ICU Equipment Market to Exhibit 3.2% CAGR by 2028; Emergence of Wireless Beds with Real-time Patient Monitoring Features to Favor Growth

The global intensive care unit (ICU) equipment market size is projected to grow from USD 6.75 billion in 2021 to USD 8.42 billion in 2028. The emergence of unique wireless beds offering various features, such as data logging, automated functions, real-time monitoring, and assistance, would affect growth positively. In October 2020, for instance, Stryker introduced its new ProCuity wireless hospital bed. It can reduce hospital costs and the workflow of nurses.  

Fortune Business Insights™ published this information in a report, titled, “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 report further states that the market stood at USD 10.12 billion in 2020. It is set to exhibit a CAGR of 3.2% during the forecast period during 2021-2028.

Fitbit Introduces Fitbit Flow to Provide Emergency Ventilation amid COVID-19 Pandemic

In June 2020, Fitbit, a provider of fitness products based in California, unveiled Fitbit Flow, a cost-effective and easy-to-use ventilator. It is best suitable for emergency ventilation occurring because of the COVID-19 pandemic. It can act as a support system for patients requiring mechanical ventilation in case of commercial ventilator shortages. The U.S. Food and Drug Administration (FDA) provided the Emergency Use Authorization to the product amid the ongoing pandemic. According to one of the company officials, “We have added a high-resolution display to the device for monitoring pressure waveforms and the system’s status. It would help people breathe when they are unable to do that on their own.” These developments are set to contribute to the high demand for ICU equipment.

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Higher Prevalence of Respiratory Diseases to Propel Growth Worldwide

The rising lifestyle changes, smoking, and obesity rates have augmented the burden of respiratory diseases across the globe. Acute respiratory failure often requires ICU equipment as the patient cannot breathe independently. The National Center of Biotechnology Information (NCBI), for instance, mentioned that around 42.0% of patients need mechanical ventilation in Germany every year. However, the cost of ICU admission per patient falls under the range of USD 1,783 to USD 78,435, which is way too high. This factor may hamper the critical care equipment market growth in the near future.

Key Players Aim to Strengthen Positions through Collaborations and New Product Launches

Renowned intensive care unit (ICU) equipment providers present in the global market are trying to enhance their pre-existing product portfolios with the help of organic and inorganic strategies. Most of them are currently investing huge sums in R&D activities to develop novel products to tackle the COVID-19 pandemic. A few others are participating in the collaboration strategy to strengthen their positions.

Fortune Business Insights™ lists out the prominent ICU equipment manufacturers operating in the global market. They are as follows:

• 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

A Notable Industry Development-

• April 2020: BIOLASE, Inc. collaborated with MEKICS Co. Ltd. to deliver MEKICS’s MTV-1000 ICU-grade portable ventilator for battling the COVID-19 pandemic. It will be done through BIOLASE’s FDA-registered production facility located in California. The ventilator recently bagged the authorization of emergency usage from the FDA.

Further Report Findings-

• By product, the market for ICU equipment is divided into beds, ventilators, pulse oximeters, dialysis equipment, and others. Out of these, the ventilators segment earned 33.8% in terms of the ICU equipment market share in 2020 and dominated. The rising cases of coronavirus worldwide contributed to this growth. According to the Northwell Health COVID-19 Research Consortium, between March 1 and April 4, around 2,634 COVID-19 patients were hospitalized in its facility. Among them, 3% of patients received kidney replacement therapy, while the remaining 12% required invasive mechanical ventilation.
• The global ICU equipment market share in North America stood at USD 3.65 billion in 2020 in terms of revenue and is likely to lead the market in the upcoming years. The surging aging population would aid regional growth. According to the U.S. Census Bureau, people falling between the age group of 65 and above would reach 83.7 million by 2050.
• In Europe, developed nations, especially the U.K., Germany, and France, are set to accelerate the demand for intensive care unit equipment because of the increasing concerns regarding the COVID-19 pandemic.

The global market is segmented this way: