New York, USA, July 05, 2021 (GLOBE NEWSWIRE) -- The newly published research report by Research dive on the global intensive care beds market elucidates the impact of COVID-19 pandemic on the present and future outlook of the market. Comprehensive analysis on drivers, restraints, growth opportunities, major segments, competitive landscape, and strategies & business tactics executed by prominent market players are further delivered in the report to understand the pandemic effect on the overall market.
Highlights of the Report
The rise of the COVID-19 pandemic has made favorable impact on the global intensive care beds market. According to the report, the global intensive care beds market gathered $1,576.2 million in 2019, and is expected to garner $2,202.9 million by 2027, at 4.2% CAGR. The expected market size in 2020 was $1,635.2 million. But due to the COVID-19 pandemic, the market reached up to $1,652.1 million due to rise in the adoption of intensive care beds for COVID-19 affected patients.
Factors Impacting the Market Growth during COVID-19 Pandemic
As per the analysts of Research Dive, the rising number of people are being admitted in hospitals due to the coronavirus infection, which is driving the market growth. Besides, low- and middle-income countries are at severe risk due to inability to manage and maintain a predicted upsurge of critically ill COVID-19 affected patients. All these factors are increasing the adoption of intensive care beds, which is driving the market growth during the pandemic period.
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Additionally, major market players are continuously involved in increasing their activities to improve production capacity and product efficiency during the pandemic time in order to increase their market share in the global industry. For instance, in March 2020, Hillrom increased the manufacturing of critical care products such as vital monitoring accessories & devices, hospital beds, and ventilators to support COVID-19 outbreak.
Future Scope of the Market
The global intensive care beds market is projected to continue to witness considerable growth in the coming years owing to technological advancements and increasing R&D activities due to growing healthcare expenditure especially in emerging economies to generate ample growth prospects in the global market during the forecast period. For instance, in February 2021, Stryker, the leading global medical technology company, announced the launch of ‘ProCuity,’ a completely wireless hospital bed. This bed series is specifically designed by the company to help reduce in-hospital patient falls at all acuity levels and enhance nurse workflow efficiencies and safety. This bed can seamlessly connect o nurse call systems without the use of wires or cables.
Moreover, the growing demand for intensive care beds from hospitals due to constantly increasing number of patients with chronic disorders being admitted to the hospitals coupled with the increase in number surgeries are the factors estimated to bolster the growth of the global intensive care beds market over the forecast period 2020 to 2027. In addition, the increasing healthcare infrastructure expenditure and rise in number hospitals & clinics across the world are other factors predicted to boost the market growth by 2026.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/361
Major Market Players
The key players operating in the global intensive care beds industry include -
- Invacare Corporation
- LINET
- Hillrom
- Merivaara Corp.
- Stryker
- Span America
- Medline Industries, Inc.
- Malvestio Spa
- Getinge AB
- Stiegelmeyer GmbH & Co. KG.
These players are implementing several strategies such as strategic partnerships, agreements, technological advancements, product launches, and others to gain a competitive edge in the global industry.
For instance, in August 2019, Invacare Corporation, the leading manufacturer and distributor of non-acute medical equipment, launched ‘NordBed,’ a medical bed range with ErgoMove technology to support people with age-related health challenges and that are affected by reduced mobility.
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