Pune, India, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The global Intensive Care Unit (ICU) Equipment Market size was USD 6.84 billion in 2022, and it is projected to grow from USD 6.98 billion in 2023 to USD 9.13 billion in 2030, exhibiting a CAGR of 3.9% during the forecast period.
Intensive care mainly represents the highest treatment level designated for critically ill patients with recoverable life-threatening conditions. The intensive care unit (ICU) equipment includes dialysis equipment, ventilators, pulse oximeters, catheters, pumps, tubes, and bedside monitors. The rising geriatric population, increase in fatal accidents and sports injuries, and growing prevalence of chronic diseases are estimated to drive market growth during the forecast period.
Fortune Business Insights™ mentioned this in a report titled, “Intensive Care Unit (ICU) Equipment Market, 2023-2030.”
Key Industry Development
February 2023 – Stryker introduced SmartMedic, and ICU bed upgraded platform at the 29th Annual Conference of the Indian Society of Critical Care Medicine. SmartMedic enhances patient care and caregiver safety.
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Key Takeaways:
- The growth of the ICU equipment market is being driven by the increasing prevalence of chronic diseases, the rising geriatric population, and the technological advancements in ICU equipment.
- The ICU equipment market is segmented by product type, application, and end-user.
- The key players in the ICU equipment market are GE Healthcare, Philips Healthcare, Siemens Healthineers, Medtronic, and Dräger.
- These companies are investing in research and development, new product development, and mergers and acquisitions to maintain their competitive edge in the market.
- The ICU equipment market is facing some challenges, such as the rising cost of healthcare, the increasing regulation of medical devices, and the shortage of skilled healthcare professionals.
Discover the Leading Players Featured in the Report:
Major players in the intensive care unit (ICU) equipment market are General Electric Company (U.S.), Koninklijke Philips N.V. (Netherlands), Getinge AB (Sweden), Medtronic (Ireland), Fresenius SE & Co. KGaA (Germany), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), HILL-ROM HOLDINGS, INC. (U.S.), Medline Industries, Inc. (U.S.), B. Braun Melsungen AG (Germany), Edwards Lifesciences Corporation (U.S.), Invacare Corporation (U.S.).
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 3.9% |
| 2030 Value Projection | USD 9.13 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 6.98 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 245 |
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Drivers & Restraints
Rising Demand for Intensive Care Unit (ICU) Equipment to Propel Market Growth
The rising demand for intensive care unit (ICU) equipment owing to the increasing critical admissions in developing and developed countries is estimated to drive the intensive care unit (ICU) equipment market growth during the forecast period. The growing burden of respiratory diseases globally due to obesity, lifestyle changes, and smoking propel market expansion.
However, high costs of critical care equipment may hinder market growth during the projected period.
Report Scope & Segmentation:
By Product
- Beds
- Ventilators
- Pulse Oximeters
- Dialysis Equipment
- Others
By Patient
- Adult
- Pediatric
By Application
- Neurology
- Cardiology
- Respiratory
- Oncology
- Trauma
- Others
By End User
- Hospitals
- Specialty Clinics
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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Various Technological Advancements Augmented Beds Segment Growth
By product, the market is segmented into beds, ventilators, pulse oximeters, dialysis equipment, and others. The beds segment held the largest market share in 2022. The growth is attributed to the different technological advancements regarding integrated nurse-calling systems and wireless technology.
Rising Prevalence of Respiratory Diseases in Adults Aided Adult Segment Growth
By patient, the market is segmented into adult and pediatric. The adult segment held the largest intensive care unit (ICU) equipment market share in 2022. The growth is attributed to the increasing respiratory diseases in adults due to the high smoking rate, further leading to a greater number of ICU admissions.
Cardiology Segment’s Growth Driven by Growing Adoption of Sedentary Lifestyle by Younger Population
Based on application, the market is classified into neurology, cardiology, respiratory, oncology, trauma, and others. The cardiology segment held the largest market share in 2022 due to the rising adoption of a sedentary lifestyle, which led to an increase in cardiovascular disease cases among the young population.
High Patient Admissions Propelled the Hospitals Segment Growth
By end user, the market is segmented into hospitals, specialty clinics, and others. The market was dominated by the hospitals segment in 2022 due to increased patient admission in hospitals.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and The Middle East & Africa.
Report Coverage-
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
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Regional Insights
Growing Demand for ICU Equipment Due to COVID-19 Propelled Market Growth in North America
The North American market share accounted for USD 2.51 billion in 2022. The growth is attributed to the increasing demand for ICU equipment, such as ventilators, owing to the COVID-19 impact across North America.
Europe is expected to witness significant growth during the forecast period due to the rising geriatric population and increasing awareness regarding the equipment among the patient population in the developed European countries, including France, the U.K., and Germany.
Competitive Landscape
Growing Key Players’ Focus on New Product Launches to Aid Market Growth
The intensive care unit (ICU) equipment market consists of key players, including GENERAL ELECTRIC COMPANY, Medtronic, B. Braun Melsungen AG, and Koninklijke Philips N.V. The Growing focus of these market players on new product launches and expansion of their product portfolio to aid market growth during the forecast period.
FAQ’s
How Big Is The Intensive Care Unit (ICU) Equipment Market?
Intensive Care Unit (ICU) Equipment Market size Is USD 6.98 Billion in 2023.
How Fast the Intensive Care Unit (ICU) Equipment Market Growing?
The Intensive Care Unit (ICU) Equipment Market will exhibit a CAGR of 3.9% during the forecast period, 2023-2030
Related Reports:
Ventilator Market Share, Trends and Forecast To 2030
Dialysis Equipment Market Size, Share, Trends, Growth | Global Forecast Report 2030
Pulse Oximeters Market Size, Share| Global Forecast Report 2030
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