The global ICU Equipment Market size is predicted to reach USD 9.03 billion by 2027, exhibiting a CAGR of 4.8% during the forecast period. The emergence of novel viruses such as coronavirus will spur demand for life support, patient monitoring, and emergency resuscitation devices, which in turn, will boost the market growth during the forecast period. The market size stood at USD 6.16 billion in 2019. The market in North America generated a revenue of USD 2.03 billion in 2019. The growth in the region is attributed to the increasing prevalence of chronic diseases in the U.S.
KEY INDUSTRY DEVELOPMENTS:
-- July 2019- Ivenix, Inc., a medical device company received USFDA approval for a new smart infusion pump which makes the infusion safer.
-- August 2017- Hamilton Medical launched a new high-end ventilator for critical care for all patient populations.
-- April 2020- Medtronic received USFDA approval to immediately market the ventilator, to meet the increased demand due to coronavirus outbreak.
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Surge in Chronic Diseases to Augment Growth
The growing cases of cancer, neurologic disorders, and cardiovascular diseases will fuel demand for the market in the foreseeable future. As per the World Health Organization's statistics, Cancer is the second leading cause of death globally, and is responsible for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer.
Approximately 70% of deaths from cancer occur in low- and middle-income countries. The increasing hospitalization and need for intensive care will have a positive impact on the market. The rising incidence of chronic diseases has led to the utilization of intensive care among patients. As per the Centers for Disease Control and Prevention, approximately 133 million Americans (45% population) have at least one chronic disease. Similarly, the growing number of patient admissions in the ICU will subsequently enable speedy expansion of the market.
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Necessity for Intensive Care in Global Pandemic to Lift Market Potential
The occurrence of coronavirus has created a huge demand for beds, ventilators, pulse oximeters, infusion pumps for the treatment of critically ill patients, which, in turn, will augur well for the market. As per the World Health Organization (WHO), in China, 6.1% of the COVID-19 patients became critically ill, out of which 5% required medical ventilation in the intensive care unit.
The growing necessity for medical ventilators among positive patients of coronavirus will consequently foster the growth of the market. Hence, the rising patient pool amid COVID-19 will escalate the demand for ICU/CCU equipment, which in turn, will promote the growth of the market.
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Rising Healthcare Expenditure to Propel Growth in North America
The ICU Equipment Market in North America generated a revenue of USD 2.03 billion in 2019. The growth in the region is attributed to the increasing prevalence of chronic diseases in the U.S. The increasing geriatric population and developed healthcare infrastructure will influence growth in the region.
Asia Pacific is predicted to grow rapidly during the forecast period owing to the developing healthcare infrastructure. The increasing patient pool of chronic disorders will further spur opportunities for the market in the forthcoming years. The increasing geriatric population will create lucrative business opportunities for the market in the region.
List of Main Companies in the ICU Equipment Market:
-- Koninklijke Philips N.V (Netherlands)
-- GENERAL ELECTRIC COMPANY (United States)
-- Medtronic (Ireland)
-- Edwards Lifesciences Corporation (United States)
-- Fresenius SE & Co. KGaA (Germany)
-- Invacare Corporation. (United States)
-- Medline Industries, Inc (United States)
-- B. Braun Melsungen AG (Germany)
-- Other Players
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ICU Equipment Market Segmentations:
? Pulse Oximeters
? Dialysis Equipment
? Specialty Clinics
â? North America (the U.S. and Canada)
â? Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
â? Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia- Pacific)
â? Latin America (Brazil, Mexico, and the Rest of Latin America)
â? The Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
-- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
-- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
-- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
-- Number of procedures and average price of procedures
-- Replacement rate and pricing of capital equipment
-- Market dynamics in relation to the market under focus - Drivers, restraints, trends, and opportunities
-- Market & technological trends, new product developments, product pipeline.
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