Expansion of the Intensive Care Unit Equipment market will be Aided by the Rising Demand for Critical Care Equipment: Fact.MR
Global demand for critical care equipment is expected to increase at a CAGR of 6% from 2022 to 2027, says Fact.MR, a market research and competitive intelligence provider.
Critical care is a term used to describe specialist treatment provided to patients with life-threatening illnesses. Patients who require ongoing monitoring and detailed treatment receive this kind of care. The market for critical care equipment is expanding at an accelerated rate due to the rise in cardiovascular illnesses. In intensive care units, devices for pain control, emergency resuscitation, and patient monitoring are among the most important factors of critical care equipment.
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One of the key factors propelling the growth of the critical care equipment market is the rise in traffic accidents worldwide. Road traffic collisions are ranked as the ninth-most common cause of mortality in the world. A sizable population over 60 years old will support critical care equipment market growth because they have a lower immune level. The elderly are more vulnerable to cancer, neurological illnesses, spine injuries, and cardiac issues.
Due to favourable government regulations and quick investment growth in the region, North America currently enjoys a monopoly on the global market for critical care equipment. Due to the region’s rapidly developing healthcare facilities and growing ageing population, Asia Pacific is predicted to experience significant growth between 2022 and 2027.
The most advanced and costly devices in intensive care units are ventilators and patient monitors (ICU).
- To assist COVID-19 patients, Philips introduced the innovative Philips Respironics E30 ventilator. This advanced ventilator has visual and audible alarms, and it can support COVID-19 patients with respiratory insufficiency by providing high-flow oxygen.
Key Takeaways from Market Study
- The global market for critical care equipment is currently valued at US$ 5.6 billion.
- The market is expected to attain a valuation of US$ 7.5 billion by 2027.
- China’s critical care equipment market is expected to reach US$ 1.3 billion by 2027.
- Global sales of patient monitors are predicted to rise at a CAGR of 6.5% from 2022 to 2027.
Winning Strategy
The growth of healthcare facilities and rising research and development that results in the introduction of new critical care devices are some of the market drivers.
- Smiths Medical and Ivenix, Inc. entered into an exclusive collaboration on May 4, 2021, making Smiths Medical the first company in the U.S. to provide a full range of infusion management systems to meet healthcare needs across the continuum of care.
- CorVent Medical announced the launch of the RESPOND- 19 ventilators across Europe in May 2021 after receiving CE mark approval. This technology enhances the care of critically ill patients and is ideal for intensive care units.
Major requirements adopted by these firms to retain their strategic position in the market include many product releases, expansion of their product portfolios through organic and inorganic methods, and expanding research and development in this sector.
Additionally, a significant focus on collaborations and acquisitions to boost their critical care segment is anticipated to contribute to the intensive care unit equipment market experiencing faster growth.
Developments in the Critical Care Equipment Industry
- For instance, Ford partnered with 3M and GE Healthcare in March 2020 with the goal of accelerating the production of ventilators for patients amid the coronavirus pandemic.
Market Frontrunners
- AKAS Medical
- B. Braun Melsungen AG
- BPL Medical Technologies Pvt., Ltd.
- Dragerwerk AG & Co. KGaA
- Fresenius Kabi AG
- General Electric Company
- Koninklijke Philips NV
- MAQUET Holding B.V. & Co. KG
- Medtronic PLC
- Nihon Kohden Corporation
- Skanray Technologies Pvt. Ltd.
- Smiths Medical
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Industry Research
- By Product :
- Patient Monitors
- Ventilators
- Infusion Pumps
- Sleep Apnea Devices
- Others
- By Type :
- Hemodynamic Monitoring
- Vital Signs Monitoring
- Neurologic Monitoring
- Brain Function Monitoring
- Others
- By End User :
- Hospitals
- Ambulatory Surgical Centers
- Clinics
- Homecare Settings
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global critical care equipment market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
The study divulges essential insights on the market on the basis of product (patient monitors, ventilators, infusion pumps, sleep apnea devices, others), type (hemodynamic monitoring, vital signs monitoring, neurologic monitoring, brain function monitoring), and end user (hospitals, ambulatory surgical centers, clinics, homecare settings, and others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Key Questions Covered in the Critical care equipment Report
- What will be the estimated size of the Critical care equipment in 2023?
- At what rate will sales in the global Critical care equipment grow until 2033?
- Which are the factors propelling the Critical care equipment and in the Critical care equipment?
- Which region will spearhead the growth in the global Critical care equipment during 2023-2033?
- Which are the factors driving sales in the Critical care equipment during the forecast period?
Check out more related studies published by Fact.MR Research:
https://www.globenewswire.com/news-release/2023/02/14/2607922/0/en/Global-Hernia-Mesh-Devices-Market-Is-Projected-To-Reach-US-6-99-Billion-by-the-End-of-2033-Fact-MR-Analysis.html
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