Global Critical Care Equipment Market - 2023-2030

Global Critical Care Equipment Market - 2023-2030

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 (2023-2030). The integration of artificial intelligence, adoption of remote patient monitoring, and growing demand for minimally invasive and portable critical care equipment are driving up demand for critical care equipment market trends.

The global critical care equipment market has been expanding continuously in recent years. Critical care equipment is a collection of medical devices and equipment that is used to offer extensive medical treatment and assistance to critically sick or life-threatening patients.

The global critical care equipment market scope comprises components encompassing ventilators, patient monitors, and others which has increased usage of critical care equipment market share. The global market for critical care equipment is expanding as a result of factors including the the increasing prevalence of chronic diseases, growing aging population, technological advancements, and growing focus on patient safety and outcomes.

Market Dynamics
An Increase in Life-Threatening Injuries and Illness is Estimated to Drive the Growth of the Critical Care Equipment Market

An increase in life-threatening injuries, such as an increase in the number of accidents, particularly road accidents, is a significant driver for the critical care equipment market. These incidents result in life-threatening injuries that demand prompt and specialized medical intervention.

For instance, according to World Health Organization (WHO) 2022 report, Every year, around 1.3 million people's lives are cut short as a result of a traffic accident. Non-fatal injuries affect between 20 and 50 million more people, with many becoming disabled as a result of their injuries. Thus, critical care equipment such as ventilators, cardiac monitors, and life support systems are vital in stabilizing and treating accident patients. Thereby driving the market growth over the forecast period.

Growing Number of ICU Beds is the Major Driver in the Global Critical Care Equipment Market

The increasing number of ICU beds worldwide, specifically in U.S. which is driven by factors such as population growth, aging demographics, and rising demand for critical care services, is a significant driver for the critical care equipment market. For instance, according to Association of American Medical Colleges 2022 report, about 6 million people in U.S. goes to an intensive care unit (ICU) every year.

The increase in ICU capacity demands the procurement and deployment of advanced medical technologies and equipment for equipping these beds, such as ventilators, cardiac monitors, infusion pumps, and patient monitors. This increased demand for critical care equipment was apparent during incidents such as the COVID-19 pandemic wherein countries quickly expanded their ICU capacity to cope with the increase in critically ill patients.

Lack of Skilled Professionals will Hamper the Growth of the Market
The critical care equipment market is hampered by a lack of competent professionals. The shortage of skilled healthcare professionals, such as intensive care nurses and respiratory therapists, inhibits the effective use of modern medical technologies. This scarcity impedes the proper operation and interpretation of critical care equipment, affecting market growth and the provision of optimal patient care. Efforts are being made to alleviate this issue, but the supply-demand imbalance for trained employees remains a problem.

COVID-19 Impact Analysis
The COVID-19 pandemic had a major effect on the critical care equipment market, resulting in a remarkable increase in demand for ventilators and respiratory support systems due to the virus's respiratory problems. Supply chain disruptions and shortages ensued, leading manufacturers, governments, and organizations to collaborate in order to fulfill the increased demands and secure the availability of critical care equipment.

The epidemic also pushed the adoption of remote monitoring capabilities, telemedicine solutions, and AI-powered systems in critical care settings, allowing healthcare providers to remotely manage patients and reduce the risk of exposure. Furthermore, the critical care equipment market is likely to have continuous expansion and continued innovation, as the pandemic has highlighted the need for well-equipped critical care units and the need for improved technology to successfully manage critical patients.

Russia-Ukraine War Impact 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.

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

Pulmonology Segment Aaccounts for 31.1% of Market Share Owing to Rising Prevalence of Pulmonary Disease
The pulmonology segment is expected t
o dominate the critical care equipment market. Pulmonology is concerned with the diagnosis, treatment, and management of respiratory problems, which frequently necessitate the use of specialized critical care equipment for successful patient care.

The prevalence of respiratory disorders such as chronic obstructive pulmonary disease (COPD), asthma, and respiratory infections increases the demand for critical care equipment in this area. For instance, according to the Global Initiative for Chronic Obstructive Lung Disease 2022 report, an estimated 200 million people with COPD, of which around 3.2 million die each year, making it the world's third-leading cause of mortality.

Asthma is one of the most common noncommunicable diseases, impacting 262 million people worldwide. With almost 2.2 million new instances of lung cancer expected in 2020 and 1.80 million deaths, lung cancer accounts for one in every four cancer deaths worldwide. Lower respiratory tract infection or pneumonia is a prominent cause of death, accounting for more than 2.4 million fatalities each year, mainly among people living in low-income countries (LMICs).

In pulmonology units and intensive care settings, equipment like ventilators, oxygen treatment devices, and respiratory monitoring systems are frequently employed. The market for critical care equipment is dominated by the pulmonology segment due to the rising prevalence of respiratory diseases in the world. This owing to the above factors the segment is expected to grow over the forecast period.

Geographical Analysis
North America Accounted for Approximately 37.1% of the Market Share Owing to the Increase in Prevalence of Chronic Disease

North America's market dominance has been facilitated by the higher prevalence of chronic disease, rising aging population, presence of established and influential companies such as technological behemoths, high purchasing power, and a rise in the adoption rate of intensive care unit equipment.

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.

Furthermore, the 2021 American Community Survey revealed that 16.8%, or 55,892,014, of the country's 331,893,745 total population, were Americans aged 65 and older. Thus, as the older population increases, there is a larger need for specialized medical equipment to meet their particular requirements, including mobility aids, home healthcare equipment, and monitoring systems. Increased investments in healthcare infrastructure and the advancement of innovative technologies to suit the needs of the aging population have resulted from this demographic shift.

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 among others.

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 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies