Market Overview
Intensive
Care Unit (ICU) Equipment Market is projected to achieve a value of USD 7,497
Million in 2023, with a linear behavior in the market growth it is forecasted
to achieve a value of USD 12,325 Million by 2033 with a CAGR of 3.9% during the
forecast period 2023-2033.
Equipment
found in the Intensive Care Unit (ICU) encompasses a diverse range of medical
apparatus and instruments explicitly created to observe, aid, and manage
patients in critical condition within the ICU environment. These specialized
devices and machinery play a crucial role in delivering ongoing surveillance,
life-sustaining measures, and care to patients enduring severe illness,
recuperating from significant surgeries, encountering acute medical issues, or
confronting life-endangering circumstances.
Intensive
care stands as the highest level of care and treatment provided to patients
facing severe, potentially reversible life-threatening ailments. This
specialized care is administered within the intensive care unit (ICU), a
distinct, self-contained section in a medical institution equipped with
advanced, specialized amenities. Patients' medical conditions are ameliorated
using an array of medical equipment, including pulse oximeters, dialysis
machines, ventilators, catheters, tubes, pumps, and bedside monitoring devices.
The
expanding elderly demographic, coupled with the increasing occurrence of
long-term illnesses and the uptick in fatal accidents and sports-related
injuries, is propelling the global Intensive Care Unit (ICU) Equipment Market
expansion. Additionally, the emergence of health crises like COVID-19 is escalating
ICU admissions, further boosting the demand for such equipment.
The
COVID-19 outbreak is projected to positively affect the Intensive Care Unit
(ICU) Equipment Market for intensive care unit equipment due to the SARS-CoV-2
virus's impact on the respiratory system. Infected individuals often face
compromised breathing, leading to an increased need for various medical
services, including intensive care units (beds and ventilators) and personal
protective equipment for healthcare workers. According to a Reports published
in The New York Times, have highlighted desperate measures taken by certain
hospitals, including attempting to treat two patients per ventilator. These
incidents underscore the rapid escalation in demand for intensive care unit
equipment due to the COVID-19 outbreak.
Market Scope
Report Attributes |
Description |
Market Size in 2022 |
USD
6,174 Million |
Market Forecast in 2033 |
USD 12,325
Million |
CAGR % 2023-2033 |
3.9% |
Base Year |
2022 |
Historic Data |
2016-2022 |
Forecast Period |
2023-2033 |
Report USP |
Production,
Consumption, company share, company heatmap, company production capacity,
growth factors and more |
Segments Covered |
By Product, By Patient, By Application, By
End User |
Growth Drivers |
Integration of
technologies like artificial intelligence (AI), telemedicine, and remote
monitoring systems in ICU equipment improves patient care, diagnosis, and
treatment. An increase in healthcare budgets in many countries allows for greater investment in ICU infrastructure, staffing, and equipment. The expansion of tele-ICU services, where specialists remotely monitor ICU patients, is driving the adoption of advanced monitoring and communication equipment. |
Regional Scope |
North America, Europe, APAC, South
America and Middle East and Africa |
Country Scope |
U.S.; Canada;
U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia;
China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico;
Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies |
Invacare Corporation ,Medline
Industries, Inc., General Electric Company,Edwards Lifesciences
Corporation,HILL-ROM HOLDINGS, INC.,Getinge AB,Shenzhen Mindray Bio-Medical
Electronics Co., Ltd.,Koninklijke Philips N.V.,B. Braun Melsungen
AG,Fresenius SE & Co. KGaA ,Medtronic and Other. |
Market Dynamics
Over
the decades, there has been a rapid progression in critical care technologies.
One of the prevailing global trends is the integration of artificial
intelligence into ventilators. Additionally, there have been notable
innovations in beds, including the introduction of wireless beds that offer
enhanced service and functionality, encompassing features like caregiver and
patient support, real-time monitoring, automated adjustments, and data
recording. For instance, In August 2020, during the critical need for
ventilators in treating severe COVID-19 cases, a joint India-Dutch start-up,
LEVEN Medical, innovated smart ventilators that incorporated artificial intelligence (AI) and machine learning.
Chronic
conditions like cardiovascular diseases, cancer, neurological disorders, and
respiratory ailments are widespread worldwide. These conditions often
necessitate continual monitoring or treatment, resulting in extended hospital
stays and intensive care requirements. Consequently, the escalating occurrence
of chronic diseases has led to a rise in patient admissions in critical care
units, a trend expected to propel Intensive Care Unit (ICU) Equipment Market growth.
Furthermore,
the global burden of respiratory diseases is on the rise due to multiple
factors, including obesity, smoking, and shifts in lifestyle. Severe
respiratory diseases frequently lead to acute respiratory failure,
necessitating admission to the intensive care unit. therefore, the growing need
for critical care equipment due to the increasing number of critical care
admissions in both developed and developing nations is expected to drive the
growth of the ICU equipment market in the foreseeable future.
