September 16th, 2022
The ICU Beds Market accounted for US$ 3.7 billion in 2019 and is estimated to be US$ 5.6 billion by 2029 and is anticipated to register a CAGR of 4.3%.
The report "Global ICU Beds Market, By Type (Electric Beds, Semi-Electric Beds, and Manual Beds), By Application (Neonatal Intensive Care Unit, Pediatric Intensive Care Unit, Psychiatric Intensive Care Unit, Cardiac Intensive Care Unit, Neurological Intensive Care Unit, Trauma Intensive Care Unit, Post-Operative Recovery Unit, High Dependency Unit, Surgical Intensive Care Unit, and Mobile Intensive Care Unit), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2027”.
· In April 2020, Stryker introduced a minimal cost, limited release emergency response bed to help healthcare providers with efficient care during the COVID-19 pandemic. The company aims to produce 10,000 beds per week thereby, propelling the market growth.
· In March 2020, Hillrom expanded its production of ICU and med-surg unit smart beds by two-fold. The increase in the production will help hospitals to increase their ICU capacity for the treatment of coronavirus affected people thereby, expanding the market size.
Rapidly increasing confirmed cases of coronavirus disease are directing the healthcare market to prepare for the tasks associated with this pandemic. Hence, COVID-19 affected economies are continuously focusing on expanding their ICU bed ability that will help support the market growth. According to recent news article, patient suffering from coronavirus mainly needs an average treatment of 15 days in intensive care units. Therefore, increasing COVID-19 cases will drive the target market growth in the coming years. Additionally, the demand for new ICU beds in hospitals will also increase in the near future.
The hospitals segment was estimated for about US$ 800 million and is expected to register considerable growth over the forecast period. Increasing growth in the number of hospital admissions and growing ratio of ICU beds to hospital beds are some of the major factors boosting the growth of the global ICU beds market. For instance, as per the recently published report by Centre for Evidence-Based Medicine, in UK, the number of people admitted to hospitals with suffering from coronavirus ranked above 100,000.
Key Market Insights from the report:
The global ICU beds market accounted for US$ 3.7 billion in 2019 and is estimated to be US$ 5.6 billion by 2027 and is anticipated to register a CAGR of 4.3%. The market report has been segmented on the basis of type, application, and region.
· By type, the manual beds segment was estimated for about US$ 570 million in 2019 and is projected to account for substantial growth rate over 2020 to 2027. The manual ICU beds require minimum manufacturing costs and are less expensive as compared to other ICU beds.
· By application, mobile intensive care unit is expected to rise at the maximum CAGR of 9.6% in the coming years, owing to its well-equipped facilities to comfort the patient in the ambulance. Growth in the use of mobile intensive care unit globally is driving the growth of the market.
· By region, in North America, U.S. dominated the ICU beds market in 2019. Currently, rapid growth in the COVID-19 cases will expand the need for hospital admissions, thereby creating demand for intensive care beds over the forecast period.
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The prominent player operating in the global ICU beds market includes Stryker Corporation, Hill-Rom Holdings, Inc., Getinge AB, Invacare Corporation, Malvestio S.P.A., Span-America Medical Systems, Inc., Medline Industries, Inc., Linet Spol. S.R.O., Stiegelmeyer GmbH & Co. Kg, and Merivaara Corp.
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
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