Critical Care Equipment Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Critical Care Equipment Market is Segmented By Product Type (ICU Beds, Monitoring Devices, Others Equipment), By Disease(Cardiology, Neurology, Oncology, Respiratory, Other), By Application ( Neonatal ICU, Adult ICU), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis 2024-2031

Report Overview

The Global Critical Care Equipment Market  reached US$ 28.5 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 64.8 billion by 2030. The global critical care equipment market is expected to exhibit a CAGR 11.1% during the forecast period (2024-2031).

The global critical care equipment market has grown significantly in recent years and is projected to continue on its upward trend. The market is currently going through a period of significant change that is being fueled by a number of trends, such as integration of artificial intelligence, adoption of remote patient monitoring, and growing demand for minimally invasive and portable critical care equipment.

Furthermore, the increasing prevalence of chronic diseases, growing aging population, technological advancements, and growing focus on patient safety and outcomes are driving up the size of the critical care equipment market. Due to continous research and developments by introduction of novel drug, diagnostics, and treatment, the market is seeing an increase in demand from North American regions with significant competitors like AstraZeneca, Roche, GlaxoSmithKline, and others actively operating in the market.

Market Scope

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Market Dynamics

The Increasing Prevalence of Chronic Diseases to Drive the Growth of the Critical Care Equipment Market

The demand for critical care equipment is being driven by the increasing prevalence of chronic diseases like diabetes, cardiovascular conditions, and respiratory problems. Advanced medical equipment and equipment are increasingly needed since these illnesses frequently require intensive care interventions and monitoring.

For instance, According to Centers for Disease Control and Prevention (CDC) statistics of December 2022, approximately 6 out of 10 adults in the United States will have at least one chronic condition. Furthermore, 4 out of 10 adults have two or more chronic conditions. This increased burden of chronic illnesses has resulted in a significant increase in annual healthcare expenditure, accounting for about 90% of overall healthcare costs, totaling a startling $4.1 trillion. Thus, owing to the above reason the market is expected to drive over the forecast period.

The Advancement in Technologies will Drive the Demand for Critical Care Equipment Market

Rapid advances in medical technology have resulted in the development of innovative critical care equipment. The integration of modern technologies such as wireless connectivity, artificial intelligence (AI), and remote patient monitoring has enhanced the efficiency and effectiveness of critical care devices.

For instance on June 2023, Noccarc, a Pune-based medical technology company, recently made a significant contribution to this industry with the launch of its ground-breaking Noccarc V730i Smart ICU Ventilator. This cutting-edge ventilator offers a huge advancement in patient care, connectivity, and safety, and it is poised to alter intensive care units (ICUs) on a global scale.

Further more, the Noccarc V730i Smart ICU Ventilator integrates sophisticated technologies that improve critical care delivery by ensuring adequate ventilation and monitoring for patients. This breakthrough shows how cutting-edge medical technology is propelling the market.

The High Cost of  Treatment will Hamper the Growth of the Market

The cost of critical care equipment, including procurement, maintenance, and training, is a significant constraint. The expensive initial investment and continuous operational expenses of modern critical care equipment limit their adoption, particularly in developing countries with limited healthcare resources. The standard length of stay for ICU patients was five days, with a median total cost of $13,443 and a median cost per day of $2,902. Thus, restraining the growth of market over the forecast period.

Market Segment Analysis

The global critical care equipment market is segmented based on type, application, patient population, end user, and region.

Ventilator Segment Accounted for Approximately 31.4% of the Critical Care Equipment Market Share

The ventilator segment is expected to dominate the market for critical care equipment. Ventilators are essential in offering respiratory assistance to critically ill patients, especially those suffering from acute respiratory distress syndrome (ARDS) or respiratory failure. The COVID-19 pandemic highlighted the importance of ventilators in critical care settings, causing a spike in demand.

The segment is dominated by several fators such as the rising prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), pneumonia, and respiratory infections drives the demand for ventilators, while the COVID-19 pandemic highlighted the critical role of ventilators in managing severe respiratory distress caused by the virus.

