Critical Care Equipment Market

SKU: DMMD4342 | Last Updated On: Jul 26 2022 | Available Formats

Critical Care Equipment Market Expected to reach a high CAGR of 9.5% By 2029: DataM Intelligence

Critical Care Equipment Market By Product Type (ICU Beds, Monitoring Devices, Others Equipment), By Disease(Cardiology, Neurology, Oncology, Respiratory, Other), By Application ( Neonatal ICU, Adult ICU), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

critical care equipment market size is estimated to reach at a high CAGR of 9.5% during the forecast period 2022-2029

Medical care for those who have life-threatening injuries or illnesses is known as critical care. It frequently happens in a hospital's intensive care unit (ICU). A team of educated health care providers is available 24 hours a day, seven days a week. This includes using devices to check vital signs continuously.

Market Dynamics

An increase in life-threatening injuries and illness and continuous technological development are few drivers estimated to drive the critical care equipment market.

An increase in life-threatening injuries and illness is estimated to drive the critical care equipment market

Continental Institute of Emergency, Trauma, and Critical Care Medicine, one of the country's major A&E departments, handle all medical and surgical emergencies, including trauma and toxicological situations. When a medical emergency arises that is potentially life-threatening, surgery is frequently required. The following are some examples of medical situations that necessitate surgery: Invasive resuscitation and surgery are required for certain causes of sudden respiratory failure. Chest compressions and artificial ventilation to sustain circulatory flow and oxygenation during cardiac arrest are called cardiopulmonary resuscitation (CPR). Serious head, chest, abdominal, or extremity trauma. Surgery may be required to restore injured organs that would otherwise be lethal or life-threatening if left untreated. In severe burns, the depth of the burns is important to assess its severity and plan care for the burn wounds-first degree burns to cause pain and no blisters; second-degree burns are characterised by mottled red skin and flash burns due to contact with hot liquids. Third-degree burns are characterised by dark, leathery, and dry skin and are caused by fire, electricity, or lightning, as well as prolonged exposure to hot liquids. Plastic or reconstructive surgery may be used to assist the patients to heal over time. Defibrillators are used in cardiac events, including heart attacks, cardiac shock, and cardiac arrhythmia, to restore a normal heartbeat by giving the heart an electric pulse or shock.

In severe illness, the necessity to sustain the patient's vital functions may take precedence over establishing an accurate diagnosis, at least at first. Patients in life-threatening shock, for example, require prompt treatment rather than a diagnosis of the etiology because the management principles remain the same whether the shock is caused by a major myocardial infarction or a gastrointestinal bleed. Similarly, while the actual care of other life-threatening organ failures, such as respiratory failure or coma, may differ, the principles of treating them do not rely on correct diagnosis.

Continuous technological development is estimated to drive the critical care equipment market

The increasing population growth around the world has posed some significant challenges in providing essential care during catastrophes. Expert critical care practitioners may be in short supply in the ICU of the future. Technology can help us cope with this transition by acting as a bridge to fill in the gaps. Hospital ICUs may have adopted various cutting-edge technology in 20 or 30 years, reducing the necessity for human involvement. Future hospitals may adopt modern medical technology and a variety of other support structures that will reshape their operational ecosystem. The staffing structure and critical care guidelines, for example, may receive a much-needed technological boost to make things easier.

Telemedicine technology is currently accessible, which is a little-known truth. However, only the top players are allowed to use it nowadays. There are already approaches that use augmented and virtual reality to improve surgical procedures and outcomes. Remote telesurgeries may become more common because of telemedicine, with surgeons operating from their offices utilizing small robotic arms. They are not even required to visit hospitals. Experts believe that instead of having a separate ICU for intensive care, a conventional hospital bed can be converted into a critical care bed by adding respirators and other sophisticated monitors. This will reduce the requirement for more infrastructure and beds. The introduction of advanced and cutting-edge technologies is expected to have a favourable impact on how healthcare practitioners practice medicine, which should not be overlooked. It is past time to adapt and incorporate these advantages to reap the greatest rewards. For example, mobile suction equipment from Medela Healthcare is an alternative to wall vacuums, can assist expand critical care capacity, and support UK hospitals in the fight against COVID-19. The company's portable medical suction machines are used in Europe and worldwide to deliver suction and fluid evacuation during respiratory treatment using ventilators.

The high cost of the devices and lack of training is estimated to hamper the critical care equipment market

Reimbursement mechanisms in critical care are more complicated because of the specialized treatments and high care needs than in other healthcare fields. Understanding the principles of operation in different countries might lead to a better understanding and awareness of areas where improvements can be made. Full-featured ventilators are difficult and costly, ranging in price from $30,000 to $50,000 and requiring specialist software to provide high oxygen concentrations to patients in respiratory crisis. Besides patient harm, repeated induction and the high complexity of new devices, along with limited time and training for mastering their use, could be a serious cause of the problem. The absence of proper education and training is closely tied to the negative consequences of technology, such as staff errors, stress, and limited autonomy. ICU nurses must gain information and clinical skills through a lifelong learning approach to retain competency because undergraduate education cannot address training for continually changing equipment. Continuous education and training programs are required to keep pace with technological advancements and provide accurate information about capabilities, potential applications, and user requirements for the safe and effective use of new, more complicated devices, particularly their advantages over previous models.

