According to the new market research report “COVID-19 Impact on Critical Care Device Market by Device (High-Impact Products (Ventilators, Patient Monitors, Infusion Pumps, Hyperbaric Oxygen Therapy Devices and Sleep Apnea Devices) and Low-Impact Products (Anesthesia Machines, Defibrillators and Blood Warmers)) and Region – Global Forecast” published by MarketsandMarkets™.
Revenue Growth Opportunities and Growth Drivers?
The global critical care devices market size is expected to reach USD 27.29 billion by 2021 from an estimated value of USD 37.97 billion in 2020. The critical care devices market is expected to witness a growth of 44.1% from 2019 to 2020.
Growth Boosting Factors:
– Increase in the number of icu beds in countries with a high prevalence of covid-19
– Increasing demand for ventilators for the effective management of critical covid-19 patients
– Less-Stringent regulatory requirements to facilitate the production of critical care devices
Recent Developments in Industry:
– On 29th April 2020, Medtronic has ramped up the production of its high-performance ventilators by more than 40%. In addition, the company is working with third-parties to explore other non-traditional mechanisms to increase the production of ventilators, including providing its intellectual property and ventilator designs to the public for third-party ventilator production
– Getinge has seen an increased global demand for advanced ventilators, extracorporeal life support (ECLS) equipment, and advanced monitoring for intensive care units since the outbreak of the COVID-19 pandemic. To meet the global demand, Getinge will temporarily increase its production of advanced ICU-ventilators by 160% in 2020, to 26,000 ventilators in total. In 2019, Getinge produced approximately 10,000 advanced ICU-ventilators at its production site in Solna, Sweden.
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Leading Key Players in the Worldwide Industry:
The prominent players in the global COVID-19 Impact on Critical Care Device Market are Becton, Dickinson and Company (US), B. Braun Melsungen AG (Germany), Baxter International Inc. (US), Fresenius Kabi (Germany), Medtronic plc (Ireland), Moog Inc. (US), Smiths Medical (US), and Philips Healthcare (Netherlands), among others
Geographical Regions Mapped in Report:
North America accounted for the largest share of the critical care devices industry in 2019, followed by Europe. The large share of this region is attributed mainly to a high number of positive COVID-19 cases and deaths in the US, a robust healthcare system, and the presence of many large hospitals in the region. Moreover, a large number of major global players are based in the US, owing to which the country can easily manufacture these devices.
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Market Segmentation in Detailed:
Based on products, the critical care devices market is segmented into ventilators & supplies, sleep apnea devices, patient monitors, hyperbaric oxygen therapy devices, infusion pumps, defibrillators, anesthesia machines, blood warmers, and other critical care devices supplies. The ventilators segment is expected to grow at the highest rate during the forecast period. This can be attributed to owing to rapid manufacturing of emergency ventilators, worldwide, and the development of low-cost ventilators.
Based on end-users, the critical care devices market has been segmented into hospitals, home care settings, ambulatory care settings, and emergency medical services. The hospitals & clinics segment accounted for the largest share of the critical care devices industry in 2019. The large share of this segment is attributed to the strong financial capabilities of hospitals for purchasing high-priced critical care devices, the large patient pool treated at hospitals, and the availability of trained professionals to operate these critical care devices.