New York, October 16, 2021 – Reports and Data has published its latest report titled “ICU Beds Market Analysis, By Technology (Electric, Mechanical), By Control Panel (Remote, Touch), By Materials Used (Stainless Steel, Copper, ABS), By Components (Seven Functions, Sensors), By ICU Type (CCU, MICU), By End-Use Verticals, Forecasts To 2028”
Increasing prevalence of the intensive care units, rise in geriatric population, and technological advancements in ICU beds are some key factors driving market growth
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According to Reports and Data, the global ICU beds market size is expected to reach USD 5.56 billion in 2028 from USD 1.90 billion in 2020 and is expected to register a revenue CAGR of 9.3% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities
ICU beds are specialized hospital beds used in intensive care units to care for critically ill patients. These beds provide both comfort and safety to the patients with advanced features enabled in it. For instance, electrically operated with remote control, emergency battery backup system, fowler and vascular positions, removable fixed head with plastic protection bumpers and many more. Therefore, this ongoing technological advancements in ICD beds and is a major factor expected to positively impact revenue growth of the market over the forecast period.
Due to its cost-effective solutions compared to traditional 24/7 critical care team monitoring for a specific patient, tele-ICU has become one of the most popular technologies in the ICU management or critical care patient monitoring industry. Through a variety of software and hardware implemented in intensive care units, Tele-ICU delivers constant technical breakthroughs in centralised and remote patient monitoring. In addition, rising prevalence of chronic diseases such as asthma and diabetes, rise in number of surgical procedures, and increasing government investments for advanced infrastructure in hospitals are other factors contributing to the revenue growth of the market.
Further, COVID-19 outbreak has led to rapid demand of ICD beds globally. But, manufacture and supply chains of ICU beds was severely harmed as a result of the coronavirus preventive shutdown situation. Due to a lack of appropriate raw materials and personnel, the desired production flow of ICU beds was impacted.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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General & Acute Care Hospitals Segment to Dominate Other End Use Segment:
General & acute care hospitals segment is expected to dominate other end use segment over the forecast period as they have the most ICU beds globally and are growing at a rapid rate as a result of several healthcare initiatives taken by many central and state governments in many developing and developed nations, especially during Covid 19 pandemic.
North America to Account for a Significantly Large Revenue Share:
North America is expected to account for a significantly large revenue share over the forecast period owing to technological advancements in healthcare industry, increasing number of multi-specialty units due to highest number of patient infected by COVID-19 in the world. Further, government funding in North America has increased as a result of the COVID-19 outbreak, making it a prominent region with strong market growth potential.
Asia Pacific to Lead in Terms of Revenue CAGR:
Asia Pacific market revenue is expected to expand at a robust revenue CAGR over the forecast period attributed to increasing number of multi-specialty hospitals increase, rapid adoption of electric beds in hospitals and rising incidences of chronic diseases. In addition, technological advancements and rapid growth in healthcare sector in emerging economies such as India and China, drive revenue growth of the APAC market.
Major Companies in the Market Include:
- Hill-Rom Holdings, Inc.
- Malvestio S.P.A.
- Carevel Medical Systems Private Limited
- Stryker Corporation
- Invacare Corporation
- Linet Group SE
- Medtronic PLC
- Meditech (India) PVT. LTD
- Medline Industries, Inc.
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For the purpose of this report, Reports and Data has segmented the global ICU beds market on the technology, control panel, materials used, components, ICU type, end use and region:
Technology Outlook (Revenue in Billion USD; 2018–2028)
- Electric or Motorized
- Semi-Electric or Hybrid
- Mechanical or Manual
Control Panel Outlook (Revenue in Billion USD; 2018–2028)
- Revolving Gear
Materials Used Outlook (Revenue in Billion USD; 2018–2028)
- Stainless Steel
- Alloy With Powder Coated
Components Outlook (Revenue in Billion USD; 2018–2028)
- Up to Three Functions
- Up to Five Functions
- Up to Seven Functions & Above
- CPR Functions
- Head & Foot Board
- Side Railing
ICU Type Outlook (Revenue in Billion USD; 2018–2028)
- Traditional Medical ICU (TMICU)
- Cardiac Care Unit (CCU)
- Neonatal ICU (NICU)
- Pediatric ICU (PICU)
- Trauma ICU (TICU)
- Psychiatric ICU (PICU)
- Post-Anesthesia CU (PACU)
- High-Dependency Unit (HDU)
- Mobile ICU (MICU)
End Use Outlook (Revenue in Billion USD; 2018–2028)
- General & Acute Care Hospitals
- Multi-Specialty Hospitals
- Specialized Hospitals
- Ambulatory Surgery Centres (ASC)
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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