According to the latest study on “Critical Care Equipment Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product, Application, and End User,” the market was valued at US$ 21,682.65 million in 2019 and is projected to reach US$ 47,171.42 million by 2027; it is expected to grow at a CAGR of 9.5% during 2020–2027. The report highlights the trends prevailing in the global critical care equipment market, and drivers and deterrents pertaining to the market growth.
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Growing Number of ICU Beds in Countries with High Prevalence of COVID-19 to Drive Market Growth
COVID-19 has been declared a global pandemic by the World Health Organization on March 11, 2020. This novel disease is characterized by a lower number of initial cases followed by an infection explosion in various countries. Despite the implementation of lockdowns to reduce the spread of COVID-19, the healthcare systems in various countries have been overwhelmed by demand for equipment, such as ICU beds and supportive equipment to treat severe disease cases.
Based on product, the critical care equipment market is segmented into patient monitor systems, ventilators, infusion pumps, and others. In 2019, the patient monitor systems segment accounted for a larger share of the market. The growth of the segment is attributed to rising number of launches of these products.
Growing number of ICU beds in countries with high prevalence of COVID-19 and increasing demand for ventilators for the effective management of critical COVID-19 patients are driving the growth of the critical care equipment market. However, the disruption of supply chain and logistics due to the rapid spread of COVID-19 can impede the market growth. Further, the technological innovations in critical care equipment offer significant opportunities for the growth of the global critical care equipment market.
General Electric Company, Medtronic, B. Braun Melsungen AG, Baxter International Inc., Koninklijke Philips N.V., Getinge AB, Hamilton Medical, Löwenstein Medical UK Ltd., Dragerwerk AG & Co. KGaA, Nihon Kohden Corporation, Fisher & Paykel Healthcare Limited., Shenzhen Mindray Biomedical Electronics Co., Ltd, BPL (BPL Medical Technologies), Trivitron Healthcare, Skanray Technologies Pvt Ltd, and Asahi Kasei Corporation are among the prominent players in the critical care equipment market. These companies are focused on partnerships, product launches, collaborations, and other business strategies to sustain their position in the market. For instance, in February 2019, Medtronic plc partnered with Foxconn Industrial Internet, a business group within Foxconn Technology Group (Foxconn), and completed regulatory and quality requirements needed to start manufacturing of Medtronic Puritan Bennett 560 (PB560) ventilators for Medtronic in the US. Medtronic and Foxconn are planning to produce 10,000 PB560 ventilators over the coming years, and the ventilators would be marketed and sold by Medtronic.
The report segments the global critical care equipment market as follows:
- Patient Monitor Systems
- Invasive Ventilators
- Noninvasive Ventilators
- Infusion Pumps
By End User
- Ambulatory Care Centers
- Home Care
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- South and Central America (SCAM)
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