ICU Products Market Size, Share, Industry, Forecast and outlook (2024-2031)

ICU Products 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, 2023- 2030.

The ICU Products Market is Estimated to reach at a high CAGR 8.1% during the forecasting period (2023- 2030). Patient monitoring, respiratory and cardiac support, pain management, emergency resuscitation devices, and other life support Others Equipment are all part of the intensive care unit (ICU) Other Equipment, which is used to care for patients who have been seriously injured, have a critical or life-threatening illness or have undergone a major surgical procedure and require 24-hour care and monitoring.

ICU Products Market

Market Dynamics

Increasing demand for critical care services and technological advancement in the ICU products are some of the drivers of the ICU products market.

Increasing demand for critical care services worldwide is estimated to drive the market

The Society of Critical Treatment Medicine (SCCM) represents approximately 16,000 highly trained clinicians from over 100 countries who operate in specialized facilities to offer critically ill and injured patients the best possible care. Multidisciplinary care teams led by intensivists (physicians trained and credentialed in critical care medicine [CCM]) are vital to critical care delivery, improving conditions for healthcare workers, and improving hospital financial performance, according to SCCM. For example, critical care (also known as intensive care) demand in the United States has recently increased by about 2% each year. This growth is fuelled by a larger population living longer and with more chronic diseases, as well as an increase in the concentration of sophisticated care in hospitals as more care moves out of hospitals. All of these trends are projected to continue apace. In the past, health organizations have invested in more critical-care beds and hired more intensivists to satisfy demand (doctors who care for critically ill patients)

For instance, hospital responses to the massive demand for critical care services caused by the COVID-19 epidemic were quite varied. To protect ICU capacity, most hospitals cancelled operations and ramped up ICU capacity utilizing existing clinical space and employees. Future research linking hospital response to patient outcomes could help plan for future pandemic outbreaks or other catastrophes. Hence the demand for critical care services is assumed to affect the ICU products market.

Technological advancement in ICU products is estimated to drive the ICU products market

There are a variety of commercially accessible clinical information systems for intensive care units nowadays. These have evolved because of numerous acquisitions that have resulted in the construction of wide end-to-end platforms. While these represent a tremendous advancement over previous technology, they do have some drawbacks. In terms of functionality and the capture of high-resolution physiologic data, these devices are still limited. This is due to a memory trade-off between obtaining high-resolution physiological data and capturing data snapshots that may be sufficient for some clinical judgments.

The COVID-19 epidemic altered practically every facet of existence, and the year 2020 brought many changes to the planet. We saw significant changes in the way the globe worked together, in particular. Doctors, researchers, companies, and countries worked in novel ways, sharing technology and medicinal breakthroughs that could aid in the treatment or prevention of the virus's spread. In various fields, including medical technology, the trend toward globalization, knowledge sharing, and common goals is expected to continue in 2021. Defibrillators are designed for non-medical personnel to utilize in the case of a cardiac emergency. Defibrillators have become more prevalent in recent years, and they are now mandated in many public places. Several businesses are now working on external defibrillators that can detect and respond to a patient's heart rhythms. Remote monitoring devices are being developed to allow human or computer monitors to assess cardiac health and intervene or call the patient's healthcare provider promptly. Patient monitoring cables are an important component of monitoring systems because they regulate the flow of patient data to any device or medical practitioner. These systems can monitor cardiac or respiratory activity and a variety of other vital signs. They can do so virtually simultaneously, allowing doctors and nurses to determine whether patients are stable or if an emergency requires immediate intervention. All other medical Others Equipment devoted to obtaining data is useless without robust, reliable cable assemblies to connect and send patients to their doctors – from well-organized assemblies in an ICU to tiny surgical assemblies.

In 2021, PrisMax 2, the latest version of Baxter's next-generation platform, was launched globally by Baxter International Inc. PrisMax 2 was developed to help hospitals meet the special demands of the intensive care unit while simplifying the delivery of continuous renal replacement therapy (CRRT) and other organ support therapies (ICU).

The high cost of the ICU is assumed to hamper the ICU Products Market

Intensive care units (ICUs) are an expensive investment. They are oversubscribed, and the therapies they provide are costly and time-consuming. Because NHS resources are limited, intensive care professionals must understand how a unit's expenditures are incurred and relate to its therapeutic activity, case mix, and clinical outcome. Despite large differences in resource consumption across individual patients (because of case mix, sickness severity, duration of stay, and clinical practice variances), this statistic remains the most accurate cost measure.

