New York, USA, Oct. 25, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global intensive care beds market is forecasted to reach $2,202.9 million at a CAGR of 4.2% by 2027, increasing from $1,576.2 million in 2019. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
Factors Impacting the CAGR Figures Pre and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the market has recorded a CAGR of 4.2% during recent months, while it was expected to be only 3.9% in the pre-COVID-19 scenario. The main factor behind this growth is increased number of people admitted to hospitals because of chronic illness which made them vulnerable to COVID-19 infection.
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Factors Impacting the Market Size in the Pre-COVID and Real-time Scenario
According to the report, the real-time market size has been increased compared to the pre-COVID-19 estimations. The real-time market size has reached a revenue of $1,652.1 million, while it was estimated to be $1,635.2 million in a pre-COVID analysis. The main attributor of this growth of the market is the rising demand of intensive care beds during the pandemic. The geriatric population with chronic diseases increased the demand of intensive care beds in the hospitals. This is the main reason behind the growth of the market.
Manual beds product is expected to grow at a notable rate
By product, the global market has been divide into electrical beds, manual beds and others beds. Among these, manual beds segment is expected to witness a noteworthy growth during the review period and is expected to account for $764.4 million by 2027. Rising demand for manual beds due to its low maintenance and less expensive compared with other beds, which will drive the market growth in the forecast time.
General ICU’s application and ambulatory surgical centers segments are projected to have significant growth
By application, the global market is classified into general ICU’s, pediatric & neonatal ICU’s and specialized ICU’s. In these, the general ICU’s application segment dominated the global market size in 2019 and is expected to reach $874.6 million till 2027. Extensive utilization of intensive care beds for general ICU’s application due to support to treat high number patients. This factor will fuel the market growth during the estimated period.
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Post Pandemic Insight
The global intensive care beds market is expected to sustain its growth post the pandemic because of its demand in healthcare industry. The market will experience steady growth in upcoming years as the governments are expected to invest more in the industry. Apart from this, the key players of the market are working on the development of new strategies to sustain the growth of the market in the post pandemic time. Some of the key players of the market include -
- Invacare Corporation
- Hillrom
- LINET
- Merivaara Corp.
- Span America
- Stryker
- Medline Industries, Inc.
- Getinge AB
- Malvestio Spa
- Stiegelmeyer GmbH & Co. KG
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Recent Development
In May 2019, Lojer Oy, a hospital equipment manufacturer based in Sastamala, acquired hospital bed business of a Lahti-based healthcare technology company Merivaara Oy. The deal includes hospital and examination beds of Merivaara, stretchers, and birthing beds.
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