Global demand for critical care equipment is expected to increase at a CAGR of 6% from 2022 to 2027, says Fact.MR, a market research and competitive intelligence provider.
Critical care is a term used to describe specialist treatment provided to patients with life-threatening illnesses. Patients who require ongoing monitoring and detailed treatment receive this kind of care. The market for critical care equipment is expanding at an accelerated rate due to the rise in cardiovascular illnesses. In intensive care units, devices for pain control, emergency resuscitation, and patient monitoring are among the most important factors of critical care equipment.
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One of the key factors propelling the growth of the critical care equipment market is the rise in traffic accidents worldwide. Road traffic collisions are ranked as the ninth-most common cause of mortality in the world. A sizable population over 60 years old will support critical care equipment market growth because they have a lower immune level. The elderly are more vulnerable to cancer, neurological illnesses, spine injuries, and cardiac issues.
Due to favourable government regulations and quick investment growth in the region, North America currently enjoys a monopoly on the global market for critical care equipment. Due to the region’s rapidly developing healthcare facilities and growing ageing population, Asia Pacific is predicted to experience significant growth between 2022 and 2027.
The most advanced and costly devices in intensive care units are ventilators and patient monitors (ICU).
- To assist COVID-19 patients, Philips introduced the innovative Philips Respironics E30 ventilator. This advanced ventilator has visual and audible alarms, and it can support COVID-19 patients with respiratory insufficiency by providing high-flow oxygen.
Key Takeaways from Market Study
- The global market for critical care equipment is currently valued at US$ 5.6 billion.
- The market is expected to attain a valuation of US$ 7.5 billion by 2027.
- China’s critical care equipment market is expected to reach US$ 1.3 billion by 2027.
- Global sales of patient monitors are predicted to rise at a CAGR of 6.5% from 2022 to 2027.
The United States dominates the North America critical care equipment market.
- According to CDC, in the United States, cardiovascular disorders are the leading cause of mortality for both sexes in the United States.
- Cardiovascular disease claims one life in the United States every 34 seconds.
- In the United States, cardiovascular disorder claimed the lives of almost 697,000 people in 2020, accounting for 1 in 5 fatalities.
Other significant factors contributing to the U.S.’s dominance in the North America market are the growing elderly population, the higher frequency of chronic diseases, and the country’s well-developed healthcare system.
- For instance, the population of Americans 65 and older is expected to reach 83.7 million in 2050, which is more than double the country’s predicted geriatric population in 2012. This projection comes from a study conducted by the U.S. Census Bureau.
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Koninklijke Philips N.V., B. Braun Melsungen AG, GENERAL ELECTRIC COMPANY, and Medtronic are some of the key players in the critical care equipment market.
Major requirements adopted by these firms to retain their strategic position in the market include many product releases, expansion of their product portfolios through organic and inorganic methods, and expanding research and development in this sector.
Additionally, a significant focus on collaborations and acquisitions to boost their critical care segment is anticipated to contribute to the intensive care unit equipment market experiencing faster growth.
Developments in the Critical Care Equipment Industry
- For instance, Ford partnered with 3M and GE Healthcare in March 2020 with the goal of accelerating the production of ventilators for patients amid the coronavirus pandemic.
Key Companies Profiled
- AKAS Medical
- B. Braun Melsungen AG
- BPL Medical Technologies Pvt., Ltd.
- Dragerwerk AG & Co. KGaA
- Fresenius Kabi AG
- General Electric Company
- Koninklijke Philips NV
- MAQUET Holding B.V. & Co. KG
- Medtronic PLC
- Nihon Kohden Corporation
- Skanray Technologies Pvt. Ltd.
- Smiths Medical
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Critical Care Equipment Industry Research Segmentation
- By Product :
- Patient Monitors
- Infusion Pumps
- Sleep Apnea Devices
- By Type :
- Hemodynamic Monitoring
- Vital Signs Monitoring
- Neurologic Monitoring
- Brain Function Monitoring
- By End User :
- Ambulatory Surgical Centers
- Homecare Settings
- By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
Explore Fact.MR’s Healthcare Reports
High Frequency Ventilators Market: Premature babies have underdeveloped lungs. They require breathing support and cannot breath on their own. Incidences of preterm births are increasing each year due to various factors and hence, this particular factor is expected to drive the global high frequency ventilators market during the forecast period.
Medical Ventilators Market: The global demand for medical ventilators market is poised to expand 2.5x to reach US$ 3.6 Bn from 2021 to 2031. As of 2020, the industry was valued at US$ 1.4 Bn, with sales surging rapidly in the wake of the COVID-19 pandemic outbreak. Future demand is highly reliant on the increasing number of patients suffering from chronic obstructive pulmonary disease and asthma.
Veterinary Respiratory Ventilators Market: Growing pet adoption and reimbursement in regions such as the U.S. and Europe are the major factors driving the growth of the global veterinary respiratory ventilators market. Technological advancements in veterinary respiratory ventilators are further driving the demand for the product in matured markets.
Home Infusion Therapy Market: Newly-released Home Infusion Therapy industry analysis report by Fact.MR shows that global sales of Home Infusion Therapy in 2021 was held at US$ 31 Bn. With 8.6%, the projected market growth during 2022 – 2032 is expected to be significantly higher than the historical growth. Infusion Pumps is expected to be the highest revenue-generating product, accounting for an absolute dollar opportunity of nearly US$ 301 Bn during 2022 – 2032.
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