At 9.5% CAGR Critical Care Equipment Market Hit US$ 47,171.42 million by 2027 says, The Insight Partners
According to the latest study on “Critical Care Equipment Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product, Application, and End User,” the market was valued at US$ 21,682.65 million in 2019 and is projected to reach US$ 47,171.42 million by 2027; it is expected to grow at a CAGR of 9.5% during 2020–2027. The report highlights the trends prevailing in the global critical care equipment market, and drivers and deterrents pertaining to the market growth.
An ICU bed is equipped and staffed to be capable of ICU level care and provides mechanical ventilation along with invasive monitoring. According to the National Center for Biotechnology Information, in May 2020, Canada being at the peak of COVID-19 outbreak, the need for ICU beds has exceeded at a significant level, even with 40% self-isolation. The number of existing ICU beds in each region ranged from 0.63 to 1.85 per 10,000 people. Assuming a current occupancy rate of 80% is estimated, unoccupied ICU beds available for COVID-19 patients would vary across the region from 0.13 to 0.37 per 10,000 people.
Patients with the infection are spending an average of 15 days in ICU. According to the European Society of Anaesthesiology, the number of intensive care beds in Italy continues to grow. In Lombardy, before coronavirus spread, there were 140 private ICU beds and 500 public intensive care (ICU) beds, which increased to more than 900 by the end of March 2020.
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Critical Care Equipment Market: Competition Landscape and Key Developments
General Electric Company, Medtronic, B. Braun Melsungen AG, Baxter International Inc., Koninklijke Philips N.V., Getinge AB, Hamilton Medical, Löwenstein Medical UK Ltd., Dragerwerk AG & Co. KGaA, Nihon Kohden Corporation, Fisher & Paykel Healthcare Limited., Shenzhen Mindray Biomedical Electronics Co., Ltd, BPL (BPL Medical Technologies), Trivitron Healthcare, Skanray Technologies Pvt Ltd, and Asahi Kasei Corporation are among the prominent players in the critical care equipment market.
These companies are focused on partnerships, product launches, collaborations, and other business strategies to sustain their position in the market. For instance, in February 2019, Medtronic plc partnered with Foxconn Industrial Internet, a business group within Foxconn Technology Group (Foxconn), and completed regulatory and quality requirements needed to start manufacturing of Medtronic Puritan Bennett 560 (PB560) ventilators for Medtronic in the US. Medtronic and Foxconn are planning to produce 10,000 PB560 ventilators over the coming years, and the ventilators would be marketed and sold by Medtronic.
Growing Number of ICU Beds in Countries with High Prevalence of COVID-19 to Drive Market Growth
COVID-19 has been declared a global pandemic by the World Health Organization on March 11, 2020. This novel disease is characterized by a lower number of initial cases followed by an infection explosion in various countries. Despite the implementation of lockdowns to reduce the spread of COVID-19, the healthcare systems in various countries have been overwhelmed by demand for equipment, such as ICU beds and supportive equipment to treat severe disease cases.
Critical Care Equipment Market: Segmental Overview
Based on product, the critical care equipment market is segmented into patient monitor systems, ventilators, infusion pumps, and others. In 2019, the patient monitor systems segment accounted for a larger share of the market. The growth of the segment is attributed to rising number of launches of these products.
Based on application, the global critical care equipment market is segmented into cardiology, pulmonology, neurology, orthopedic, and others. The cardiology segment held the largest share of the market in 2019, and the pulmonology segment is expected to register the highest CAGR during the forecast period. Cardiovascular intensive care is the systemic management of patients with severe cardiovascular disease (CVD), including vascular disease and heart disease. CVD is among the top causes of deaths worldwide. For instance, according to the World Health Organization, in 2016, an estimated 17.9 million people died from CVDs, representing 31% of deaths worldwide. Similarly, according to the Centers for Diseases Control and Prevention, about 655,000 Americans die from heart disease every year. To prevent death due to CVDs, an intensive care unit for severe CVD patients, namely, cardiovascular intensive care unit (CICU), is available in general hospitals. The technological developments of clinical cardiology, such as intracoronary interventional procedures and devices and invasive hemodynamic monitoring, are the major evolutions of intensive care for CVDs. Subsequently, the number of severe CVD patients admitted to CICU is growing every year. The patients in the CICU have many complications such as respiratory failure and renal failure. Therefore, trained medical staff is required to practice systemic intensive care.
Critical Care Equipment Market - By Geography
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- South and Central America (SCAM)
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