Newark, NJ, March 26, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global ICU beds market is expected to grow from USD 1.52 billion in 2019 and to reach USD 2.88 billion by 2027, growing at a CAGR of 8.24% during the forecast period 2020-2027.
The ICU beds market is witnessing the sharp growth from the past few years. The increasing surge of coronavirus all over the world is one of the key factors driving the growth of the market. In response to the sudden outbreak of Covid-19 pandemic, many countries are taking the drastic steps to increase the hospital capabilities with the ICU beds. For instance, according to the American Hospital Association, America has about 924,000 hospital beds, about 98,000 of which can be used for people who need intensive care. However, the rising number of coronavirus cases and owing to its rapid spread, this capacity is not enough and requires a large number of ICU beds. Thus, with the increasing coronavirus pandemics, the demand for ICU beds has been increased drastically, to meet the steadily rising coronavirus cases.
ICU beds are the hospital beds that are designed for the taking care of critical patients in intensive care units. These beds are equipped with the advanced technologies and offer both safety and comfort to the patients and caregivers. The ICU bed has wheels, side rails, electronic and manual control for the monitoring patients health, and intravenous (IV) pole mounts. The coronavirus outbreak has mainly targeted the older population who have weak immunity systems. Thus, the need for ICU bed for an older people has been very high in the recent years.
Global ICU beds market is witnessing the rapid growth, with the increasing outbreak of global pandemic such as coronavirus. As the number of coronavirus cases increase rapidly in all over the world, many countries are struggling to provide appropriate care. With this situation, the eventual demand for ICU beds has been growing to meet the demand of hospitals. Thus, many hospitals and ICU centres are racing to rapidly expand the ICU bed capacity to deal with the Covid 19 cases. In addition to this, an increasing number of geriatric population in countries such as Italy, Germany, Japan, and South Korea, further driving the demand for ICU beds. Furthermore, the rise in the chronic diseases across the globe also fuelled the demand for ICU beds. However, the high cost of ICU beds may hamper the growth of the market over the forecast period. For instance, ICU beds costs up to USD 25,000 to USD 30,000 per bed, which is significantly higher than the other hospital beds, which cost USD 5,000 to USD 10,000 a bed.
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Key players operating in the global ICU beds market include Invacare Corporation, Medline Industries, Inc., Span-America Medical Systems, Inc., Stryker Corporation, Hill-Rom Holdings, Inc., Malvestio S.P.A., Getinge AB, Linet Spol. S.R.O., Stiegelmeyer GmbH & Co. Kg, and Merivaara Corp. among others. To gain the significant market share in the global ICU beds market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Hill-Rom, Linet and Stryker are some of the biggest manufacturers and suppliers of ICU beds in the global ICU beds market.
- For instance, in January 2020, Stryker Corporation announced the partnership with the Regional Medical Center, the U.S. based hospital to deploy 181 ICU beds in the hospital as part of the hospital's effort to upgrade its inventory.
- In March 2020, Hill-Rom Holdings, Inc. announced that it had doubled the production of Critical Care Products, such as ICU beds, ventilators, and vitals monitoring devices to meet the Covid-19 patient needs.
Electric bed dominated the market and held the largest market share of 45.25% in the year 2019
On the basis of type, the global ICU beds market is classified into an electric bed, semi-electric bed, and manual beds. Electric bed dominated the market and held the largest market share of 45.25% in the year 2019. This is mainly due to the high demand for electric beds for bariatric care after the surgeries such as gastric bypass, sleeve gastrectomy, and weight-loss surgeries. These beds are comfortable to adjust and contain many features than the other type of beds.
Surgical intensive care unit dominated the market and valued at USD 425.21 million in the year 2019
Application segment divided into paediatric intensive care unit, neonatal intensive care unit, psychiatric intensive care unit, cardiac intensive care unit, neurological intensive care unit, trauma intensive care unit, post-operative recovery unit, surgical intensive care unit, and mobile intensive care unit. Surgical intensive care unit dominated the market and valued at USD 425.21 million in the year 2019. The surgical care is a specialised critical unit in the larger hospitals to treat the patient.
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Regional Segment Analysis of the ICU Beds Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global ICU beds market classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region accounted for the major market share of 45.25% in the year 2019. The growth is mainly due to the presence of advanced multispecialty and critical care centres across the region. In the U.S., up to 20% of hospitals bed considered as ICU beds. However, with the spread of novel coronavirus across the region, the number of critical patient has been increased dramatically. Thus hospitals are racing to deploy more and more ICU beds to meet the customer demand. On the other hand, the Asia Pacific region is anticipated to grow at the highest CAGR of 9.1% over the forecast period. The increasing healthcare expenditure in the various countries is one of the primary factors driving the growth of the market. The intensify spread of coronavirus across the region has put the highest demand for the more and more ICU beds across the region.
About the report:
The global ICU beds market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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