Critical Care Equipment Global Market Report 2024

The critical care equipment market size has grown strongly in recent years. It will grow from $5.43 billion in 2023 to $5.88 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed in the historical period can be attributed to factors such as healthcare infrastructure, the regulatory environment, patterns of diseases, economic factors, and patient preferences.

The critical care equipment market size is expected to see strong growth in the next few years. It will grow to $8.07 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth in the forecast period can be ascribed to innovation and research and development (R&D), global health threats, the adoption of value-based healthcare, the expansion of emerging markets, and considerations related to climate and environmental impact. Significant trends expected in the forecast period encompass technological advancements, the implementation of remote patient monitoring, the advancement of personalized medicine and customization, preparedness for global health events, and a heightened focus on data security and privacy.

The escalating prevalence of chronic diseases is projected to drive the expansion of the critical care equipment market in the foreseeable future. Chronic diseases encompass persistent health conditions lasting a year or more, requiring continual medical attention and constraining daily activities. Within the realm of chronic ailments, critical care equipment plays a pivotal role in patient monitoring and treatment, particularly in intensive care units for managing surgical complications, severe infections, and significant respiratory problems. These critical care tools provide life-sustaining support to various bodily organs. For instance, based on data from the World Health Organization, approximately 41 million people succumbed to chronic diseases in 2022, accounting for 74% of global fatalities. Annually, 17 million individuals perish from chronic diseases before reaching the age of 70. Projections indicate that by 2025, an estimated 164 million individuals will be affected by chronic ailments. Consequently, the surge in chronic diseases serves as a catalyst for driving the growth of the critical care equipment market.

The burgeoning adoption of telemedicine services is anticipated to bolster the advancement of the critical care equipment market moving forward. Telemedicine services involve delivering healthcare services and medical consultations remotely via telecommunications technology. The escalating acceptance of telemedicine services broadens the application landscape for critical care equipment deployment across diverse healthcare settings. This facilitates remote patient monitoring, prompt intervention, and streamlined healthcare delivery in alignment with the overarching trend towards patient-centered and accessible healthcare solutions. For instance, as per a report released by the Centers for Disease Control and Prevention in October 2022, approximately 37.0% of adults availed telemedicine services within the preceding 12 months in 2021. Notably, women exhibited a higher adoption rate (42.0%) compared to men (31.7%). Additionally, there was a positive correlation between age and telemedicine utilization, with usage rates rising from 29.4% among adults aged 18-29 to 43.3% among individuals aged 65 and above. Hence, the increasing adoption of telemedicine services drives the growth of the critical care equipment market.

Product innovation stands out as a pivotal trend driving prominence in the critical care equipment market. Key industry players within the critical care equipment domain prioritize the development of innovative solutions to fortify their market positioning. For instance, in January 2023, Getinge AB, a Sweden-based medical technology firm, launched the 'Servo-C mechanical ventilator.' This novel ventilator offers lung-protective therapeutic tools catering to both pediatric and adult patients. Its design simplifies respiratory support, boasting unique features such as CO2 monitoring, visualization of volume and pressure targets, 360-degree alarm visibility, high flow therapy, and personalized lung protection, all integrated for enhanced monitoring and care.

Major enterprises in the critical care equipment sector are pioneering advanced technologies such as wearable patient monitors to broaden their customer base, drive sales, and augment revenue streams. A wearable patient monitor is a compact, portable medical device specifically designed for continuous monitoring of a patient's vital signs and other health parameters. For instance, in December 2022, Mindray Medical International Limited, a China-based medical device firm, introduced 'mWear.' This innovative device stands out for its ability to streamline workflows by providing continuous monitoring of patient conditions, thereby facilitating advanced patient-centric care. Driven by an Anti-motion Algorithm, mWear ensures comprehensive and precise measurements of six key vital signs, alongside specialized health parameters, status indicators, and time analysis. It offers two monitoring modes - Wearable Mode and Continuous Mode - enabling caregivers to receive tailored patient status updates. Additionally, it intelligently triggers emergency alerts and escalations to ensure timely responses to any deterioration in the patient's condition.

In January 2022, ICU Medical Inc., a leading US-based medical technology and manufacturing company, concluded the acquisition of Smiths Medical from Smiths Group Plc. The acquisition's financial details remain undisclosed. Through this strategic acquisition, ICU Medical Inc. aims to bolster its infusion therapy product line while diversifying its portfolio to encompass newer clinical care markets. Smiths Medical, a US-based medical manufacturing firm, specializes in delivering advanced medical technology devices, including syringe and ambulatory infusion devices, vascular access tools, and vital care products. This acquisition serves as a catalyst for ICU Medical Inc.'s expansion into diverse healthcare segments, reinforcing its commitment to providing a wider range of innovative medical solutions.

Major companies operating in the critical care equipment market report are AKAS Medical, B. Braun Melsungen AG, BPL Medical Technologies Pvt. Ltd., Drägerwerk AG & Co. KGaA, General Electric Company, Koninklijke Philips N.V., MAQUET Holding B.V. & Co. KG, Medtronic plc, Nihon Kohden Corporation, Skanray Technologies Ltd., Smiths Medical Inc., Getinge AB, Fresenius Kabi AG, Baxter International Inc., Hamilton Medical AG, Fisher & Paykel Healthcare Limited, Abbott Laboratories, Edwards Lifesciences Corporation, ResMed Inc., Teleflex Incorporated, Becton Dickinson and Company, ICU Medical Inc., Masimo Corporation, Mindray Medical International Limited, ZOLL Medical Corporation, Hill-Rom Holdings Inc., Stryker Corporation, Terumo Corporation, Boston Scientific Corporation, Cardinal Health Inc., Johnson & Johnson Services Inc., Siemens Healthineers AG.

North America was the largest region in the critical care equipment market in 2023. The regions covered in the critical care equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the critical care equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product types of critical care equipment include patient monitors, ventilators, infusion pumps, sleep apnea devices, and other essential devices. A patient monitor is a device designed to record, measure, and display various biometric data, such as heart rate, blood pressure, body temperature, and SpO2. Monitoring can encompass different types, including hemodynamic monitoring, vital signs monitoring, neurologic monitoring, brain function monitoring, and others, catering to patients across various age groups, including adults, geriatrics, pediatrics, and neonates. These critical care equipment products are distributed through channels such as retail sales, third-party distribution, and others, and are primarily sold to hospitals, specialty clinics, ambulatory surgical centers, and other healthcare facilities.

The critical care equipment market research report is one of a series of new reports that provides critical care equipment market statistics, including critical care equipment industry global market size, regional shares, competitors with critical care equipment market share, detailed critical care equipment market segments, market trends, and opportunities, and any further data you may need to thrive in the critical care equipment industry. This critical care equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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