The global “intensive care unit” equipment market size is predicted to reach USD 9.03 billion by 2027, exhibiting a CAGR of 4.8% during the forecast period. The emergence of novel viruses such as coronavirus will spur demand for life support, patient monitoring, and emergency resuscitation devices, which in turn, will boost the market growth during the forecast period, states Fortune Business Insights in a report, titled “Intensive Care Unit Equipment Market Size, Share and Industry Analysis By Product (Beds, Ventilators, Pulse Oximeters, Dialysis Equipment, and Others), By Patient (Adult and Pediatric), By Application (Neurology, Cardiology, Respiratory, Renal, Oncology, Trauma, and Others), By End-User (Hospitals, Specialty Clinics, and Others and Regional Forecast, 2020-2027” the market size stood at USD 6.16 billion in 2019.
Surge in Chronic Diseases to Augment Growth
The growing cases of cancer, neurologic disorders, and cardiovascular diseases will fuel demand for the market in the foreseeable future. As per the World Health Organization’s statistics, Cancer is the second leading cause of death globally, and is responsible for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer. Approximately 70% of deaths from cancer occur in low- and middle-income countries. The increasing hospitalization and need for intensive care will have a positive impact on the market. The rising incidence of chronic diseases has led to the utilization of intensive care among patients. As per the Centers for Disease Control and Prevention, approximately 133 million Americans (45% population) have at least one chronic disease. Similarly, the growing number of patient admissions in the ICU will subsequently enable speedy expansion of the market.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Rising Healthcare Expenditure to Propel Growth in North America
The market in North America generated a revenue of USD 2.03 billion in 2019. The growth in the region is attributed to the increasing prevalence of chronic diseases in the U.S. The increasing geriatric population and developed healthcare infrastructure will influence growth in the region. Asia Pacific is predicted to grow rapidly during the forecast period owing to the developing healthcare infrastructure. The increasing patient pool of chronic disorders will further spur opportunities for the market in the forthcoming years. The increasing geriatric population will create lucrative business opportunities for the market in the region.
Necessity for Intensive Care in Global Pandemic to Lift Market Potential
The occurrence of coronavirus has created a huge demand for beds, ventilators, pulse oximeters, infusion pumps for the treatment of critically ill patients, which, in turn, will augur well for the market. As per the World Health Organization (WHO), in China, 6.1% of the COVID-19 patients became critically ill, out of which 5% required medical ventilation in the intensive care unit. The growing necessity for medical ventilators among positive patients of coronavirus will consequently foster the growth of the market. Hence, the rising patient pool amid COVID-19 will escalate the demand for ICU/CCU equipment, which in turn, will promote the growth of the market.
Medtronic received USFDA approval for its PB560, ventilator owing to inflated demand during coronavirus outbreak.
The Report Lists the Main Companies in the Market:
- Koninklijke Philips N.V (Netherlands)
- GENERAL ELECTRIC COMPANY (United States)
- Medtronic (Ireland)
- Edwards Lifesciences Corporation (United States)
- Fresenius SE & Co. KGaA (Germany)
- Invacare Corporation. (United States)
- Medline Industries, Inc (United States)
- Braun Melsungen AG (Germany)
- Other Players