Critical care equipment market to reach USD 47171.42M by 2027

critical care equipment market was valued at US$ 21,682.65 million in 2019 and is projected to reach US$ 47,171.42 million by 2027; it is expected to grow at a CAGR of 9.5% during 2020–2027.

Covid-19 has been declared a global pandemic by the World Health Organization on March 11, 2020. This novel disease is characterized by a lower number of initial cases followed by an infection explosion in various countries.

The market growth is mainly attributed to growing number of ICU beds in countries with a high prevalence of Covid-19 and increasing demand for ventilators for the effective management of critical Covid-19 patients. However, the disruption of supply chain and logistics due to the rapid spread of Covid-19 can impede the market growth. Further, the technological innovations in critical care equipment offer significant opportunities for the growth of the global critical care equipment market.

General Electric Company, Medtronic, B. Braun Melsungen AG, Baxter International Inc., Koninklijke Philips N.V., Getinge AB, Hamilton Medical, Löwenstein Medical UK Ltd., Dragerwerk AG & Co. KGaA, Nihon Kohden Corporation, Fisher & Paykel Healthcare Limited., Shenzhen Mindray Biomedical Electronics Co., Ltd, BPL (BPL Medical Technologies), Trivitron Healthcare, Skanray Technologies Pvt Ltd, and Asahi Kasei Corporation are among the prominent players in the critical care equipment market.

These companies are focused on partnerships, product launches, collaborations, and other business strategies to sustain their position in the market. For instance, in February 2019, Medtronic plc partnered with Foxconn Industrial Internet, a business group within Foxconn Technology Group (Foxconn), and completed regulatory and quality requirements needed to start manufacturing of Medtronic Puritan Bennett 560 (PB560) ventilators for Medtronic in the US. Medtronic and Foxconn are planning to produce 10,000 PB560 ventilators over the coming years, and the ventilators would be marketed and sold by Medtronic.

Based on product, the critical care equipment market is segmented into patient monitor systems, ventilators, infusion pumps, and others. In 2019, the patient monitor systems segment accounted for a larger share of the market. The growth of the segment is attributed to rising number of launches of these products.

Prominent players in the critical care equipment market are focusing on organic strategies such as product launches, product approvals, and geographic and manufacturing expansions. These strategies help them strengthen their market positions, along with allowing them to broaden their geographic footprints. Additionally, various companies are undertaking acquisitions to garner their significance and remain competitive in the market.

A few of the vital developments in the critical care equipment market are mentioned below:

In 2020 – B. Braun Medical Inc. (B. Braun), a leader in infusion therapy and pain management, received clearance from the US Food and Drug Administration for the SpaceStation MRI to allow Space infusion pumps to continuously deliver medications to patients within the MRI suite.

In 2020 – Mindray launched its new generation infusion system BeneFusion n Series. The system is developed to provide features such as patient safety, operational simplicity, interoperability, data synergy, and other features.

In 2020 – Getinge AB received 510(k) clearance from the US Food & Drug Administration (FDA) for its Servo-air mechanical ventilator. It is a part of the Servo subdivision that helps complete care in ventilation. Servo-air is among the critical care ventilator products. The product features and applications such as it can be used for pediatric and adult patients groups. It can be used in invasive and non-invasive ventilation modes and other features. The Insight Partners