The global “intensive care unit” equipment market size is predicted to reach USD 9.03 billion by 2027, exhibiting a CAGR of 4.8% during the forecast period. The emergence of novel viruses such as coronavirus will spur demand for life support, patient monitoring, and emergency resuscitation devices, which in turn, will boost the market growth during the forecast period, states Fortune Business Insights in a report, titled “Intensive Care Unit Equipment Market Size, Share and Industry Analysis By Product (Beds, Ventilators, Pulse Oximeters, Dialysis Equipment, and Others), By Patient (Adult and Pediatric), By Application (Neurology, Cardiology, Respiratory, Renal, Oncology, Trauma, and Others), By End-User (Hospitals, Specialty Clinics, and Others and Regional Forecast, 2020-2027” the market size stood at USD 6.16 billion in 2019.
Medtronic received USFDA approval for its PB560, ventilator owing to inflated demand during coronavirus outbreak.
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Surge in Chronic Diseases to Augment Growth
The growing cases of cancer, neurologic disorders, and cardiovascular diseases will fuel demand for the market in the foreseeable future. As per the World Health Organization’s statistics, Cancer is the second leading cause of death globally, and is responsible for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer. Approximately 70% of deaths from cancer occur in low- and middle-income countries. The increasing hospitalization and need for intensive care will have a positive impact on the market. The rising incidence of chronic diseases has led to the utilization of intensive care among patients. As per the Centers for Disease Control and Prevention, approximately 133 million Americans (45% population) have at least one chronic disease. Similarly, the growing number of patient admissions in the ICU will subsequently enable speedy expansion of the market.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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