COVID-19 Impact Analysis

People with severe respiratory symptoms may require the use of a ventilator. Approximately 2.5 per cent of persons with COVID-19 required a mechanical ventilator. According to recent studies, approximately 75% of persons admitted to critical care units were put on a mechanical ventilator during the first wave of COVID-19. Because medical experts now have a better understanding of managing the disease, the rate is currently roughly half of what it was. Hence, with the increased demand for ventilators during covid times, the critical care equipment market positively impacted its market.

Critical Care Equipment Market Scope

Metrics

Details

Market CAGR

9.5%

Segments Covered

By Type, By End-user, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Segment Analysis

Ventilator's segment estimated to dominate the critical care equipment market

One of the most important tools hospitals have for keeping Covid-19 patients in critical condition alive is ventilators. When a patient cannot breathe effectively on their own, a ventilator pushes air usually with extra oxygen into their airways. Patients who have had their lung function substantially compromised, such as by an injury or a condition like COVID-19, may require a ventilator. It's also used to help people breathe when they're having surgery. Life-support machines, commonly known as ventilators, do not cure illnesses, but they can keep patients alive while fighting an infection or healing from an accident. The demand for vital medical equipment such as ventilators is increasing again as coronavirus infections rise. After weeks of misery, ventilator manufacturers are once again hunting for advantages. Global Data anticipates that the United States will require an additional 75,000 ventilators to meet the demand generated by the coronavirus outbreak.

In 2020, a start-up company by Hyderabad security cluster developed smart ventilators integrated with Artificial Intelligence and Machine Learning.

On July 7th,2021, Mindray held a virtual launch event to showcase the SV300 Pro, a revolutionary turbine-based ventilator. The new SV300 Pro combines Mindray's most advanced functionalities and technology into a small device to tackle even the most difficult clinical situations.

On the basis of end-user, the hospital segment is estimated to dominate the market

The Intensive Care Unit (ICU) is a self-contained unit within a medical facility equipped with high-tech specialized capabilities for careful monitoring, prompt intervention, and often protracted treatment of patients with acute organ dysfunction.  It is dedicated to the care and monitoring of patients who are in life-threatening situations. The goal of intensive care is to sustain vital functions in critically ill patients to avoid further physiological deterioration, reduce mortality, and prevent morbidity. Intensive care and critical care units are interchangeable. They're both experts in monitoring and treating patients who require round-the-clock care. Intensive care is another term for critical care. An intensive care unit (ICU) in a hospital provides critical care treatment. Patients could be suffering from a serious sickness or injury. Patients in the ICU are cared about by a specially trained team around the clock.

Critical care is a specialized hospital department staffed by highly skilled physicians, nurses, and others who provide the sickest patients. Because each patient requires significantly more attention than a patient on a typical medical ward, the patient-to-staff ratio in an ICU is lower than in other hospital departments. If you're a patient in the intensive care unit. People have varied feelings towards Intensive Care Units (ICUs) at hospitals. While some patients and families are concerned about the price, many patients appreciate the high level of care and specialized treatment provided by ICUs. Hospitals generally have all the necessary equipment and latest technology available hence the hospital segment is estimated to dominate the market.

Geographical Analysis

North America region is estimated to dominate the critical care equipment market

A growing number of super-speciality and multi-speciality hospitals are being built to help with the rising incidence of chronic and respiratory ailments. During the projection period, the availability of less expensive critical care equipment is expected to make critical care equipment more accessible to a larger population in the region. According to the American Hospital Association (AHA), there are 6,146 hospitals in the United States.

On May 29, 2020, NASA's Jet Propulsion Laboratory (JPL) in Southern California chose eight U.S. manufacturers to develop a novel ventilator for coronavirus (COVID-19) patients after receiving more than 100 proposals.

Competitive Landscape

The critical care equipment market is highly competitive. The factors driving the key players in this market are the rising demand for ventilators during the pandemic and the product launches by key players.

The major key players in the critical care equipment market are Smiths Medical, Inc., Skanray Technologies Pvt. Ltd, Nihon Kohden Corporation, Medtronic plc, MAQUET Holding B.V. & Co. KG., Koninklijke Philips N.V., General Electric Company, Fresenius Kabi, B. Braun Melsungen AG, and BPL Medical Technologies Pvt Ltd.

Smiths Medical, Inc.

Overview: Smiths Medical is dedicated to enhancing and preserving patients' lives through high-quality, cutting-edge medical products and services. They are a major global manufacturer of specialist medical equipment that offers new and life-saving solutions to the global healthcare sector.

Product Portfolio: The company specializes in Infusion Therapy, Vascular Access, Vital Care, and Specialty Products & Services. The company’s products are found in the emergency hospital, home, and speciality care environments and are used during critical and intensive care, surgery, post-operative care, and for support in managing chronic illness.

Key Development: On May 4, 2021, Smiths Medical struck an exclusive partnership with Ivenix, Inc., making them the first in the United States to offer a comprehensive suite of infusion management solutions to fulfil healthcare demands across the continuum of care.

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