The global intensive care beds market accounted a revenue of approximately $1,576.2 million in 2019 and is predicted to rise at a 4.2% CAGR. The global market is anticipated to reach up to $2,202.9 million by 2027.
In recent years, the global intensive care beds market has witnessed a healthy growth, due to increasing geriatric population along with rising prevalence of chronic disorders. The overall intensive care beds market will witness to continue its progress during the emergency period. Rapid growth in the adoption of intensive care beds owing to ongoing novel coronavirus pandemic has increased demand for ICU beds, which is predicted to fuel the growth of the market during the pandemic. This report is designed to understand the behavior of the global intensive care beds market during this crisis; the findings are stated below.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|3.9%||4.2%||31||USD 1,635.2 Million||USD 1,652.1 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Intensive care beds are also known as critical care unit beds and these are helpful in treatment and continuous monitoring of people who are severely ill. These beds provide comfort, ease of use & safety as well as enhance work efficiency in the hospitals. Intensive care beds are equipped with additional equipment including feeding tubes or ventilators, mattresses for pressure relief, cardiopulmonary resuscitation devices and many other accessories. Due to these benefits, there is increasing demand for intensive care beds from hospitals to be used to assist the hospital staff, which is expected to drive the market growth in the forecast years. In addition, growing surgeries and hospital admissions due to continuously growing number patients suffering with chronic disorders like cancer, diabetes, heart disease and many other diseases is a factor expected to fuel the market growth in the projected time. Moreover, rising number hospitals & clinics across the globe and growing healthcare infrastructure expenditure to improve hospital facilities is further projected to impel the intensive care beds market growth during the estimated period.
In spite of several advantages, the high cost of the intensive care beds is estimated to be a major restraint for the growth of the market. Similarly, stringent government regulations on approval and installation of these advanced medicals is further predicted to limit the intensive care beds market growth in the forecast time.
As the coronavirus pandemic is growing rapidly, there is a need for innovative, rapid and most cost-effective emergency medical response for critically ill patients. Due to COVID-19, increasing number of people are being admitted in hospitals including critical care unit patients having chronic disorders and serious illnesses. Also, low- and middle-income economies are at severe risk due to inability to maintain and manage a predicted upsurge of critically ill coronavirus patients. These factors are increasing adoption rate of intensive care beds, which is anticipated to drive the market growth in the pandemic time.
In addition, major market participants are continuously increasing their activities to improve product efficiency and production capacity during the pandemic time to increase their market share over the global industry. For instance, in March 2020, Hillrom, a leading company in medical technology, has increased the manufacturing of critical care products such as hospital beds, vitals monitoring accessories & devices and ventilators to support COVID-19 outbreak. The company is continuously working to ramp up their production of ICU & med surg-unit smart beds as well as respiratory devices and patient monitoring & diagnostics equipment to support suppliers to meet coronavirus patients’ needs. This factor is anticipated to fuel the market growth during the pandemic.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global intensive care beds market is projected to experience a significant growth in 2020 and is anticipated to retain its steady growth even after recovery from the COVID-19 pandemic. In addition, increasing R&D activities along with rapid growth in technical advancements due to rising healthcare expenditure especially in developing economies is expected to generate ample growth prospects in the global market in the coming decades. For example, in 2019, LINET, a leading supplier of hospital beds, has demonstrated multi-care beds and clinical benefits of lateralization for intensive care units by utilizing modern imaging technologies during the ANZICS conference in Singapore. Also, the company has presented how lateralization and multi-care beds contribute toward faster recovery of patients.
Moreover, significant players are adopting various growth tactics such as geographical expansions and technology introductions to fortify their foot print in the overall industry. For example, in 2019, one of the significant market players LINET announced the opening of “LINET Australia” at the world congress of intensive care in Melbourne. This event reinforced the LINET Group global sales as well as helped their partners and customers through improvement of mechanical ventilation systems and intensive care beds. These aspects are projected to accelerate the market growth in the upcoming years.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Intensive Care Beds Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity