The global “intensive care unit” equipment market size is predicted to reach USD 9.03 billion by 2027, exhibiting a CAGR of 4.8% during the forecast period. The emergence of novel viruses such as coronavirus will spur demand for life support, patient monitoring, and emergency resuscitation devices, which in turn, will boost the market growth during the forecast period, states Fortune Business Insights in a report, titled “Intensive Care Unit Equipment Market Size, Share and Industry Analysis By Product (Beds, Ventilators, Pulse Oximeters, Dialysis Equipment, and Others), By Patient (Adult and Pediatric), By Application (Neurology, Cardiology, Respiratory, Renal, Oncology, Trauma, and Others), By End-User (Hospitals, Specialty Clinics, and Others and Regional Forecast, 2020-2027” the market size stood at USD 6.16 billion in 2019.
The Report Lists the Main Companies in the Market:
- Koninklijke Philips N.V (Netherlands)
- GENERAL ELECTRIC COMPANY (United States)
- Medtronic (Ireland)
- Edwards Lifesciences Corporation (United States)
- Fresenius SE & Co. KGaA (Germany)
- Invacare Corporation. (United States)
- Medline Industries, Inc (United States)
- Braun Melsungen AG (Germany)
- Other Players
Surge in Chronic Diseases to Augment Growth
The growing cases of cancer, neurologic disorders, and cardiovascular diseases will fuel demand for the market in the foreseeable future. As per the World Health Organization’s statistics, Cancer is the second leading cause of death globally, and is responsible for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer. Approximately 70% of deaths from cancer occur in low- and middle-income countries. The increasing hospitalization and need for intensive care will have a positive impact on the market. The rising incidence of chronic diseases has led to the utilization of intensive care among patients. As per the Centers for Disease Control and Prevention, approximately 133 million Americans (45% population) have at least one chronic disease. Similarly, the growing number of patient admissions in the ICU will subsequently enable speedy expansion of the market.
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