ICU care is approximately 3.8 times more expensive than routine hospital care, a higher ratio than previously estimated. Concerns about efficiency and rising costs have led to a preference for multispecialty units over separate specialist units. Although ICUs do not use “big ticket” technologies, there may be less duplication of expensive Other Equipment in multispecialty units. More importantly, ICU occupancy can vary dramatically due to highly variable clinical demands for ICU care. Combining medical and surgical speciality and subspecialty units allows for more efficient use of personnel, particularly nurses, which is a major cost factor in ICUs. The most expensive days in the intensive care unit are the first two days, stabilizing at a lower level. For patients undergoing treatment in the intensive care unit, mechanical ventilation is linked to significantly higher daily costs throughout their stay. The remaining physician expenses for individuals requiring ventilation average over $3,000 for admissions requiring less than 96 hours of ventilation and over $9,000 for admissions requiring more than 96 hours of ventilation.

Industry Analysis

COVID-19 Impact Analysis

COVID-19 has affected the healthcare industry negatively. To stop its spread, government-imposed lockdown. People are fearful they may experience occupational effects and negative health from the COVID-19 pandemic. In general, ICUs should expand by at least 20% above baseline capacity right away. However, substantially more surge ICU capacity is required during a pandemic, and critically ill patients may be treated outside of a typical ICU.

Given that 29% of the existing 97,776 ICU beds in the United States are routinely occupied by patients without COVID-19 who require invasive mechanical ventilation. An estimated 69,660 of the 98,015 invasive ventilators in the United States would be available for the COVID-19 response before the outbreak began. Additional ventilators in stockpile or storage are included in this list of available ventilators. As a result, at least 45,341 more units would be required to meet the peak demand. This has been seen to affect the ICU Products Market positively due to the high demand for ventilators and other products during the COVID times.

Segment Analysis

ICU beds segment is estimated to dominate the ICU products market

Even with self-isolation at 40%, the demand for ICU beds exceeded the total number of ICU beds during the peak of COVID-19 outbreaks. By early May 2020, the number of new COVID-19 infections had skyrocketed, putting the health system's ability to handle all incoming cases in jeopardy. Suddenly, ICU capacity planning became a top priority, and health officials needed techniques to forecast the need for emergency treatment due to the pandemic. Late last year, as the initial wave of the Covid-19 pandemic faded, India had just over 1.5 million isolation beds spread across 15,375 dedicated treatment centers for a population of 1.38 billion people. This equates to just over one bed per 1,000 individuals. According to the ministry of health and family welfare's annual report for 2020-21, just 18% of them were oxygen-supported beds. On average, each of these dedicated facilities had 5.2 intensive care unit (ICU) beds. There were 80,583 ICU beds for Covid patients in total, with almost half of these being ventilator beds. Due to COVID, the demand for ICU beds was assumed to increase at a high rate.

On February 4th,2021, Stryker announced the debut of ProCuityTM, a wireless hospital bed throughout Europe, the Middle East, and Africa. This bed series was created to prevent in-hospital patient falls at all acuity levels while also improving nursing workflow efficiency and safety. ProCuity Bed Series is a versatile, low-height bed for all patient care environments, from MedSurg units to the ICU.

The cardiology segment dominated the ICU products market

Cardiovascular disease (CVD), which includes heart and vascular disease, is the leading cause of death worldwide. In addition, CVD is a significant cause of sudden death. As a result, patients with severe CVD require cardiovascular critical care. A cardiovascular intensive care unit (CICU) is a hospital ward dedicated to treating patients with severe CVD, such as acute coronary syndrome, acute heart failure, or lethal arrhythmia. Medical professionals working in the CICU are now obliged to have specialized knowledge and abilities to provide acute care to patients with severe CVD.

The most common/basic diagnostic Others Equipment available in all cardiac hospitals is the ECG, Echo, Ultrasound, and Spirometer. The Cath Lab, which includes an Angiography X-Ray machine, is the most basic Other Equipment necessary in a cardiac unit. All other advanced systems are utilized less frequently nowadays, and their use is dependent on the caseload and complexity that the hospital is dealing with.

