Number of pages: 100 | Report Format: PDF | Published date: September 05, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global ICU equipment market was pegged at US$ 5.95 billion in 2021 and is expected to witness a CAGR of 2.8% during the forecast period.
ICU equipment is used in critical care units in the hospital designed for the management of critically ill patients, who have undergone major surgery etc. it includes patient monitoring, pain management, resuscitation devices, respiratory and cardiac support, and other life support devices. Based on various specializations, ICUs are designed and equipped accordingly to provide care to patients with specific conditions. For example, equipment for monitoring the activity and functioning of the brain and spinal cord in the Neuromedical ICU.
Increasing road traffic accidents worldwide is one of the major factors driving the growth of the critical care equipment market. Road traffic accidents are known to be the ninth leading cause of death worldwide. The rising prevalence of cardiovascular disease (CVD), including congestive heart failure, coronary artery disease, cardiac arrest, and stroke, is fueling the market growth. Having a large population pool of over 60s will help expand the critical care equipment market due to their low levels of immunity. The elderly population is predisposed to heart problems, spinal cord injuries, neurological diseases, and cancer. Medical tourism is growing due to the development of medical infrastructure and progressive reimbursement policies.
However, inappropriate, and unfavorable reimbursement scenarios in developing and underdeveloped countries hamper the market growth rate. Additionally, high costs associated with R&D skills and installation and maintenance of certain equipment pose additional challenges to the market. A shortage of skilled professionals in backward economies also hinders the market growth rate.
The global ICU equipment market has been analyzed from five perspectives: product, patient type, application, end-user, and region.
ICU Equipment Market by Product
Based on product, the global ICU equipment market is segmented into ventilators, patient monitors, infusion pumps, defibrillators, and blood warmer. The ventilator segment dominates the ICU equipment market. This dominance is attributed to the rising cases of covid in the last 2 years, with patients requiring ventilation.
ICU Equipment Market by Patient Type
based on patient type, the ICU equipment market is segmented into neonates, pediatrics, adult, and geriatric. The rising geriatric population globally is contributing to the dominance of the geriatric segment in the ICU equipment market. The increased adoption of smoking in the adult population leading to the development of critical respiratory diseases is expected to boost the market.
ICU Equipment Market by Application
Based on application, the global ICU equipment market is divided into, cardiology, neurology, oncology, trauma, and others. The cardiology application segment dominates the global ICU equipment market due to the increased cardiovascular cases in the young population due to sedentary lifestyle adoption.
ICU Equipment Market by End User
Based on the end-user the global ICU equipment market is divided into, hospitals, homecare settings, ambulatory surgical centers, and trauma centers. The hospital segment dominates the ICU equipment market due to a high number of patient admissions. On the other hand, in the upcoming years, the homecare settings segment is expected to grow significantly due to the inclination of patients toward home healthcare settings.
ICU Equipment Market by Region
Based on region, the global ICU Equipment market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominates the ICU equipment market owing to the rising number of geriatric populations, supportive government regulations, and rapid investments in R&D activities in product innovations within the region. Whereas Asia Pacific region is expected to observe significant growth in the forecast period because of the improved healthcare infrastructure.
Some of the prominent players operating in the global ICU equipment market are: -
The global ICU equipment market is expected to grow at a CAGR of 2.8% in the forecast period.
Technological advancements in the medical devices sector are governing the ICU equipment market.
Medtronic, B. Braun Melsungen AG, and GE Healthcare are a few key players in the global ICU equipment market.
The ventilator segment dominates the global ICU equipment and the defibrillator segment is expected to grow in the upcoming years.
Asia Pacific region is expected to witness highest growth in the forecast period.
*Insights on financial permanence is subject to availability of information in public domain