Critical Care Equipment Market

Critical Care Equipment Market Outlook (2023 to 2033)

The global critical care equipment market is valued at US$ 31.6 billion in 2023 and is forecasted to surge ahead at a high-value 10.8% CAGR over the next ten years. Worldwide critical care equipment demand is forecasted to reach a market valuation of US$ 88.2 billion by 2033-end, predicts this detailed Fact.MR research study.

Patients suffering from fatal and life-threatening complications are generally treated by utilizing critical care equipment. Growing incidence of chronic disorders, increasing number of road accidents, expanding geriatric population, and increasing spending on medical equipment are anticipated to be other prospects that boost shipments of critical care equipment across the forecast period.

Monitoring the health of newborn kids is not an easy feat and this requires specialized neonatal critical care equipment. Rising concerns of neonatal health issues and growing incidence of birth defects among newborn children are also projected to augment critical care equipment market revenue share through 2033.

• In 2020, 2.4 million children worldwide passed away within the first month of life, according to WHO. About 6700 newborns die per day, which represents 47% of all children under the age of five and it’s an increase from 40% in 1990.

Efforts to improve healthcare infrastructure by different governments and rising investments in medical R&D are also estimated to uplift critical care equipment sales in the long run. Poor lifestyle choices and eating habits are also significantly contributing to piling patients in healthcare institutions, which in turn, is forecasted to promulgate critical care equipment shipments over the coming years.

High cost of critical care equipment is the prime factor that’s inhibiting market growth potential to a huge extent. Growing preference and availability of refurbished critical care machines is also another threat to new critical care equipment providers in the future. Moreover, high import taxes on equipment in several countries are also projected to impede market development going forward.

Report Attributes	Details
Critical Care Equipment Market Size (2023)	US$ 31.6 Billion
Projected Market Value (2033F)	US$ 88.2 Billion
Global Market Growth Rate (2023 to 2033)	10.8% CAGR
Leading Regional Market (2033)	North America
Key Companies Profiled	AKAS Medical Smiths Medical Dragerwerk AG & Co. KGaA MAQUET Holding B.V. & Co. KG Fresenius Kabi AG B. Braun Melsungen AG BPL Medical Technologies Pvt. Ltd. Koninklijke Philips NV Medtronic PLC Nihon Kohden Corporation General Electric Company Skanray Technologies Pvt. Ltd.

How are Start-ups Changing the Critical Care Landscape?

“New Companies Focusing on Solving Existing Issues of Critical Care”

Aspiring critical care equipment vendors are focusing on innovation to create critical care solutions that address the shortcoming of present critical care systems. Companies are also focusing on solving the issue of the shortage of skilled critical care professionals through innovative offerings. Telehealth and telemedicine are slated to be popular trends that incoming critical care equipment companies can focus on going forward.

• In October 2021, Cloudphysician, a start-up focused on solving the issue of the shortage of critical care specialists, announced that it had raised US$ 4 billion in a Pre-Series A financing round from Elevar Equity. The company offers ICU specialists and management services to hospitals and other establishments and eases the issue of the availability of critical care even in remote locations.
• In August 2020, Leven Medical, an India-Dutch collaborative start-up, unveiled its smart ventilators. The company had integrated its products with artificial intelligence and machine learning, which is why they are capable of automatically adjusting the flow of oxygen and sending alters to caregivers/medical professionals.
• Jupe, a start-up based in the United States is focusing on solving space issues with modular and mobile space offerings. The company offers a rapidly deployable care shelter that can provide instant expansion of hospital capacity and even offers intensive care shelters that can reach remote areas as well.

Start-ups can benefit by learning more about market factors such as local supply, pricing trends, product standards, safety regulations, and new developments that have been discussed extensively in this critical care equipment industry study by skilled analysts at Fact.MR, a market research and competitive intelligence provider.

Country-wise Insights

What is the Outlook for Critical Care Systems in the United States.?

“Rise in Cardiovascular Disorders Driving Demand for Intensive Care Units”

The United States is one of the most prominent spaces in the global critical care equipment marketplace at the moment and is slated to maintain a similar stance over the next ten years. The high prevalence of cardiovascular disorders and the growing number of surgeries being performed in the country are estimated to be prime drivers for market growth through 2033.

• According to CDC, cardiovascular disorders are the leading cause of mortality for both sexes in the United States.
• Cardiovascular disease claims one life in the United States every 34 seconds.
• In the United States, cardiovascular disorder claimed the lives of almost 697,000 people in 2020, accounting for 1 in 5 fatalities.

