The present invention relates to a method of identifying or monitoring circulatory failure in a subject, which method comprises assessing the subject's microcirculation in respect of the following parameters: (a) functional capillary density (FCD); (b) heterogeneity of the FCD; (c) capillary flow velocity; (d) heterogeneity of capillary flow velocity; (e) oxygen saturation of microvascular erythrocytes (SmvO2); and (f) heterogeneity of SmvO2; wherein parameters (a) to (d) are assessed visually by microscopy and parameters (e) and (f) are assessed by diffuse reflectance spectroscopy (DRS); well as apparatus and software designed for performance of such a method.