Global Intensive Care Unit (ICU) Equipment Market Driven By Increasing Neurological Diseases
Posted on 20 Jan 2023
The global intensive care unit (ICU) equipment market was valued at USD 6.6 billion in 2021 and is estimated to register a CAGR of 3.9% from 2022 to 2031 to reach USD 9.6 billion by 2031, driven primarily by a rise in the prevalence of neurological diseases. While certain stringent regulations could hamper market growth to an extent, the launch of various products by the key players is expected to create lucrative opportunities for the industry.
These are the latest findings of Allied Market Research (Portland, OR, USA), a full-service market research and business-consulting firm.
The COVID-19 pandemic had heightened the demand for various medical services, including ICUs as the SARS-COV-2 virus attacks the respiratory system. Based on product, the beds segment held the highest share of the ICU equipment market in 2021, accounting for more than one-fourth of revenues, and is expected to maintain its dominant position until 2031. This can be attributed to a rise in various chronic diseases and increase in the number of fatal accidents & sports injuries among individuals. However, the ventilators segment is expected to register the fastest CAGR of 4.9% during the forecast period due to a rise in respiratory diseases globally coupled with a surge in the geriatric population.
By application, the respiratory segment held the highest share of the ICU equipment market in 2021, accounting for more than one-fourth of revenues, and is expected to register the fastest CAGR of 4.6% during the forecast period. This can be attributed to a rise in the number of patient admissions for pulmonary diseases in the ICU and high adoption of pulse oximeters and ventilators across the world. Based on end-user, the hospitals segment held the highest share of the ICU equipment market in 2021, accounting for more than one-fourth of revenues, and is expected to register the fastest CAGR of 4.1% during the forecast period. This can be attributed to a surge in patient admissions, increase in the number of ICUs, and the availability of advanced ICU equipment and well-trained nursing staff.
By region, North America held the highest share of the global ICU equipment market in 2021, garnering more than two-fifths of revenues, mainly due to the presence of several major players and advancements in the manufacturing technology of ICU equipment in the region. However, the ICU equipment market in Asia-Pacific is expected to register the fastest CAGR of 5.2% during the forecast period, driven by a surge in the geriatric population that is more prone to diseases and requires critical care, rise in healthcare expenditure, and unmet medical demand in the developing countries such as China and India.
