Patients with the infection are spending an average of 15 days in ICU. According to the European Society of Anaesthesiology, the number of intensive care beds in Italy continues to grow. In Lombardy, before coronavirus spread, there were 140 private ICU beds and 500 public intensive care (ICU) beds, which increased to more than 900 by the end of March 2020.
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.
In terms of product, the patient monitor systems segment held the largest share of the market in 2019 and it is expected to continue to be a leading shareholder during the forecast period. However, the ventilators segment is expected to register a higher CAGR in the market during the forecast period.
Based on application, the global critical care equipment market is segmented into cardiology, pulmonology, neurology, orthopedic, and others. The cardiology segment held the largest share of the market in 2019, and the pulmonology segment is expected to register the highest CAGR during the forecast period. Cardiovascular intensive care is the systemic management of patients with severe cardiovascular disease (CVD), including vascular disease and heart disease. CVD is among the top causes of deaths worldwide. For instance, according to the World Health Organization, in 2016, an estimated 17.9 million people died from CVDs, representing 31% of deaths worldwide. Similarly, according to the Centers for Diseases Control and Prevention, about 655,000 Americans die from heart disease every year. To prevent death due to CVDs, an intensive care unit for severe CVD patients, namely, cardiovascular intensive care unit (CICU), is available in general hospitals. The technological developments of clinical cardiology, such as intracoronary interventional procedures and devices and invasive hemodynamic monitoring, are the major evolutions of intensive care for CVDs. Subsequently, the number of severe CVD patients admitted to CICU is growing every year. The patients in the CICU have many complications such as respiratory failure and renal failure. Therefore, trained medical staff is required to practice systemic intensive care.
Collaborations and technology partnerships by the players in the critical care equipment market to bridge the demand-supply gap are anticipated to play a significant role in the growth of the market during the forecast period.
The regional trends and factors influencing the Critical Care Equipment Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Critical Care Equipment Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 21.68 Billion |
| Market Size by 2027 | US$ 47.17 Billion |
| Global CAGR (2019 - 2027) | 9.5% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Critical Care Equipment Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Critical Care Equipment Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies - Critical Care Equipment Market
The disruption of supply chain and logistics due to the rapid spread of COVID-19 is the significant factor that will hinder the critical care equipment market growth.
The global critical care equipment market is being driven by factors such growing number of ICU beds in countries with a high prevalence of COVID-19 and increasing demand for ventilators for the effective management of critical COVID-19 patients. Furthermore, technological innovations in critical care equipment is likely to offer significant opportunities for the growth of the global critical care equipment market.
Critical care equipment includes cardiac support, patient monitoring, respiratory support, emergency resuscitation devices, pain management, and other life support equipment designed to care for critically ill patients or have undergone a major surgical procedure, thereby requiring 24-hour care monitoring.