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The global intensive care unit (ICU) equipment market size was USD 10.12 billion in 2020 and is projected to grow from USD 6.75 billion in 2021 to USD 8.42 billion in 2028, at a CAGR of 3.2% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with this equipment witnessing a positive impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a stellar growth of 61.9% in 2020 compared to the average year-on-year growth during 2017-2020. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Intensive care represents the highest patient care and treatment level designated for critically ill patients with potentially recoverable life-threatening conditions. This intensive care for patients is given in the intensive care unit a separate self-contained area within a medical facility equipped with high-tech specialized facilities.
The growing geriatric population with the rising prevalence of chronic diseases and emerging health threats, such as coronavirus, are contributing to fueling the global market growth. For instance, in March 2020, Philips announced to ramp up the production of critical healthcare products to help diagnose and treat patients with the new coronavirus disease. It doubled the production of hospital ventilators and achieved a four-fold increase by the third quarter of 2020.
Surge in ICU Admissions amid COVID-19 Pandemic Led to a Positive Impact on Critical Care Equipment Market
The coronavirus pandemic has had an unprecedented impact on the society, economy, and critical care equipment sector. The global market witnessed a positive surge during the COVID 19 pandemic, owing to the growing demand for the equipment amidst the pandemic.
Due to the rising number of COVID cases, the number of critical care admissions has witnessed a hike during 2020, thus suggesting positive growth for the market. For instance, as per an article published by UpToDate, Inc., among those infected with the SARS-CoV-2 virus, up to 20 percent developed the severe disease, requiring hospitalization. Among those hospitalized, up to one-quarter needed intensive care unit admission, representing approximately 5 to 8 percent of the total infected population. Furthermore, as per the same article, the percent of critical care unit admissions in China due to the COVID-19 pandemic ranged from 7% to 26%.
Moreover, the COVID-19 outbreak resulted in an unprecedented surge in demand for the beds, dialysis equipment, and ventilators. For instance, at the beginning of March 2020, Lombardy, the most affected region in Italy, had a total critical care unit capacity of 724 beds. By March 16, 2020, this number increased to 1100, of which 898 were exclusively for COVID-19 patients. This also motivated key players and various governmental & non-governmental organizations to invest in R&D of the intensive care unit (ICU) equipment to support the rising demand.
Hence, the factors mentioned above boosted significant demand for this equipment during the pandemic, thereby augmenting the market growth.
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Technological Advancements in the Equipment is a Prominent Trend
In the past few decades, a particularly rapid period of technological advancement has been witnessed in the area of critical care. The incorporation of artificial intelligence in the ventilators is one of the most current market trends across the globe.
Moreover, the beds are witnessing innovative developments, such as wireless beds that provide higher service and function levels, such as caregiver and patient assistance, real-time monitoring, automated functions and positions, and data logging.
Hence, such increasing technological advancements in the ICU equipment are anticipated to spur market growth during the forecast period.
Rising Prevalence of Chronic Diseases & Associated ICU Admissions to Spur Market Growth
Chronic diseases, such as cardiovascular diseases, cancer, neurological diseases, and respiratory diseases, are globally prevalent. For instance, according to the Centers for Disease Control and Prevention, approximately 133 Americans have at least one chronic disease. They require ongoing monitoring or treatment, leading to long-term hospitalization and intensive care. Hence, the growing prevalence of chronic diseases has simultaneously led to an increasing number of patient admissions in the critical care unit, which is projected to drive the market growth.
Additionally, the burden of respiratory diseases is rising globally, owing to various factors, such as obesity, smoking, and lifestyle changes. And at severe stages of respiratory diseases, acute respiratory failure often requires intensive care unit admission.
Thus, the increasing demand for critical care equipment due to the rising number of crtical admission in developed and developing countries is anticipated to boost the intensive care unit (ICU) equipment market growth during the forecast period.
High Cost Associated with the Equipment to Limit Market Growth
Despite the growing population and chronic disease burden, certain factors are restraining the growth of the market. One of the major restraining factors among them is the high price tag of critical care equipment. Higher costs of the equipment result in a higher cost per patient admission in the critical care unit.
Due to the high cost associated with the equipment, many healthcare providers operating in emerging countries rely on purchasing refurbished equipment for their facilities. This factor significantly hampers the growth of the market. For instance, mid-sized private hospitals that account for over 90% of the total number of healthcare providers in India cannot afford expensive systems, such as patient monitoring equipment and ventilators.
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Ventilators Segment to Register Remarkable Growth
Based on the product, the global market is segmented into beds, ventilators, pulse oximeters, equipment, and others.
The ventilators segment held the dominating share in 2020. The dominance is attributed to a surge in the number of patients with severe COVID-19 symptoms requiring ventilation. For instance, according to the Northwell Health COVID-19 Research Consortium, in April 2020, out of the 2,634 COVID-19 patients hospitalized between March 1 and April 4 at facilities overseen by Northwell Health, 14% were treated in the ICU, 12% of the admitted patients in the critical care unit required invasive mechanical ventilation, and 3% of them received kidney replacement therapy.
On the other hand, the beds segment is set to capture the second-highest share during the forecast period. The growth of this segment is attributed to various technological advancements related to wireless technology and integrated nurse calling systems. In addition, the outbreak of COVID-19 has also provided the segment significant leverage for growth.
