Intensive Care Beds Market size worth over $4 Bn by 2026
Published Date: April 23, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Intensive Care Beds Market size is poised to exceed USD 4 billion by 2026; according to a new research report by Global Market Insights, Inc.
Rising hospital admissions requiring intensive care is one of the major factors boosting the market growth. The large population pool suffering from coronavirus disease has generated a demand for intensive care beds across the globe. Increasing elderly population suffering from various chronic diseases will also stimulate the market growth. Rising expenditure on healthcare facilities in the public as well as private sector will positively influence the industry demand.
Exponentially rising cases of coronavirus disease will boost the demand for intensive care beds
The spread of COVID-19 pandemic across the world is the foremost factor contributing to the growth of intensive care beds market. The prevalence of coronavirus disease is highest among adult and geriatric population. For instance, according to a recently published report by COVID-19-Associated Hospitalization Surveillance Network (COVID-NET), in March 2020, around 74.5% of hospitalized patients with coronavirus disease were aged more than 50 years.
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Increasing number of people suffering from chronic diseases such as stroke, traumatic brain injuries and heart failure can require emergency admissions to intensive care units. Thus, this will in turn trigger the growth of intensive care beds market. Furthermore, the COVID-19 affected areas and territories across the world are focusing on surging their ICU capacity.
Browse key industry insights spread across 300 pages with 978 market data tables & 30 figures & charts from the report, “Intensive Care Beds Market Size By Product (Electric Beds, Manual Beds), By Application (General ICUs, Specialized ICUs, Pediatric and Neonatal ICUs), By End-use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Several benefits of electric beds over other beds will propel the segment growth
The electric beds market was valued at around USD 760 million in 2019 and is expected to showcase lucrative growth over 2020 to 2026. These beds require minimal assistance due to their operational ease and automated functions. Also, electric beds are controlled with a remote that is usually attached to the side of the bed. Thus, it helps disable patients to operate the adjustable feature of electric bed. Hence, owing to these factors, the segment will witness substantial growth in the future.
Increasing number of patients suffering from various medical conditions will enhance the intensive care beds market growth
The general ICU beds segment held a market share of around 42% in 2019 and is anticipated to witness significant growth over the analysis timeframe. The general intensive care units help to treat the patients that need intensive care for common medical and surgical reasons. For instance, according to a study conducted in November 2018, approximately 30% of all ICU patients have sepsis. Thus, these patients will occupy the general ICUs thereby, boosting the demand for more intensive care beds.
Availability of intensive care equipment coupled with growing number of after surgery ICU admissions will drive the medical beds market demand
The ambulatory surgical centers were valued at around USD 500 million in 2019 and is projected to show lucrative growth through 2026. As the ambulatory surgical centers having intensive care beds, staff and anesthesia machines is increasing, there is a large market demand for ICU beds.
Also, during the current coronavirus crisis, ambulatory surgical centers can offer a solution to increase intensive care bed capacity across the world. For instance, according to a recent study by Array Analytics, in the U.S., it is found that ambulatory surgical centers could increase the national supply of intensive care beds by 21%. This may help support the COVID-19 affected patients in case of serious crisis. In addition, the increasing number of after surgery ICU admissions will boost the segmental growth thereby, fueling the market growth.
Growing focus of government to cater to an increasing number of coronavirus affected patients will lead to the adoption of additional ICU beds
Italy intensive care beds market share was around 5% in 2019 and is projected to showcase exponential growth of more than 400% from 2019 to 2020. The rapid growth is owing to rise in number of coronavirus cases across the country. Increasing number of patients suffering from COVID-19 will boost the need for intensive care beds across the country. For instance, according to a recently published report by the World Health Organization, in April 2020, there were over 162,400 confirmed cases of coronavirus disease across the country. Thus, these patients will need more intensive care beds in the hospitals thereby, enhancing the medical beds market growth.
Italy is planning to increase their ICU capacity by transforming general hospital wards into intensive care units. As per the recent news article, the surge in ICU patients has been overwhelming across the country with ICU admissions representing 12% of the total COVID-19 cases. Thus, owing to the higher need of intensive care units, the market will witness substantial growth over the forecast period.
India intensive care beds market was valued at around USD 90 million in 2019 and is expected to witness a lucrative growth over the forecast period. As the number of novel coronavirus cases in India are increasing with a rapid pace, the country will require a greater number of ICU beds to provide intensive care to the patients.
As per the recent news article, it is estimated that presently the country has between 35,000-57,000 intensive care beds. Thus, to cater to a growing number of COVID-19 patients, the Government of India has roped in private hospitals and directed them to begin hospital admissions. Hence, rising focus of government to increase the ICU capacity will lead to the adoption of intensive care beds in hospitals in India, thereby fuelling the industry growth.
Companies focusing on new product launches and production expansions will contribute to the market growth
The major players in the intensive care beds market share are Stryker, Hill-Rom Holdings, Getinge, Invacare, Medline, Malvestio, Stiegelmeyer, Merivaara and Span-America Medical Systems among others. In order to increase the market share and geographical presence, these companies are constantly focusing on numerous strategies such as partnerships, new product launches, production expansions and market development.