Intensive Care Unit (ICU) Equipment Market Size, Share & COVID-19 Impact Analysis, By Product (Beds, Ventilators, Pulse Oximeters, Dialysis Equipment, and Others), By Patient (Adult and Pediatric); By Application (Neurology, Cardiology, Respiratory, Oncology, Trauma, and Others); By End User (Hospitals, Specialty Clinics, Others), Regional Forecast, 2021-2028

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.

• For instance, in March 2020, Hill-Rom ramped its production capacity by more than double critical care products, including critical care beds and vitals monitoring devices to support COVID-19 response. pump

Hence, the factors mentioned above boosted significant demand for this equipment during the pandemic, thereby augmenting the market growth.

LATEST TRENDS

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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.

• For instance, in August 2020, when ventilators have become critical for treating severe coronavirus cases, an India-Dutch start-up LEVEN Medical, developed smart ventilators that are integrated with artificial intelligence (AI) and machine learning (ML).

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.

• For instance, in October 2020, Stryker announced the global launch of the industry's first and only completely wireless hospital bed, ProCuity. This intelligent bed was designed to help reduce in-hospital patient falls at all acuity levels, improve nurse workflow efficiencies and safety, and help lower hospital costs. It is the only bed in the market today that can connect seamlessly to nurse call systems without cables or wires.

Hence, such increasing technological advancements in the ICU equipment are anticipated to spur market growth during the forecast period.

DRIVING FACTORS

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.

• For instance, according to a research article published in the National Center for Biotechnology Information (NCBI), in 2019, in the U.S., intensive care unit readmission and re-hospitalization risk among COPD patients was 44% within five years of discharge.

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.

• According to a research article published by the National Center of Biotechnology Information (NCBI), in Germany, around 2.1 million patients are admitted to intensive care unit each year, out of which an estimated 42.0% of patients require mechanical ventilation.

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.

RESTRAINING FACTORS

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.

• For instance, according to the economic analysis, the cost per patient admission in the ICU ranges from about USD 1,783 to USD 78,435. Hence, the overall treatment cost in the ICU is an out-of-pocket expense in emerging countries, which limits the market growth.

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.

• In March 2020, the Union Ministry of India eased the import policy and commissioned the import of second-hand ventilators until September 2020, as coronavirus infections skyrocketed. In addition to this, higher import duties on advanced equipment are projected to impact the market growth over the forecast duration significantly.

SEGMENTATION

By Product Analysis

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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.

By Patient Analysis

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.

By Application Analysis

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.

By End-User Analysis

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.

REGIONAL INSIGHTS

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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.

KEY INDUSTRY PLAYERS

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.

LIST OF KEY COMPANIES PROFILED:

• General Electric Company (Chicago, U.S.)


• Koninklijke Philips N.V. (Amsterdam, Netherlands)


• Getinge AB (Sweden, Europe)


• Medtronic (Dublin, Ireland)


• Fresenius SE & Co. KGaA (Bad Homburg, Germany)


• Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Shenzhen, China)


• HILL-ROM HOLDINGS, INC. (Indiana, U.S.)


• Medline Industries, Inc. (Illinois, U.S.)


• B. Braun Melsungen AG (Melsungen, Germany)


• Edwards Lifesciences Corporation (California, U.S.)


• Invacare Corporation (Ohio, U.S.)


• Other Prominent Players

KEY INDUSTRY DEVELOPMENTS:

• July 2021 – Ministry of Health, Sri Lanka received intensive care unit equipment from UNICEF that included ventilators, nebulizers, multipara monitors, and pulse oximeters. UNICEF aimed at providing support to the government in response to COVID-19.


• July 2021 – American India Foundation, Goldman Sachs, and Lenovo India announced the launch of portable hospital in Bengaluru, Karnataka. The mobile hospital includes triage and treatment centers with 62 isolation beds and 8 intensive care unit (ICU).


• May 2021 – CorVent Medical received CE mark approval for RESPOND- 19 ventilator and simultaneously announced the launch across Europe. This device is well suited for intensive care units and will help improve treatment of critically ill patients.

REPORT COVERAGE

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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.

Report Scope & Segmentation