Albany, NY -- (SBWIRE) -- 11/09/2018 -- Critical and chronic care products are the branch of medicine concerned with the diagnosis and management of life-threatening conditions requiring sophisticated organ support and invasive monitoring whereas chronic care products refers to medical care products which addresses pre-existing or long term illness, as opposed to acute care which is concerned with diagnosis and treatment of short term or severe illness of brief duration.
As per Robert Wood Johnson Foundation, 2004, the need for better management of chronic conditions is urgent. About 141 million people in the United States were living with one or more chronic conditions in 2010, and this number is projected to increase to 171 million by 2030, when almost every other American will be living with one or more chronic conditions. Unless these chronic conditions are managed effectively and efficiently, the implications of these numbers for morbidity and mortality, workplace productivity, and health care costs in the coming decades will be staggering. For example, one estimate projects that by 2034, the number of people with diabetes will double to 42 million and the related health care spending will triple to $336 billion. Similarly, the American Heart Association projects that by 2030, 40 percent of the U.S. population will have some form of cardiovascular disease and the related health care costs will triple from the current $273 billion to $818 billion. Productivity losses associated with chronic diseases are projected to triple to $3.4 trillion from the current $1.1 trillion.
The Critical And Chronic Care Products Market is expected to witness a steady growth during the forecast period. The growth of overall health care sector during the forecast period is expected to influence the growth of global critical and chronic care products market. Besides this, the major driving factors for global critical and chronic care products market are population aging and an increase in rate of chronic diseases. Moreover, increase in number of health care facilities across the globe is expected to fuel the growth of global critical and chronic care products. Also, Increase in lifestyle influenced diseases such as coronary heart diseases, along with the growing affluence has resulted in a steady growth in demand for critical and chronic care products. On the flip side, the high cost of these critical and chronic care products can act as an impediment to the growth of global critical and chronic care products market.
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Geographically, North America occupies the largest market share followed by other developed region like Europe. The United States accounts for a major share of the global market. The high awareness level in this region led the market of critical and chronic care products for expansion significantly. However, the same factor of affordability has restrained the markets in developing regions. Despite of this, Asia Pacific has shown striking increase in its growth rate for the critical and chronic care products market. Rising population, increase in disposable income, and increase in awareness level are some key factors driving the Asia Pacific Market. Due to this factors, the Asian market is observing high number of new entrants compared to those in developed regions.
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The Major players reported in the market include Abbott Laboratories, Piramal, Mylan, Convatec, Novartis, GE Healthcare, Abbott, Plunkett's Health Care, Sproxil, Safaricom, Dexcom, Walgreens and Baxter International, Inc.