Intensive Care Unit (ICU) Equipment Market to Reach $9.6 Billion, Globally, by 2031 at 3.9% CAGR: Allied Market Research

Rise in the prevalence of neurological diseases drives the growth of the global intensive care unit equipment market.

PORTLAND, Ore., Jan. 19, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Intensive Care Unit Equipment Market by Product (Beds, Ventilators, Pulse oximeters, Dialysis Equipment, Others), by Application (Cardiology, Respiratory, Oncology, Trauma, Others), by End User (Hospitals, Specialty Clinics): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global ICU Equipment Market generated $6.6 billion in 2021, and is estimated to reach $9.6 billion by 2031, witnessing a CAGR of 3.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, Restraints, and Opportunities-

Rise in the prevalence of neurological diseases drives the growth of the global intensive care unit equipment market. On the other hand, certain stringent regulations impede the growth to some extent. However, launch of various products and several stringent regulations adopted by the key players are expected to create lucrative opportunities in the industry.

Covid-19 scenario-

• The outbreak of the pandemic heightened the demand for various medical services including intensive care units as the SARS-COV-2 virus attacks the respiratory system. This factor impacted the global intensive care unit equipment market negatively.
• However, this drift has continued to persist even after the pandemic is almost over.

The beds segment to maintain its dominance during the forecast period-

By product, the beds segment accounted for more than one-fourth of the global intensive care unit equipment market revenue in 2021, and is expected to rule the roost by 2031. This is due to rise in various chronic diseases and increase in the number of fatal accidents & sports injuries among individuals. The ventilators segment, on the other hand, would cite the fastest CAGR of 4.9% during the forecast period. Rise in respiratory diseases globally coupled with the surge in the geriatric population propel the market growth.

The respiratory segment to rule the roost-

By application, the respiratory segment contributed to the major share in 2021, holding more than one-fourth of the global intensive care unit equipment market revenue. The same segment is also projected to portray the fastest CAGR of 4.6% from 2022 to 2031. This is owing to rise in the number of patient admission for pulmonary diseases in ICU and high adoption of pulse oximeters and ventilators across the world.

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The hospitals segment to maintain the lion's share-

By end-user, the hospitals segment garnered the major share in 2021, accounting for nearly two-thirds of the global intensive care unit equipment market revenue. The same segment is also anticipated to cite the fastest CAGR of 4.1% from 2022 to 2031. This is due to surge in patient admission, increase in the number of ICUs, and the presence of advanced intensive care unit equipment and well-trained nursing staff.

North America garnered the major share in 2021-

By region, North America generated the highest share in 2021, garnering more than two-fifths of the global intensive care unit equipment market revenue. The presence of several major players such as Baxter International Inc., Edward Lifesciences Corporation, Invacare Corporation, and Medline Industries, and advancements in the manufacturing technology of intensive care unit equipment in the region drive the growth of the market. Asia-Pacific, however, would showcase the fastest CAGR of 5.2% throughout the forecast period. This is attributed to the surge in geriatric populations that are more prone to diseases and require critical care, rise in healthcare expenditure, and unmet medical demand in developing countries such as China and India.

Leading Market Players-

• Baxter International Inc.
• Edward Lifesciences Corporation
• B. Braun Melsungen AG
• Koninklijke Philips N.V.
• General Electric Company
• Getinge AB
• Nihon Kohden Corporation
• Invacare Corporation
• Medtronic Inc.
• Medline Industries, Inc.

The report analyzes the key players of the global intensive care unit equipment market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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