Global Critical Care Equipment Market was valued at US$ 27,360.0 million in 2022 and is anticipated to witness very high growth in 2022 and would reach a market size of US$ 40,378.7 million by the end of 2031. Further the market is expected to witness a CAGR growth of 6.1% during the 2021-2026 period. Critical Care Equipment is majorly utilized for supporting the patients during surgery or in intensive critical care units. ICUs are created to look after the welfare of patients that need ventilators, blood pressure support and medication. Currently, the demand for critical care equipment such as ventilators is skyrocketed due to the exponential increase in the patients suffering from COVID-19.
Patients are individually monitored with a variety of bedside physiologic monitors, and ICU rooms are designed to have redundant gas and electric sources. The world is suffering from a major crisis due to the shortage of ICU beds and other critical care equipment. Hospitals are majorly suffering from the shortage of ventilators and other breathing machines as this equipment helps COVID-19 with breathing. Usually patients need to be sedated and have a breathing tube put into their windpipe or through the neck. Numerous countries are suffering from the ICU shortage. The elderly population is a major risk due to lower immunity and additional medical conditions.
The rapid escalation in Critical Care Equipment is mainly characterized by the accelerating influx of patients in critical care and rapidly rising cases of COVID-19. Cases of COVID-19 are increasing exponentially from just 580 cases on Jan 22 2020 to more than 5.08 million on May 20th 2020. Rising COVID-19 cases has fueled the adoption of clinical care equipment as it has spread across the world, the ICU community must prepare for the challenges associated with this pandemic. Companies that do not operate in these segments are establishing a manufacturing unit to deal with this war-like situation. For instance, In April 2020, workers at a Ford manufacturing plant set up new production lines. Ford aims at producing 1,500 ventilators by the end of the month. B. Braun Melsungen AG, Mindray Bio-Medical Electronics, Medtronic PLC, Nihon Kohden, General Electric, Getinge AB, Heyer Medical AG, Koninklijke Philips N.V., Drägerwerk AG, Integra LifeSciences Holdings Corporation are some of the prominent players operating in the Global Critical Care Equipment market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.
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Insights Presented in the Report
“Amongst Product Type, Ventilator is expected to dominate the market in 2020”
Based on product type, the global critical care equipment market is segmented into the electronic patient monitor, volumetric infusion pump, defibrillator, ventilator, oxygen delivery system, anesthetic machine and other equipment. An electronic patient monitor is used for recording the vitals of the patient. Ventilators are in huge demand due to the rise of COVID-19 around the globe. Based on our estimate the ventilator segment is expected to generate revenue of US$ 12,143.7 million in 2020.
“Amongst End-User Industry, Hospitals & Clinics are anticipated to demand more of critical care equipment’s in 2020”. The expected surge in demand is expected due to the sudden outbreak of COVID-19 cases worldwide”
Based on End-User, the global critical care equipment market is segmented into hospitals & clinics, ambulatory care and home setting. Demand for critical care equipment is highest in the hospitals due to the rising COVID-19 cases. Patients suffering from COVID-19 require ventilators and other critical care equipment for supporting them during the treatment. Moreover, these equipment are majorly utilized in the Intensive Critical Unit (ICU). The hospital & clinic segment is expected to demand 80.6% of the overall critical care equipment in terms of value in 2020.
“US would represent the largest market for critical care equipment during 2020, as the US is the most affected country with the most number of +ve cases and deaths due to COVID-19”
For a better understanding of the market dynamics of the global Critical Care Equipment market, a detailed analysis was conducted for different countries including the US, Spain, Italy, Germany, France, UK, Turkey, Iran, Russia, India and the rest of the world. United States has witnessed the highest number of cases and deaths due to COVID-19. As of 20th May 2020, the US has recorded 1.59 million COVIUD-19 cases with 94,936 deaths due to the disease.
Some of the major companies analyzed in the study include B. Braun Melsungen AG, Mindray Bio-Medical Electronics Co., Ltd, Medtronic PLC, Nihon Kohden Inc., GE Healthcare, Getinge AB, Aeonmed, Royal Philips NV, Dragerwerk AG and Integra LifeSciences. Owing to the sudden COVID-19 outbreak these companies have increased their overall production of critical care equipment to fulfill the increased demand for this equipment globally.
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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry
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