Pune, India, Aug. 04, 2021 (GLOBE NEWSWIRE) — The global ICU Equipment Market is set to gain momentum from the increasing technological developments in the field of critical care. Nowadays, artificial intelligence (AI) is being used extensively to develop novel equipment. In August 2020, for instance, LEVEN Medical introduced smart ventilators equipped with machine learning and AI amid the COVID-19 pandemic. This information is given by Fortune Business Insights™ in a report titled, “ICU Equipment Market, 2021-2028.” As per the report, the market size stood at USD 10.12 billion in 2020. It is projected to grow from USD 6.75 billion in 2021 to USD 8.42 billion in 2028 at a CAGR of 3.2% during the forecast period.
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COVID-19 Pandemic Affects Growth Positively Backed by Increased Hospitalization
The outbreak of the COVID-19 pandemic affected this intensive care unit equipment industry positively worldwide. UpToDate, Inc., for instance, published in its article that up to 20% of people infected with the SARS-CoV-2 virus developed severity and required immediate hospitalization. Additionally, among those hospitalized, one-quarter of patients needed admission to the ICU. We are offering elaborate research reports to help you generate more sales by implementing unique marketing strategies.
Ventilators Segment Held 33.8% Share in 2020: Fortune Business Insights™
Based on the product, the ICU Equipment Market is segregated into beds, ventilators, pulse oximeters, dialysis equipment, and others. Amongst these, the ventilators segment generated 33.8% in terms of the critical care equipment market share in 2020. It remained at the forefront the same year because of the growing number of patients suffering from COVID-19 symptoms.
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Our in-depth research reports offer comprehensive coverage of the focus industry, ensuring a deep and holistic understanding of the ICU equipment industry. It also offers granular and actionable data. We strive to ensure that you receive the best strategies for increasing the sales of your products. Our key mission is service orientation. We also conduct primary and secondary research to track the latest innovations, regulatory developments, and competitive landscape.
Drivers & Restraints-
Rising Incidence of Cancer and Cardiovascular Diseases to Boost Growth
The surging prevalence of various chronic diseases, such as cancer, respiratory illness, neurological, and cardiovascular diseases worldwide is anticipated to propel the ICU Equipment Market growth in the near future.
The Centers for Disease Control and Prevention, for instance, stated that 133 Americans suffer from at least one of these chronic diseases. Hence, they require intensive care, long-term hospitalization, and constant monitoring. However, as the equipment is very expensive, healthcare providers, especially in developing nations, often purchase refurbished equipment for their hospitals. It may hamper growth.
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Availability of Advanced Healthcare Infrastructure to Help North America Dominate
Geographically, in 2020, the global ICU Equipment Market share of North America stood at USD 3.65 billion in terms of revenue and would retain its dominant position throughout the forthcoming years.
It is currently experiencing high growth because of the sudden outbreak of the COVID-19 pandemic. Also, the U.S. possesses a well-established healthcare infrastructure, which would aid the demand for the product. On the other hand, Europe is likely to show steady growth stoked by the surging awareness regarding the benefits of the equipment among patients.
Key Players Focus on Launching Novel Equipment to Tackle COVID-19 Cases
Many companies present in the market are striving to keep up with the immense pressure that the healthcare sector faces because of the COVID-19 pandemic. With the shortage of hospital beds and ICU, these players are constantly developing new products to cater to the high demand. Below are the two vital developments of the intensive care unit equipment industry:
- August 2020: Royal Philips introduced Rapid Equipment Deployment Kit meant for ICU ramp-ups. It would help hospital staff, doctors, technicians, and nurses rapidly support patient monitoring capabilities amid the COVID-19 pandemic.
- July 2020: Royal Philips unveiled its new mobile Intensive Care Units (ICUs) in India for meeting patients’ critical-care requirements. Each unit is capable of serving nine beds. With the spike in COVID-19 cases, the company wanted to bring the country’s healthcare system under control.
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A list of renowned ICU equipment providers present in this market:
- General Electric Company (Chicago, U.S.)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Getinge AB (Sweden, Europe)
- Medtronic (Dublin, Ireland)
- Fresenius SE & Co. KGaA (Bad Homburg, Germany)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Shenzhen, China)
- HILL-ROM HOLDINGS, INC. (Indiana, U.S.)
- Medline Industries, Inc. (Illinois, U.S.)
- B. Braun Melsungen AG (Melsungen, Germany)
- Edwards Lifesciences Corporation (California, U.S.)
- Invacare Corporation (Ohio, U.S.)
- Other Prominent Players
Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Indications, By Country
- Recent Industry Developments (Mergers, Acquisitions, and Partnerships)
- Key Industry Trends
- Regulatory Scenario by Key Countries
- Impact of COVID-19 on ICU Equipment Market
- Global Intensive Care Unit Equipment Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Pulse Oximeters
- Dialysis Equipment
- Market Analysis, Insights and Forecast – By Patient
- Market Analysis, Insights and Forecast – By Application
- Market Analysis, Insights and Forecast – By End User
- Specialty Clinics
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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