For instance, on March 2022, Researchers at the Indian Institute of Technology-Hyderabad (IIT-H) developed the "Jeevan Lite," a Smart IoT-based ICU ventilator. Unlike traditional ventilators, the Jeevan Lite Ventilator is portable, cost-effective, IoT-enabled, and powered by Lithium-Ion batteries. It can be used in SIMV (Synchronised Intermittent Mandatory Ventilation) and CMV (Continuous Mandatory Ventilation) modes, as well as Adoption and Hybrid modes.

Furthermore, unlike traditional ventilators, the Jeevan Lite Ventilator is portable, cost-effective, IoT-enabled, and powered by Lithium-Ion batteries. It can function for five hours in SIMV (Synchronised Intermittent Mandatory Ventilation) and CMV (Continuous Mandatory Ventilation), Adoption, and Hybrid Modes of Ventilation. It is managed through a smartphone mobile application.

Source: DataM Intelligence Analysis (2023)

Market Geographical Share

North America Accounted for Approximately 37.1% of the Market Share in 2022, Owing to the Increasing Number of Hospitals in the Region

The North American region is witnessing the construction of a growing number of super-specialty and multi-specialty hospitals to address the increasing incidence of chronic and respiratory ailments. The critical care equipment market in this region is anticipated to be greatly impacted by this development. These hospitals were built to improve access to specialized critical care services and the healthcare system as a whole.

The critical care equipment market in this region is anticipated to be greatly impacted by this development. These hospitals were built to improve access to specialized critical care services and the healthcare system as a whole. For instance, the American Hospital Association (AHA) reports that there are currently 6,129 hospitals in the United States. This large number of healthcare facilities demonstrates the region's demand for critical care equipment.

Source: DataM Intelligence Analysis (2023)

Market Competitive Landscape

The major global players in the critical care equipment market include Smiths Medical, Inc., Skanray Technologies Pvt. Ltd, Nihon Kohden Corporation, Medtronic plc, Maquet Holding B.V. & Co. KG., Koninklijke Philips N.V., General Electric Company, Fresenius Kabi, B. Braun Melsungen AG, BPL Medical Technologies Pvt Ltd, and among others.

COVID-19 Impact Analysis On Market

Russia Ukraine Conflict Analysis

The ongoing Russia-Ukraine conflict has the potential to have a wide-ranging impact on the global critical care equipment industry. One major source of concern is the possibility of a disturbance in the supply chain, which could result in delays in the manufacture and distribution of critical care equipment medicines.

Furthermore, the conflict may distract resources and finance away from R&D activities, impeding progress in discovering new medicines. The war's instability may also result in limited access to healthcare services, particularly in affected areas, significantly impacting patient outcomes.

By Type

• Ventilators
• Infusion Pumps
• Patient Monitors
• Other

By Application

• Cardiology
• Neurology
• Oncology
• Pulmonology
• Others           

By Patient Population

• Neonatal
• Pediatric
• Adults
• Geriatric       

By End User

• Hospitals
• Specialty Clinics
• Ambulatory Surgical Centers
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On February 25, 2023, Stryker, one of the world's leading medical technology companies, announced the launch of the SmartMedic platform to improve patient care and carer safety during the 29th Annual Conference of the Indian Society of Critical Care Medicine in Indore.
• On March 16, 2023, Teva Israel and ART MEDICAL Ltd. have announced their partnership. Teva Israel will market and distribute ART MEDICAL's ground-breaking smART+ Platform in Israel's intensive care units, according to the conditions of the deal. The smART+ Platform is a robotic-assisted device aimed at reducing complications associated with feeding tube malposition, malnutrition, Ventilator-Associated Pneumonia (VAP), and Acute Kidney Injury (AKI).
• On October 17, 2022, Manipal Hospitals in India has installed a remote patient monitoring technology provided by UK-based Isansys Lifecare. Manipal Hospitals has deployed the Patient Status Engine (PSE), a wireless platform, to record and analyze real-time physiological data from patients. Vital indicators such as heart rate, temperature, blood saturation, blood pressure, and ECG measurements are included in this report. It will use the Isansys PSE devices to continually monitor the condition of critical patients outside of the intensive care unit (ICU).

Why Purchase the Report?

• To visualize the global critical care equipment market segmentation based on type, application, patient population, end user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of critical care equipment market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global critical care equipment market report would provide approximately 53 tables, 54 figures and 195 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies