors Driving the Market Growth amid COVID-19 Pandemic:

As per our analyst estimates, the growth of the global critical care devices industry is majorly attributed to the significantly rising adoption of critical care devices system by the healthcare industry. However, high costs to obstructing the growth of the critical care devices industry.

The report discloses the real-time CAGR recorded by the market during the pandemic. According to the report, the critical care devices market has earned a CAGR of 3.2% during the last few months of the crisis, while the pre-COVID-19 estimation was only 3%. The reason behind this growth is the growing necessity of growing adoption of critical care devices in the healthcare industry owing to longer life cycles.

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Current COVID-19 Impacted Scenario of the Market:

The leading players of the market are focused on developing new, innovative strategies to sustain market growth. To drive the demand during the pandemic, innovation in critical care instruments that are used in surgical procedures, and an increase in intensive care units has allowed healthcare institutions to provide better healthcare services for the patient. It is expected that a lack of skilled labor to operate such tools would hamper the demand in the forecast period.

Future Scope of the Market:

According to the report, the global critical care devices market is projected to maintain sustainable growth post the pandemic.

New entrants and leading players including GE Healthcare, Cardinal Health, Breas Medical, Boston Scientific Corporation, Biometrix, Asahi Kasei Corporation, Airon Corporation, Air Liquide Medical Systems, Biometrix and Avanos Medical, Inc, among others are expected to bring in some newer innovative advances and rewarding opportunities for the market in next few years. The report summarizes the following aspects of all key players: business overview – financial performance, product portfolio, recent strategic moves & developments, SWOT analysis.

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