According to FutureWise analysis the market for icu equipment in 2023 is US$ 7.16 billion, and is expected to reach US$ 9.88 billion by 2031 at a CAGR of 4.12%.
The Intensive Care Unit (ICU) equipment is important for patient care in emergency conditions and failure of these equipment may lead to severe injuries or even death. Therefore, the healthcare professionals need to pay special attention in ICUs. Furthermore, an increased geriatric population, rising drug delivery activities, growing research activities, technological advancements are some of the crucial parameters contributing to the ICU equipment market growth.
The global market is categorised into product type, patient type, monitoring type, end user, application and region. Based on the type of product, the market is fragmented into patient monitors, ventilators, sleep apnea devices, infusion pump, anaesthesia machine, defibrillator and blood warmers. The ventilator segment is predicted to hold the largest ICU equipment market share, and this is owing to the sudden rise in the demand for ventilators with COVID-19 patients with severe symptoms needed to be treated using ventilators.
The ‘Spiro Wave’, is an automated resuscitator, recently received FDA approval, thereby initiating the production and delivery of these machines. These machines replicate the functionality of a resuscitator that is manually operated, to provide ventilation to patients with severe symptoms. But this machine has automated the entire process which shall not require any human intervention and it uses the same type of bags utilized with the manual resuscitator. Such an advanced product shall propel the growth of the market.
Based on the type of patient, the market is bifurcated into neonates, paediatrics and geriatrics. The geriatrics are expected to lead the market owing to the massive requirement of ventilators for COVID-19 patients aged 60 and above and especially in countries like Italy and Germany, where most COVID-19 patients are geriatrics. Furthermore, Koninklijke Philips N.V in May 2016 announced the launch of Children’s Respiration Monitor, Air Purifier Series 6000 and the Air Purifier Series 3000.
The application segment is fragmented into pulmonary embolism, deep vein thrombosis, atrial fibrillation, acute coronary syndrome, coronary angioplasty and haemodialysis. Super Resolution Microscope, a GE product, was launched in September 2019 and it is used for facilitating deeper, faster and clearer images over a wide application range for a prolonged time period.