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Critical care is the branch of medicine concerned with the diagnosis and management of life-threatening illness or injuries such as shock, burns, accidents, complicated surgeries, sepsis, and severe breathing problems. It usually takes place in ICU or trauma centre. The rising prevalence of life-threatening conditions such as cardiovascular diseases, respiratory diseases, etc., increasing geriatric population, rising awareness and acknowledgement of vital organ’s test among patients, technological advancements are some of the key factors that are projected to drive the market growth during the forecast period. For instance, according to National Institute of Health (NIH), in 2016, about 8.5 % of people worldwide are aged 65 and over and this percentage is projected to jump over 17% of the world’s population by 2050.
Key Market Driver -
Rising prevalence of chronic disorders, increasing geriatric population
Key Market Restraint -
High costs associated critical care therapeutics
Rising prevalence of chronic disorders (cardiovascular disorders, respiratory disorders), growing geriatric population, increasing awareness among people about vital organ’s test, and government initiatives for increasing awareness regarding occurrences of chronic disorders are some of the factors that are driving the market growth. According to the American Heart Association's Heart and Stroke Statistics – 2019, nearly half of (48%, 121.5 million in 2016) of all adults in the United States have some type of cardiovascular disease.
However, high cost associated with critical care theraapeutics, and unfavourable reimbursement scenarios are some of the factors expected to hamper the growth of critical care therapeutics market.
By drug class, the market can be segmented into albumin, prothrombin complex concentrates, antithrombin concentrates, factor xiii concentrates, and fibrinogen concentrates. By application, the market can be segmented into deep vein thrombosis, pulmonary embolism (PE), acute coronary syndrome, atrial fibrillation, hemodialysis, coronary angioplasty, and surgeries
Geographically, the critical care therapeutics market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The major companies in the global critical therapeutics market report includes Octapharma AG, Shire plc, Baxter, Bio Products Laboratory, Biotest AG, Kedrion S.p.A, Shanghai RAAS, and other prominent players.
The global critical care therapeutics market is expected to be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to lead the global critical care therapeutics market due to an increasing prevalence of chronic disorders (cardiovascular diseases, respiratory diseases, etc.) in the U.S. According to the American Heart Association's Heart and Stroke Statistics – 2019, nearly half of (48%, 121.5 million in 2016) of all adults in the United States have some type of cardiovascular disease. Also, the availability of advanced healthcare facilities and research and development in critical care therapeutics are responsible factors for dominance.
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The market in Europe is likely to have substantial market growth throughout the forecast period owing to rising geriatric population, and rising prevalence of chronic disorders. Asia Pacific and Latin America are expected to register a fast market growth during the forecast period due to the increasing number of chronic disorders, awareness about the vital organ’s test among the people and increased government initiatives for increasing awareness regarding occurrences of chronic disorders. On the other hand, Middle East and Africa is projected to surge the critical care therapeutics market in the near future.
By Drug Class
Critical Care Therapeutics Industry Developments
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