Selbyville, Delaware, April 23, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on intensive care beds market which estimates the global market valuation for intensive care (ICU) beds will cross US$ 4 billion by 2026. Rapid growth in pandemic infection such as COVID-19 will increase the demand for intensive care beds in the hospitals. The large number of coronavirus affected patients will stimulate the hospitals across the world to increase the ratio of ICU beds to hospital beds.
For instance, the hospitals usually operate on a relatively fixed ratio of 2 to 5 ICU beds for every 100 hospital beds. Owing to the current COVID-19 outbreak, this ratio will increase in the future thereby, fuelling the market growth. Moreover, growing geriatric population susceptible to various chronic diseases will further contribute to the growth of intensive care beds market across the world. For instance, according to the recent statistics by the Internet Stroke Center, in the U.S., over 795,000 people suffer a stroke every year and 75% of these strokes occur in people over the age of 65. Thus, the increase in the rate of hospitalization will foster the market growth.
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The coronavirus disease has increased the proportion of patients admitted to the ICUs over the last few months. For instance, according to a recently published data by the American Medical Association, in March 2020, in Lombardy, Italy, the total number of COVID-19 patients occupying an ICU bed accounted for around 16% of all the hospitalized patients with COVID-19. Thus, the substantial growth in the number of critically ill COVID-19 patients will rapidly increase the demand for ICU bed thereby, spurring the market growth.
Moreover, rising hospital admissions due to chronic diseases will support the market expansion. For instance, according to the Centres for Disease Control and Prevention, in 2018, there were over 6.5 million adults with heart failure. As per the recent data, one in five patients hospitalized with heart failure in the U.S. is admitted to intensive care unit. Thus, this will in turn trigger the market growth in the upcoming years. In addition, high spending on healthcare facilities and infrastructure will further contribute to the growth of intensive care beds market.
The manual bed segment held a significant market share in 2019 and is projected to expand at a CAGR of more than 3% over 2020 to 2026. Cost efficiency and low production costs are some of the advantages that encourages the worldwide hospitals for the adoption of manual beds thereby, fostering the market growth. Also, rising confirmed cases of coronavirus disease across the globe will render a positive impact on the market growth.
Browse key industry insights spread across 300 pages with 978 market data tables & 30 figures & charts from the report, “Intensive Care Beds Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/intensive-care-beds-market
The paediatric and neonatal ICUs segment was valued at around USD 160 million and is expected to register a significant growth rate over the forecast period. Rising cases of preterm births and growing number of neonates with medical conditions are some of the major factors contributing to the market growth. The paediatric and neonatal ICUs are equipped with various infant care equipment such as nasal cannula, phototherapy, infant warmers, monitors and ventilators. These types of equipment are used to treat sick and premature babies. Thus, the abovementioned factors will impel the market growth in the upcoming years.
According to the report, the hospital segment accounted for majority share of the market in 2019 and is estimated to grow at a CAGR of more than 3.5% through 2026. The large share of this segment is attributed to the factors such as increasing number of public and private hospitals along with large patient pool requiring hospital admissions. In addition, the current COVID-19 pandemic has resulted in the upsurge of ICU admissions. Thus, the demand for hospitals will increase in the future, thereby fostering the market growth.
Germany intensive care beds market held a market share of around 20% in 2019 and is estimated to expand exponentially at more than 350% from 2019 to 2020. Hundreds of hospitals in Germany, both public and private ones, have extended their ICU capacity to help survive COVID-19 patients. For instance, according to the recently published data by the German Hospital Federation, the number of ICU beds in Germany has increased by 12,000 to about 40,000.
As the COVID-19 cases across the country are continuously increasing, the demand and need for intensive care beds will also increase in the near future. Also, an emergency hospital for coronavirus affected people is being established in the Berlin city. Hence, the aforementioned factors will stimulate the demand for intensive care unit beds across the country.
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Some major finding of the intensive care beds market report includes:
- Exponential rise in the severe cases of COVID-19 across the globe will positively impact the intensive care beds market growth.
- Rising hospital admissions and growing geriatric population suffering from various chronic and acute disease will contribute to the market growth.
- Competitors focus on production expansions, new product launches, strategic acquisitions and partnerships in a bid to capture market share and strengthen revenue generation.
Some of the major companies operating in the market are Stryker, Hill-Rom Holdings, Getinge, Invacare, Medline, Malvestio, Stiegelmeyer, Merivaara and Span-America Medical Systems among others. Industry players are constantly focusing on strategies such as new product launches, acquisitions and production expansion to consolidate their market presence. For instance, in January 2016, Narang Medical Limited launched the NET brand ICU beds having advanced technology and intuitive operations. This strategic move helped the company in product portfolio expansion and revenue generation, thereby enhancing the industry growth.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.