Adult Segment Held the Dominant Position in 2020
Based on the patient, the global market is segmented into adult and pediatric.
The adult segment held the dominating share in 2020. The increasing geriatric population, coupled with the rising associated diseases among the adult population, is projected to significantly augment the growth of the segment in the upcoming years. Moreover, the high smoking rate in the adult population has tremendously influenced the growing prevalence of respiratory diseases in adults, leading to a higher number of critical care unit admissions among this population.
Moreover, the growing number of cases of respiratory distress syndrome, bronchopulmonary dysplasia, persistent pulmonary hypertension, pneumonia, and other diseases among neonates is anticipated to surge the demand for this equipment among pediatric patients. For instance, according to the various research studies published in NCBI, in the U.S., around 1% of neonates suffer from respiratory distress syndrome after birth. This is therefore projected to favor the segment’s growth.
Cardiology Segment to Account for the Lion’s Share
Based on the application, the global market is segmented into neurology, cardiology, respiratory, oncology, trauma, and others.
In 2020, the market was dominated by the cardiology application. The increasing adoption of a sedentary lifestyle has led to a striking rise in the cases of cardiovascular diseases among the younger population. This has, in turn, increased critical care unit admissions due to a rise in heart failures. For instance, according to the CDC, every year, around 800,000 Americans suffer from heart attack.
The respiratory segment is the second major application of the market. The growing prevalence of respiratory diseases and the current COVID-19 situation requiring critical care in hospitals is anticipated to augment the global market growth during the forecast period.
Higher Adoption of Equipment in Hospitals Enabled the Dominance of the Segment
By end-users, the market includes hospitals, specialty clinics, and others.
The higher patient admission in hospitals has led to its market dominance in 2020. For instance, according to an article published by NCBI, in 2019, around 150,000 admissions to critical care units were recorded in France.
On the other hand, there is an increase in the patient preference towards outpatient centers, such as specialty clinics and ambulatory surgical centers, due to more convenient and cost-effective care. For instance, according to the published article by NCBI, the number of outpatient centers has experienced a growth of 51% in 2016, as compared to 2005. This is projected to increase the adoption of ICU equipment in the specialty clinics segment and thus favor the segmental growth.
North America Intensive Care Unit (ICU) Equipment Market Size, 2020 (USD Billion)
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North America held a global intensive care unit (ICU) equipment market share of about USD 3.65 billion in 2020. The market in this region has witnessed remarkable growth owing to the COVID-19 impact. Many machinery & equipment companies have also initiated the production of different intensive care unit equipment, such as ventilators, to meet the surging demand. Moreover, the rising geriatric population, higher prevalence of chronic conditions, and the presence of well-established healthcare infrastructure in the U.S. are other major factors responsible for the dominance of the region in the global market. For instance, according to a U.S. Census Bureau research study, in 2050, the population aged 65 and over in the country is projected to be 83.7 million, double its estimated geriatric population in 2012.
Developed countries in Europe, such as Germany, the U.K., and France, are anticipated to drive the critical care equipment market growth of this region. The growing geriatric population, along with the rising awareness among the patient population, is majorly responsible for the market expansion in the region. The increasing concern about the COVID-19 pandemic and the superfast expansion of the critical care unit capacity by these countries have added a stimulus for growth.
Asia Pacific is projected to witness the highest growth rate in terms of the critical care equipment market revenue. Developing healthcare infrastructure, along with the increasing patient pool of chronic disorders, is likely to augment the market growth in the region.
Latin America and the Middle East & Africa are expected to reflect a slower-to-moderate growth in the market owing to the presence of a refurbished market leading to lesser penetration of technologically advanced equipment in these regions.
Leading Players Continue to Maintain Strong Foothold Owing to Introduction of New Products in Market
Leading players in the global market include Koninklijke Philips N.V., GENERAL ELECTRIC COMPANY, B. Braun Melsungen AG, and Medtronic. Numerous product launches and expansion of their product portfolios through organic and inorganic strategies and increasing research and development in this segment are major imperatives adopted by these players to maintain their strategic position in the market.
Additionally, a strong emphasis on acquisitions & partnerships to expand their critical care segment is likely to help register faster growth in the intensive care unit (ICU) equipment market. For instance, in March 2020, Ford collaborated with 3M and GE Healthcare, intending to speed up the production of ventilators for people amid the coronavirus pandemic.
An Infographic Representation of Intensive Care Unit (ICU) Equipment Market
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The global intensive care unit (ICU) equipment market research report provides a detailed analysis of the market. It focuses on key aspects such as leading companies, products, applications, patient type, and end-user. Besides this, it offers insights into the global market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market over recent years.
Value (USD Billion)
Fortune Business Insights says that the global market stood at USD 10.12 billion in 2020 and is projected to reach USD 8.42 billion by 2028.
In 2020, the market size in North America was USD 3.65 billion.
The market will exhibit steady growth at a CAGR of 3.2% during the forecast period (2021-2028).
By product, the ventilators segment is set to lead the market.
The increasing prevalence of chronic diseases and the introduction of technologically advanced products are the key factors driving the market.
Koninklijke Philips N.V., GENERAL ELECTRIC COMPANY, B. Braun Melsungen AG, and Medtronic are the top players in the market.
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