Critical Care Equipment (CCE) Market Report Overview
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The global critical care equipment (CCE) market size was USD 745.6 million in 2022 and is projected to touch USD 1118.7 by 2031, at a CAGR of 4.6% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the global and United States Critical Care Equipment (CCE) market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden surge in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
Critical care, also known as intensive care, is a necessary medical practice for the treatment of severe injuries or life-threatening medical conditions. Medical professionals in the Critical Care Unit (CCU) monitor and treat patients under controlled conditions using critical care equipment. Critical care equipment is extremely helpful in monitoring and obtaining accurate information about patients' health conditions. These machines provide life support to patients who have undergone major surgery, been injured, or have suffered life-threatening injuries.
The equipment used in the ICU ranges from the general, such as blood pressure monitors, to the highly specialized, such as bedside monitors or ventilators. ICU equipment may be used to monitor and/or treat the patient's illness. NET brand ICU equipment has raised the bar in intensive care. Continuous demand across healthcare institutions and growing technological innovations in CCE will benefit the overall market outlook during the next few years.
COVID-19 Impact: Increased Hospitalization amid Pandemic Boosted CCE Uptake Significantly
The COVID-19 pandemic benefited the global and United States Critical Care Equipment (CCE) market. Most healthcare institutions increased their use of critical care devices for treating patients hospitalized due to COVID-19, which has been one of the most significant driving factors for the global and United States Critical Care Devices market during the pandemic. Furthermore, rising demand for intensive care units as a result of the COVID-19 outbreak is expected to propel the market during the study period. Governments around the world had implemented a variety of initiatives to treat a large number of patients during COVID-19, which bolstered the market growth significantly.
Latest Trends
"Technological Advancements in Critical Care Equipment to Drive Market Growth"
Critical care has experienced a particularly rapid period of technological advancement in the last few decades. One of the most recent market trends worldwide is the incorporation of artificial intelligence in ventilators.
Furthermore, wireless beds that provide higher service and function levels such as caregiver and patient assistance, real-time monitoring, automated functions and positions, and data logging are being developed. As a result, such increasing technological advancements in critical care unit equipment are expected to drive the global and United States Critical Care Equipment (CCE) market growth.
Critical Care Equipment (CCE) Market Segmentations
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- By Type
The market is classified into patient monitor, medical ventilator, dialysis, IV pumps, infusion pumps, and suction apparatus on the basis of type. The patient monitor segment will lead the market share through 2031.
- By Application
The market is classified into hospitals and research laboratories on the basis of application. Hospitals will lead the market share through 2031.
Driving Factors
"Rise in Number of CCE Usage to Drive Market Growth"
The global and United States Critical Care Equipment (CCE) market is expected to expand due to factors such as a rise in critical care equipment usage including Intensive Care Unit (ICU) beds, an increase in the incidence of chronic diseases, and an increase in the geriatric population.
Furthermore, rising government and private sector investment in healthcare infrastructure are also propelling this market forward. The presence of a large geriatric population base, which is prone to a number of chronic and life-threatening health conditions, represents a massive opportunity for market players globally. The aforementioned factors will augment the market forecast over the projected period.
"Increasing Geriatric Population Base to Create New Opportunities"
The burgeoning elderly population is slated to boost CCE demand significantly over the next few years. Considering that elderly individuals are more susceptible to various chronic and life-threatening health conditions, the hospitalization rates of geriatric population has increased tenfold in the past decade or so. Continuously rising geriatric population and the increasing rate of hospital admissions will create promising opportunities for the market in the future.
Restraining Factors
"Spike in the Cost of CCE to Limit Market Growth"
Despite the increasing population and disease burden, certain factors are impeding the market growth. One such factor is the higher cost of critical care equipment.
Because of the high cost of the equipment, many healthcare providers in developing countries rely on purchasing refurbished equipment for their facilities. This factor significantly impedes the market growth. For example, as per the Government of India, mid-sized private hospitals, which account for more than 90% of all healthcare providers in India, cannot afford expensive systems such as patient monitoring equipment and ventilators.
Critical Care Equipment (CCE) Market Regional Analysis
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"North America Dominates the Market as a Result of Increasing Demand for CCE"
North America dominates the global and United States Critical Care Equipment (CCE) market share due to the high demand for technologically advanced products that ensure better healthcare delivery. Furthermore, the introduction and approval of advanced, next-generation devices in the United States are expected to boost the market. Increased insurance coverage in North America is expected to provide more people with access to the healthcare system and have a positive impact on the market.
Asia Pacific, on the other hand, is expected to grow rapidly during the forecast period. This can be attributed to the region's high number of new births, as well as an increasing number of super-specialty and multi-specialty hospitals to help with the region's increasing occurrences of chronic and respiratory diseases, as well as expenditure. Furthermore, increased government initiatives in developing countries such as India are favoring the growth of the Asia Pacific market. The growing elderly population and technological advancements are expected to drive market growth even further.
Key Industry Players
"Leading Players adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the global and United States Critical Care Equipment (CCE) market.
List of Market Players Profiled
- Johnson & Johnson (U.S.)
- General Electric (U.S.)
- Medtronic (Ireland)
- Siemens Healthcare (Germany)
- Baxter (U.S.)
- Koninklijke Philips (Netherlands)
Key Industry Development
- April 2020: Philips and the U.S. government were working together to increase ventilator production in order to combat the COVID-19 pandemic. Philips had delivered thousands of ventilators to hospitals across the U.S. in the first three months of 2020. Philips was able to deliver an additional batch of ventilators to one of New York's hospitals as a result of its production ramp-up, assisting in providing immediate relief to the city's surge of COVID-19 patients.
REPORT COVERAGE
In the report, factors affecting the market from both demand and supply are evaluated and market dynamics during the forecast period are also forecasted. Also included in the report is a comprehensive PEST analysis of countries, which assesses the governmental, financial, and shared factors influencing their markets. Apart from all of these, the report also provides drivers, restraints, opportunities, and future trends.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 745.6 Million in 2022 |
Market Size Value By |
US$ 1118.7 Million by 2031 |
Growth Rate |
CAGR of 4.6% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global and United States Critical Care Equipment (CCE) market expected to touch by 2031?
The global and United States Critical Care Equipment (CCE) market is expected to reach a value of USD 1118.7 million by 2031.
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What CAGR is the Critical Care Equipment market expected to exhibit by 2031?
The Critical Care Equipment market is expected to exhibit a CAGR of 4.6% by 2031.
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Which are the driving factors of the Critical Care Equipment market?
The rise in the number of critical care equipment usage including intensive care unit (ICU) beds, an increase in the incidence of chronic diseases, and an increase in the geriatric population are some of the major driving factors for the Critical Care Equipment market.
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Which are the top companies in the Critical Care Equipment market?
The top companies in the market include Johnson & Johnson, General Electric, Medtronic, Siemens Healthcare, Baxter, and Koninklijke Philips are among the notable names in the industry.