Despite
the increasing population and the burden of chronic diseases, several factors
impede market growth. One of the primary limiting factors is the elevated cost
of critical care equipment. The higher price of this equipment leads to a
greater cost per patient admission in the critical care unit. As a result, due
to budget constraints, numerous healthcare providers in developing countries
resort to using refurbished equipment for their facilities. This practice has a
notable adverse impact on the growth of the Intensive Care Unit (ICU) Equipment
industry.
Market By Product Analysis
By
Product, the Intensive Care Unit (ICU) Equipment Market is Categories into Ventilators,
Beds, Dialysis Equipment, Pulse Oximeters, and Others. The Beds segment
accounts for the largest share of around 44% in 2022.
The
expansion of this sector is credited to a range of technological advancements
linked to wireless technology and integrated nurse-calling systems.
Furthermore, the segment has experienced notable growth due to the impact of
the COVID-19 outbreak.
Market By Patient Analysis
By
Patient, the Intensive Care Unit (ICU) Equipment Market is Categories into Adult
and Pediatric. The Adult segment accounts for the largest share of around 43%
in 2022.
The
expected significant growth of the segment is anticipated to be driven by the
increasing elderly population and the concurrent rise in age-related ailments
among adults.
Market By Application Analysis
By
Application, the Intensive Care Unit (ICU) Equipment Market is Categories into Respiratory,
Neurology, Trauma, Cardiology, Oncology, and Others. The Cardiology segment
accounts for the largest share of around 41% in 2022.
The
growing adoption of sedentary lifestyles has resulted in a notable increase in
cardiovascular disease cases among the younger population. Consequently, there
has been a rise in admissions to critical care units due to an increase in heart
failure cases.
Market By End User Analysis
By
End User, the Intensive Care Unit (ICU) Equipment Market is Categories into Hospitals,
Specialty Clinics, and Others. The Hospitals Pharmacies segment accounts for
the largest share of around 56% in 2022. The increased rate of patient
admissions in hospitals has resulted in its dominant position within the
market.
Market Regional Analysis
North
America dominate the Intensive Care Unit (ICU) Equipment Market with the
highest revenue generating market with share of more than 45%. Anticipated
market growth is significantly influenced by increased focus on research and
development initiatives, coupled with the introduction of pioneering
technologies. Moreover, the healthcare infrastructure in North America is
renowned for its advanced state and technological advancements. Ongoing
progress in creating state-of-the-art medical tools and technologies tailored for
intensive care unit (ICU) purposes significantly propels market expansion.
Europe
is second largest market in Inulin generating market with share of more than 38%.
In Europe, there's an increasing prevalence of chronic conditions like
cardiovascular diseases, respiratory disorders, and diabetes. These ailments
frequently demand intensive care, thus fostering the demand for specialized ICU
equipment.
In
the Asia Pacific region, Intensive Care Unit (ICU) Equipment Market growth is
primarily fueled by the increasing incidence of chronic disorders among the
population. Several nations across the Asia-Pacific region are making
substantial investments in their healthcare infrastructure. The establishment
of contemporary hospitals, clinics, and medical facilities is spurring the need
for ICU equipment to meet the demands of critical care.
Competitive Analysis
The
Intensive Care Unit (ICU) Equipment Market is dominated by a few large
companies, such as Invacare Corporation, Medline Industries, Inc., General
Electric Company, Edwards Lifesciences Corporation, HILL-ROM HOLDINGS, INC.,
Getinge AB, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Koninklijke
Philips N.V., B. Braun Melsungen AG, Fresenius SE & Co. KGaA, Medtronic and
Other.
There
are some of the key trends that are shaping the competitive landscape of the Intensive
Care Unit (ICU) Equipment Market.
January
2022, During Arab Health 2022, OES Medical Ltd. unveiled an ICU ventilator
designed to assist hospitals in handling and managing the increased demand for
oxygen.
February
2021, Hicuity Health entered into a partnership with Covenant Health to
establish a strategic regional collaboration focused on critical care
telehealth. This initiative was aimed at broadening intensive care services and
introducing a tele-ICU program throughout the United States.
Research Report Following Segments:
Market, By Product
·
Ventilators
·
Beds
·
Dialysis Equipment
·
Pulse Oximeters
·
Others
Market, By Patients
·
Adult
·
Pediatric
Market, By Application
·
Respiratory
·
Neurology
·
Trauma
·
Cardiology
·
Oncology
·
Others
Market, By End User
·
Hospitals
·
Specialty Clinics
·
Others
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Intensive Care Unit (ICU) Equipment Market was valued at USD 6,174 million in 2022.
Intensive Care Unit (ICU) Equipment Market size will increase at approximate CAGR of 3.9% during the forecasted period.
Major companies operating within the Intensive Care Unit (ICU) Equipment Market are Invacare Corporation, Medline Industries, Inc., General Electric Company, Edwards Lifesciences Corporation, HILL-ROM HOLDINGS, INC., Getinge AB, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Koninklijke Philips N.V., B. Braun Melsungen AG, Fresenius SE & Co. KGaA, Medtronic and Other.
North America dominates the market with an active share of 45%.
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