The market for medical equipment used in critical care settings, such as intensive care units (ICUs) and operating rooms, is referred to as the critical care equipment market. When a patient has a serious sickness or injury, this equipment is used to monitor and support them. Anaesthesia machines, defibrillators, ventilators, and patient monitoring are a few examples of critical care equipment. A growing number of chronic diseases, an ageing population, and technological improvements all contribute to the growth of the critical care equipment market. Manufacturers of critical care equipment and companies offering associated services including maintenance, repair, and training are important participants in the industry. The market is divided into segments according on application, geography, and product.
The rise in traffic accidents globally is one of the major reasons boosting the critical care equipment market. Road traffic accidents are the tenth most frequent cause of death worldwide. Because they have a reduced immunological level, a big population over 60 will help the expansion of the critical care equipment market. The risks of developing cancer, neurological disorders, spinal injuries, and heart problems are higher in the aged.
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Critical Care Equipment Industry Research Segmentation
- By Product :
- Patient Monitors
- Ventilators
- Infusion Pumps
- Sleep Apnea Devices
- Others
- By Type :
- Hemodynamic Monitoring
- Vital Signs Monitoring
- Neurologic Monitoring
- Brain Function Monitoring
- Others
- By End User :
- Hospitals
- Ambulatory Surgical Centers
- Clinics
- Homecare Settings
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Key Takeaways from Market Study
- The global market for critical care equipment is currently valued at US$ 5.6 billion.
- The market is expected to attain a valuation of US$ 7.5 billion by 2027.
- China’s critical care equipment market is expected to reach US$ 1.3 billion by 2027.
- Global sales of patient monitors are predicted to rise at a CAGR of 6.5% from 2022 to 2027.
Competitive Landscape
Koninklijke Philips N.V., B. Braun Melsungen AG, GENERAL ELECTRIC COMPANY, and Medtronic are some of the key players in the critical care equipment market.
Major requirements adopted by these firms to retain their strategic position in the market include many product releases, expansion of their product portfolios through organic and inorganic methods, and expanding research and development in this sector.
Additionally, a significant focus on collaborations and acquisitions to boost their critical care segment is anticipated to contribute to the intensive care unit equipment market experiencing faster growth.
Developments in the Critical Care Equipment Industry
- For instance, Ford partnered with 3M and GE Healthcare in March 2020 with the goal of accelerating the production of ventilators for patients amid the coronavirus pandemic.
Winning Strategy
The growth of healthcare facilities and rising research and development that results in the introduction of new critical care devices are some of the market drivers.
- Smiths Medical and Ivenix, Inc. entered into an exclusive collaboration on May 4, 2021, making Smiths Medical the first company in the U.S. to provide a full range of infusion management systems to meet healthcare needs across the continuum of care.
- CorVent Medical announced the launch of the RESPOND- 19 ventilators across Europe in May 2021 after receiving CE mark approval. This technology enhances the care of critically ill patients and is ideal for intensive care units
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