Intensive Care Unit (ICU) Equipment Market Size to Surpass USD 9.13 Billion in 2030, exhibiting a CAGR of 3.9%

As per the report by Fortune Business Insights, the Intensive Care Unit (ICU) Equipment Market size is projected to reach USD 9.13 Billion in 2030, at a CAGR of 3.9% during the forecast period

Intensive Care Unit (ICU) Equipment Market

Pune, India, Oct. 30, 2023 (GLOBE NEWSWIRE) — The global Intensive Care Unit (ICU) Equipment Market size was USD 6.84 billion in 2022, and it is projected to grow from USD 6.98 billion in 2023 to USD 9.13 billion in 2030, exhibiting a CAGR of 3.9% during the forecast period.

Intensive care mainly represents the highest treatment level designated for critically ill patients with recoverable life-threatening conditions. The intensive care unit (ICU) equipment includes dialysis equipment, ventilators, pulse oximeters, catheters, pumps, tubes, and bedside monitors. The rising geriatric population, increase in fatal accidents and sports injuries, and growing prevalence of chronic diseases are estimated to drive market growth during the forecast period.

Fortune Business Insights™ mentioned this in a report titled, “Intensive Care Unit (ICU) Equipment Market, 2023-2030.”

Key Industry Development

February 2023 – Stryker introduced SmartMedic, and ICU bed upgraded platform at the 29^th Annual Conference of the Indian Society of Critical Care Medicine. SmartMedic enhances patient care and caregiver safety.

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Key Takeaways:

• The growth of the ICU equipment market is being driven by the increasing prevalence of chronic diseases, the rising geriatric population, and the technological advancements in ICU equipment.
• The ICU equipment market is segmented by product type, application, and end-user.
• The key players in the ICU equipment market are GE Healthcare, Philips Healthcare, Siemens Healthineers, Medtronic, and Dräger.
• These companies are investing in research and development, new product development, and mergers and acquisitions to maintain their competitive edge in the market.
• The ICU equipment market is facing some challenges, such as the rising cost of healthcare, the increasing regulation of medical devices, and the shortage of skilled healthcare professionals.

Discover the Leading Players Featured in the Report:

Major players in the intensive care unit (ICU) equipment market are General Electric Company (U.S.), Koninklijke Philips N.V. (Netherlands), Getinge AB (Sweden), Medtronic (Ireland), Fresenius SE & Co. KGaA (Germany), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), HILL-ROM HOLDINGS, INC. (U.S.), Medline Industries, Inc. (U.S.), B. Braun Melsungen AG (Germany), Edwards Lifesciences Corporation (U.S.), Invacare Corporation (U.S.).

Report Scope:

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Drivers & Restraints

Rising Demand for Intensive Care Unit (ICU) Equipment to Propel Market Growth

The rising demand for intensive care unit (ICU) equipment owing to the increasing critical admissions in developing and developed countries is estimated to drive the intensive care unit (ICU) equipment market growth during the forecast period. The growing burden of respiratory diseases globally due to obesity, lifestyle changes, and smoking propel market expansion.

However, high costs of critical care equipment may hinder market growth during the projected period.

Report Scope & Segmentation:

By Product

• Beds
• Ventilators
• Pulse Oximeters
• Dialysis Equipment
• Others

By Patient

• Adult
• Pediatric

By Application

• Neurology
• Cardiology
• Respiratory
• Oncology
• Trauma
• Others

By End User

• Hospitals
• Specialty Clinics
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East & Africa

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Various Technological Advancements Augmented Beds Segment Growth

By product, the market is segmented into beds, ventilators, pulse oximeters, dialysis equipment, and others. The beds segment held the largest market share in 2022. The growth is attributed to the different technological advancements regarding integrated nurse-calling systems and wireless technology.

Rising Prevalence of Respiratory Diseases in Adults Aided Adult Segment Growth

By patient, the market is segmented into adult and pediatric. The adult segment held the largest intensive care unit (ICU) equipment market share in 2022. The growth is attributed to the increasing respiratory diseases in adults due to the high smoking rate, further leading to a greater number of ICU admissions.

Cardiology Segment’s Growth Driven by Growing Adoption of Sedentary Lifestyle by Younger Population

Based on application, the market is classified into neurology, cardiology, respiratory, oncology, trauma, and others. The cardiology segment held the largest market share in 2022 due to the rising adoption of a sedentary lifestyle, which led to an increase in cardiovascular disease cases among the young population.

High Patient Admissions Propelled the Hospitals Segment Growth

By end user, the market is segmented into hospitals, specialty clinics, and others. The market was dominated by the hospitals segment in 2022 due to increased patient admission in hospitals.

Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and The Middle East & Africa.

Report Coverage-

The report offers:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• The latest industry developments include product launches, partnerships, mergers, and acquisitions.

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Regional Insights

Growing Demand for ICU Equipment Due to COVID-19 Propelled Market Growth in North America

The North American market share accounted for USD 2.51 billion in 2022. The growth is attributed to the increasing demand for ICU equipment, such as ventilators, owing to the COVID-19 impact across North America.

Europe is expected to witness significant growth during the forecast period due to the rising geriatric population and increasing awareness regarding the equipment among the patient population in the developed European countries, including France, the U.K., and Germany.

Competitive Landscape

Growing Key Players’ Focus on New Product Launches to Aid Market Growth

The intensive care unit (ICU) equipment market consists of key players, including GENERAL ELECTRIC COMPANY, Medtronic, B. Braun Melsungen AG, and Koninklijke Philips N.V. The Growing focus of these market players on new product launches and expansion of their product portfolio to aid market growth during the forecast period.

FAQ’s

How Big Is The Intensive Care Unit (ICU) Equipment Market?

Intensive Care Unit (ICU) Equipment Market size Is USD 6.98 Billion in 2023.

How Fast the Intensive Care Unit (ICU) Equipment Market Growing?

The Intensive Care Unit (ICU) Equipment Market will exhibit a CAGR of 3.9% during the forecast period, 2023-2030

Related Reports:

Ventilator Market Share, Trends and Forecast To 2030

Dialysis Equipment Market Size, Share, Trends, Growth | Global Forecast Report 2030

Pulse Oximeters Market Size, Share| Global Forecast Report 2030

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• Intensive Care Unit (ICU) Equipment Market