Intensive Care Unit Equipment Market Expected to Reach $9.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Intensive Care Unit Equipment Market," The intensive care unit equipment market size was valued at $6.6 billion in 2021, and is estimated to reach $9.6 billion by 2031, growing at a CAGR of 3.9% from 2022 to 2031. Critical care is specialized care given to patients who face life-threatening conditions and who need constant monitoring and comprehensive care. The intensive care equipment used in intensive care units provides care as well as monitors patients’ health around the clock. Major critical care equipment used in intensive care units are cardiac support equipment, pain management equipment, emergency resuscitation equipment, life support, patient monitoring equipment, and respiratory equipment.

Intensive care unit equipment is designed to deliver the highest of medical and nursing care to the most critically ill patients. Some smaller rural and urban hospitals do not have intensive care units while larger metropolitan hospitals may have a number of specialized Intensive Care units.

Growth of the intensive care unit equipment market share is majorly driven by a surge in the geriatric population that is vulnerable to respiratory and cardiac disease and require critical care, the surge in the prevalence of heart attack diseases, acute kidney injury, liver failure, kidney failure, neurological diseases such as ischemic stroke. In addition, the surge in the incidence of respiratory disease increases the demand of intensive care equipment and boosts market growth. For instance, according to the World Health Organization (WHO), chronic obstructive pulmonary disease (COPD) is the third leading cause of death worldwide, causing 3.23 million deaths in 2019.

Furthermore, the increase in the number of surgical procedures performed globally and the adoption of technologically advanced intensive care equipment fuel the growth of this market. Moreover, technological advancements in respiratory care devices such as noninvasive ventilation technology and portable mechanical ventilators supplement the market growth.

On the basis of product, the ventilators segment is expected to witness the highest CAGR during the forecast period, owing to an increase in respiratory diseases such as lung cancer, chronic obstructive pulmonary disease (COPD), asthma, bronchitis, and other lung disorders as well as rise in a number of hospitals & diagnostic centers.

On the basis of application, the respiratory segment is generated the maximum revenue in 2021 and expected to witness the highest CAGR during the forecast period, owing to the rise in the number of patient admission of pulmonary disease in ICUs and the high adoption of pulse oximeter and ventilators. Growth of the respiratory segment is also associated with an increase in severe cases of respiratory disease such as asthma, bronchitis, pneumonia, hypoxia, tuberculosis, and lung cancer and boosts the growth of the respiratory segment. 

Based on end-user, the hospital's segment is expected to witness the highest CAGR during the forecast period, owing to an increase in patient admission, an increase in the number of ICUs, the presence of advanced intensive care unit equipment, and well-trained nursing staff. The rise in healthcare expenditure and the rise in the prevalence of preterm birth also boosts the growth of the hospital's segment in the ICU equipment market size.

Depending on the region, Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to a surge in geriatric populations that are more prone to diseases and require critical care, a rise in healthcare expenditure, unmet medical demand in developing countries like China, India, and rise in awareness regarding use of intensive care unit equipment for critical care.

KEY FINDINGS OF THE STUDY

• On the basis of the product, the ventilators segment is expected to witness the highest CAGR during the forecast period in the intensive care unit equipment industry.
• By application, the respiratory segment is expected to witness the highest CAGR during the forecast period in the ICU equipment industry.
• Based on end users, the hospital's segment is expected to witness the highest CAGR during the forecast period in the intensive care unit equipment market.
• On the basis of region, Asia-Pacific is expected to witness the highest CAGR during the forecast period in the intensive care unit equipment market.
• The report includes an analysis of the regional as well as global intensive care unit equipment market trends, key players, market segments, application areas, and intensive care equipment Market Growth strategies.