ICU Beds Market Expected to Reach $2.4 Billion by 2030

According to a new report published by Allied Market Research, titled, “ICU Beds Market by Type, Application, and End User: Global Opportunity Analysis And Industry Forecast, 2021–2030," the global ICU beds market size was valued at $1,487 million in 2020, and is projected to reach $2,419 million by 2030, registering a CAGR of 4.9% from 2021 to 2030.

ICU beds are designed to take care of critical patients, improve work efficacy, provide safety & ease of use, and offer comfort. In addition, ICU beds support infection control process and enhance effective risk management in hospitals. ICUThey are equipped with accessories such as section mattress base, X-ray cassette holder, and stepless pneumatic adjustment for anti-trendlenburg that are made to support & assist the healthcare caregivers for effective workflow. There are three types of ICU beds such as manual ICU beds, full-electric ICU beds, and semi-electric ICU beds.

Increase in prevalence of various chronic diseases, such as cardiovascular diseases, cancer, respiratory disease, and other life-threatening diseases, rise in number of surgical procedures in hospital ICUs, surge in geriatric population coupled with increased patient awareness levels toward chronic disease treatments, and rise in adoption rate of advanced ICU beds in hospitals are the major factors that boost the growth of the market. In addition, technological advancements in ICU beds, increase in need of ICU beds during the COVID-19 pandemic, supportive reimbursement policies in healthcare system, rise in R&D activities toward development of novel ICU beds are other factors that further drive the growth of the market. However, low product demand in underdeveloped countries is expected to hamper the market growth during the forecast period. Conversely, high market growth potential in emerging markets is expected to offer lucrative opportunities during the forecast period.

Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. Rapid rise in confirmed cases of COVID-19 is boosting the intensive care community in the healthcare industry to get ready for challenges related with this pandemic. Patients with severe COVID-19 need nearly 14 days of respiratory support in the ICU. Therefore, rise in COVID-19 cases will supplement the ICU beds market growth during the forecast period.

The ICU beds market is segmented into type, application, end user, and region.

On the basis of type, the ICU beds market is categorized into full-electric beds, semi-electric beds, and manual beds. Presently, the manual beds segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period. Key factors, such as increase in chronic diseases among patient population, rise in geriatric population, rise in adoption of technologically advanced manual beds in hospitals, and increase in number of patient admissions in hospital ICUs, drive the market growth during the forecast period. Moreover, manual beds offer several facilities, such as extra comfort & improved blood circulations, and these are equipped with caregiver support, which is beneficial for geriatric patients. Therefore, this may increase the demand for manual beds, thereby driving the market growth. 

By end user, the ICU beds market is categorized into hospitals, ambulatory surgery centers (ASC), and others. The hospitals segment is anticipated to depict significant growth during the forecast period due to the fact that hospitals are increasingly showing an inclination toward advanced ICU beds products. Moreover, surge in geriatric population (as this population is more prone to various chronic diseases), rise in number of government initiatives to ensure high degree of chronic disease prevention measures, and surge in number of hospitals with availability of advanced ICU beds boost the growth of the hospitals segment.

Key Findings Of The Study

• Based on type, the manual beds segment held the largest ICU beds market share in 2020, and is expected to remain dominant during the forecast period.
• On the basis of application, the traditional ICU segment held the largest ICU beds market share in 2020 and is expected to remain dominant during the forecast period.  
• On the basis of end user, the hospitals segment held the largest market share in 2020 and is expected to remain dominant during the forecast period. 
• Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 5.7% during the forecast period.

In 2020, North America accounted for a major share in the ICU beds market, owing to increase in well-developed healthcare industry, presence of leading manufacturers in the region, and high adoption rate of ICU beds in hospitals and ambulatory surgery centers. However, Asia-Pacific is projected to register the fastest growth rate during the forecast period, owing to increase in number of geriatric population, rise in people suffering from chronic diseases, rise in number of hospital ICU admissions, and improving healthcare infrastructure in the region.