On September 25th, 2020, AliveCor, a US-based personal electrocardiogram (ECG) technology business, entered the Indian market with the launch of the KardiaMobile 6L, a scientifically verified personal ECG device.

The neonatal ICU segment is estimated to dominate the ICU Products Market in the forecast period

Few parents anticipate the need for NICU treatment, yet between 10% and 15% of all babies born in the United States do. The neonatal Intensive Care Unit is a specialized unit for premature babies who are born too soon or who are very sick. Newborn babies who require intense medical care are frequently admitted to the neonatal intensive care unit (NICU). The NICU has cutting-edge Others Equipment and highly educated medical personnel to provide specialized treatment for the youngest infants. NICUs may also have spaces dedicated to babies who aren't as unwell but still require specialized nursing care.

In 2019, InnAccel launched SAANS, the world's first infrastructure-free, portable newborn CPAP solution. It's designed to help critically ill infants with Respiratory Distress Syndrome (RDS) breathe easier in low-resource situations and during transportation. SAANS is the only CPAP device with several power settings, including a proprietary manual mode, developed by Coeo Labs, a part of InnAccel.

Geographical Analysis

North America region is estimated to dominate the ICU products market

In any hospital, the modern intensive care unit (ICU) has the highest mortality rate. In the United States, there are roughly 4 million ICU admissions per year, with an average mortality rate of 8-19 per cent, or about 500,000 deaths per year. Two Octapharma additions to Biological License Applications have been accepted by the US Food and Drug Administration (FDA), bolstering the company's pediatric critical care product line. The ongoing COVID-19 outbreak has resulted in a severe shortage of critical medical Others Equipment in the United States. The rise in the number of diseases requiring hospitalization is causing the rise in the use of ICU products.

Furthermore, as the number of COVID-19 patients requiring intensive care grows, the demand for respirators and other Other Equipment required to treat infected patients in critical situations grows. As a result, to combat the COVID-19 epidemic, the United States immediately enhanced its supply of such critical medical Others Equipment.  In the U.S to satisfy rising demand, ventilator manufacturers increased output. Firms including GM, Ford, Dyson, Rolls-Royce, and Tesla made efforts to transfer their manufacturing facilities to produce ventilators. In 2018, the U.S imported more than $29 billion worth of medical Others Equipment.

Competitive Landscape

The ICU Products Market is highly competitive. The factors driving the key players in this market are the rising demand for ventilators and ICU beds during the pandemic.

In 2021, Max Ventilator in its new ventilator range category announced the debut of the High Flow oxygen Therapy (HFOT) device and WeanX. The HFOT device offers nearly 100 per cent survival rates at a fraction of the expense of a standard ventilator, bolstering the continuing fight against the resurgent Covid-19 virus.

 The major key players in the ICU Products Market are Boston Scientific Corp., GE Healthcare, Medtronic, ResMed Inc., Stryker Corp., Piramal, Mylan, Convatec, Novartis, Abbott, Plunkett’s Health Care, Smiths Medical, Inc., Skanray Technologies Pvt. Ltd, Nihon Kohden Corporation, Koninklijke Philips N.V., General Electric Company, Fresenius Kabi, B. Braun Melsungen AG, and BPL Medical Technologies Pvt Ltd. and others.

Boston Scientific Corp.

Overview: At Boston Scientific, they collaborate to tackle healthcare's most difficult problems by finding solutions that mean most to people living with debilitating and life-threatening diseases, as well as the healthcare professionals who care for them. The company helps providers deliver care more efficiently in over 100 countries by lowering costs, enhancing efficiency, and extending access to care, allowing more people in more locations to live longer healthier lives. They go above and above their purpose of changing the lives of patients by investing in the future and well-being of their employees and the environment.

Product Portfolio: The company manufacturers medical devices used in interventional medical specialities, including interventional radiology, interventional peripheral interventions, neuromodulation, neurovascular intervention, electrophysiology, cardiac surgery, vascular surgery, endoscopy, oncology, urology and gynecology.

Key Development: In April 2020, Boston Scientific began producing a $1,000 emergency resuscitator that has been approved by the FDA for use when no other mechanical ventilation options are available.

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