New Delhi: As per a newly published market research report, the critical care diagnostics market is anticipated to top US$ 1.7 Billion by 2031, and is expected to progress at a CAGR of 5.5% over the next ten years.
Critical care diagnostics is a set of procedures that is used to determine and monitor the condition of patients that have life-threatening medical conditions. Pathology labs require a certain time to provide results depending upon the type of test, while critical care tests are sophisticated tests that provide results earlier to detect a disease for a better treatment plan.
Critical care diagnostic tests, such as nucleic acid amplification tests, allow clinicians to detect and identify organisms more rapidly and accurately, and provide guidance to clinicians who aspire to commence the appropriate antimicrobial therapy as fast as possible and terminate the use of avoidable drugs.
The market is expected to grow at a lucrative rate over the next few years. Key factors supporting industry growth comprise rapid awareness and acknowledgement of these tests by physicians and patients, rise in geriatric population, chronic health conditions, employment of telehealth services in remote areas, and technological advancements.
Key Takeaways from Market Study
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Global critical care diagnostics market to top US$ 1.7 Bn by 2031.
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Routine and special chemistry diagnostics projected to reach around US$ 340 Mn by 2031.
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Flow cytometry diagnostics projected to record around 4% CAGR over next 10 years.
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Market in North America to hold share of more than 50%.
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Market in Australia expected to reach valuation of US$ 205 Mn by 2031.
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Market in Germany to record 3.5% CAGR over forecast period of 2021- 2031.
“Increasing demand for technological advancements, presence of well-established healthcare organizations, and improving reimbursement scenario have propelled demand for critical care diagnostics,” says a senior research analyst.
Market Competition
Companies are extensively investing in research & development to come up with effective solutions for health care diagnostics. These strategies are likely to fuel the growth of the market.
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In 2019, Roche Diagnostics received FDA approval for the VENTANA PD-L1 (SP142) Assay for identifying triple-negative breast cancer (TNBC) in patients.
Note: These insights are based on a report on Critical Care Diagnostics Market by Fact.MR.