Other significant factors contributing to the United States’ dominance in the North American market are the growing elderly population, the higher frequency of chronic diseases, and the country's well-developed healthcare system.

• For instance, the population of Americans 65 and older is expected to reach 83.7 billion in 2050, which is more than double the country's predicted geriatric population in 2012. This projection comes from a study conducted by the U.S. Census Bureau.

What Makes China a Lucrative Market for Critical Care Equipment Providers?

“Increasing Senescent Population and Flourishing Medical Tourism”

The market for critical care equipment in China is expanding as a result of several technological developments in the field, growing government backing, rising private sector investments in the healthcare sector, and an expanding patient population.

Another important reason creating growth potential for competitors in the critical care equipment market is the high development rate of critical care devices. Other key factors include China's expanding medical tourism industry and the development of multi-parameter monitors. Additionally, a growing geriatric population, an increase in chronic and respiratory illnesses, a rise in local manufacturers, and an increase in super-specialty hospitals are all contributing to the expansion of the China market for critical care equipment.

How Will Critical Care Device Sales Fare in Germany and the United Kingdom?

“Market Benefiting from Rising Healthcare Expenditure and High Incidence of Chronic Disorders”

The spike in the prevalence of chronic disorders in European countries such as Germany and the United Kingdom has led to increased healthcare expenditure, which is projected to bolster shipments of critical care equipment over the coming years. The growing availability of different types of treatment procedures and rising patient awareness regarding the same are also estimated to favor market development in Germany, the United Kingdom, and other European countries as well.

The Russia-Ukraine conflict that started in 2022 has harmed trade activities in the European region and has also affected the sales and manufacturing of critical care equipment in Europe.

Category-wise Insights

Why is Demand for Patient Monitors and Ventilators Comparatively Higher?

“Monitors Extremely Helpful in Keeping Track of Patient’s Movements”

Based on product, the market for critical care equipment is segmented into patient monitors, ventilators, infusion pumps, sleep apnea devices, anesthesia machines, blood warmers, and others.

Devices for patient monitoring are used to keep track of a patient's functional symptoms and any associated issues. With the use of such gadgets, it is crucial to keep an eye on factors such as body temperature, blood pressure, oxygen saturation, degree of consciousness, discomfort, pulse, and urine output.

These tools accurately compile and consistently present physiology data from patients with diverse disorders, such as diabetes and cardiovascular conditions, enabling medical professionals to act swiftly and precisely. Furthermore, due to developments in wireless technologies, these gadgets can be utilized to remotely monitor the patients' physical characteristics.

Over the next 5 years, it is projected that the demand for patient monitors would increase due to an increase in the incidence of chronic diseases brought on by changes in lifestyle, the aging population, and the preference for remote monitoring systems.

“Rising Fear of Contagious Infections Driving Sales of Ventilators”

In 2020, the ventilators segment retained the largest market share. The dominance is linked to an increase in the number of patients requiring ventilators due to severe COVID-19 symptoms. The outbreak led to a global surge in demand for ventilators, which was unexpected at the time and this led to a demand and supply crisis for ventilators.

• For instance, the Northwell Health COVID-19 Research Consortium reports that in April 2020, 14% of the 2,634 COVID-19 patients hospitalized between March 1 and April 4 at facilities under Northwell Health's management required invasive mechanical ventilation, and 12% of the admitted patients in the critical care unit required kidney replacement therapy.

Competitive Landscape

Leading critical care equipment producers are focusing on innovation to create novel offerings that could potentially redefine the way the world perceives critical care.

• In March 2022, Aerobiosys Innovations Private Limited, a start-up based in India and incubated by the Indian Institute of Technology, Hyderabad, announced the launch of a new IoT-enabled ventilator called Jeevan Lite. The product is a low-cost and non-invasive alternative to its conventional expensive counterparts and is solely designed to reduce the costs of critical care and make it more affordable.

Key Segments of Critical Care Equipment Industry Research

• By Product :

  • Patient Monitors
  • Ventilators
  • Infusion Pumps
  • Sleep Apnea Devices
  • Others

• By Type :

  • Hemodynamic Monitoring
  • Vital Signs Monitoring
  • Neurologic Monitoring
  • Brain Function Monitoring
  • Others

• By End User :

  • Hospitals
  • Ambulatory Surgical Centers
  • Clinics
  • Homecare Settings
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA