Critical Care Equipment Market to Grow at a CAGR of 9.5% to reach US$ 47,171.42 Million from 2020 to 2027

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Critical Care Equipment Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Patient Monitor Systems, Ventilators, Infusion Pumps, and Others), Application (Cardiology, Pulmonology, Neurology, Orthopedic, and Others), and End User ( Hospitals, Ambulatory Care Centers, Home Care, and Others) and Geography

Publication Month: Oct 2020 | Report Code: TIPHE100001218 | No. of Pages: 213 | Category: Medical Device | Status: Published

The critical care equipment 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.

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.

Lucrative Regional Markets for Critical Care Equipment

 
Lucrative Regional Markets for Critical Care Equipment  

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Market Insights

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.

Products Insights

In terms of product, the patient monitor systems segment held the largest share of the market in 2019 and it is expected to continue to be a leading shareholder during the forecast period. However, the ventilators segment is expected to register a higher CAGR in the market during the forecast period.

Critical Care Equipment Market, by Product – 2019 and 2027

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Application Insights

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.

Strategic Insights

Report Coverage - Critical Care Equipment Market
Report CoverageDetails
Market Size Value inUS$ 21,682.65 Million in 2019
Market Size Value byUS$ 47,171.42 Million by 2027
Growth rateCAGR of 9.5% from 2020-2027
Forecast Period2020-2027
Base Year2020
No. of Pages213
No. of Tables73
No. of Charts & Figures94
Historical data availableYes
Segments coveredProduct , Application , and End User and Geography
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Free Sample Copy Available

Collaborations and technology partnerships by the players in the critical care equipment market to bridge the demand-supply gap are anticipated to play a significant role in the growth of the market during the forecast period.

By Product

  • Patient Monitor Systems
  • Ventilators
  • Infusion Pumps
  • Others

By Application

  • Cardiology
  • Pulmonology
  • Neurology
  • Orthopedic
  • Others

By End User

  • Hospitals
  • Ambulatory Care Centers
  • Home Care
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • UK
    • Russia
  • Asia Pacific (APAC)
    • China
    • India
    • South Korea
    • Japan
    • Australia
  • Middle East & Africa (MEA)
    • South Africa
    • Saudi Arabia
    • UAE
  • South and Central America (SCAM)
    • Brazil
    • Argentina

Company Profiles

  • 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
  • Trivitron Healthcare
  • SKANRAY TECHNOLOGIES PVT LTD 
  • Asahi Kasei Corporation
 

Frequently Asked Questions

Critical care equipment includes cardiac support, patient monitoring, respiratory support, emergency resuscitation devices, pain management, and other life support equipment designed to care for critically ill patients or have undergone a major surgical procedure, thereby requiring 24-hour care monitoring.
The global critical care equipment market is being driven by factors such growing number of ICU beds in countries with a high prevalence of COVID-19 and increasing demand for ventilators for the effective management of critical COVID-19 patients. Furthermore, technological innovations in critical care equipment is likely to offer significant opportunities for the growth of the global critical care equipment market.
The disruption of supply chain and logistics due to the rapid spread of COVID-19 is the significant factor that will hinder the critical care equipment market growth.

The List of Companies - Critical Care Equipment Market

  1. General Electric Company
  2. Medtronic
  3. B. Braun Melsungen AG
  4. Baxter International Inc.
  5. Koninklijke Philips N.V.
  6. Getinge AB
  7. Hamilton Medical
  8. Löwenstein Medical UK Ltd.
  9. Dragerwerk AG & Co. KGaA
  10. Nihon Kohden Corporation
  11. Fisher & Paykel Healthcare Limited.
  12. Shenzhen Mindray Biomedical Electronics Co., Ltd.
  13. BPL
  14. Trivitron Healthcare
  15. Skanray Technologies Pvt Ltd
  16. Asahi Kasei Corporation
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the critical care equipment market.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global critical care equipment market, thereby allowing players across the value chain to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution
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