NOIDA, India, Sept. 15, 2020 /PRNewswire/ -- UnivDatos Market Insights released a report titled "Critical Care Equipment MarketBy Product Type (Electronic patient monitor, Volumetric infusion pump, Defibrillator, Ventilator, Oxygen Delivery System, Anesthetic Machine, Others); End-User (Hospitals & Clinics, Ambulatory Care and Home Setting) and Country (US, Spain, Italy, Germany, France, UK, Turkey, Iran, Russia, India and Rest of World) - Current Analysis and Forecast (2019-2026)." Critical Care Equipment Market is expected to grow at a CAGR of 6% from 2021-2026 to reach US$ 38,882.38 million by 2026.
Market Opportunities and Drivers
As per the WHO estimates, between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. While cardiovascular diseases (CVDs) are the number 1 cause of death globally, taking an estimated 17.9 million lives each year. Critical care equipment includes various types of monitoring devices that monitor the health of critically ill patients. Some of these monitoring devices include Electronic Patient Monitor, Volumetric Infusion Pump, Defibrillator, Ventilator, Oxygen Delivery System, and Anesthesia Machine. These devices constantly monitor the patient's condition and keep a check on their brain, heart, and respiratory functions. With the persistence increase in the prevalence of chronic diseases, cardiovascular diseases, respiratory diseases, infectious diseases, traffic accidents coupled with the growing geriatric population across the world, the critical care equipment market is expected to grow immensely over the analyzed period.
Coronavirus cases keep on growing across the globe. According to the estimates, nearly 5% of COVID-19 patients need ventilation, with numbers rising to 89% for those in the intensive care unit (ICU). Critical care equipment demand has soared an all-time high to provide adequate healthcare facilities to the patients. In recent times, governments across the world have witnessed a shortage of ventilators and such products in their healthcare infrastructure. Coronavirus cases have increased significantly over the last few months and still, the cases are increasing, these increasing cases are expected to boost the market growth of several critical care equipment including electronic patient monitoring systems, ventilators, oxygen delivery systems among others.
Advancements in medical technology, increased government healthcare spending, and patients' willingness to spend more to get adequate healthcare facilities are among the major factors driving the growth of the critical care equipment market in the near future.
Global Critical Care Equipment Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Critical Care Equipment Market Geographical Segmentation Includes:
Based on the estimation, the United States dominated the critical care equipment market with almost 45% of the market revenue in 2019. At the same time, Spain is expected to grow at the highest CAGR over the forecast period.
The competitive landscape has been provided pointing out the position of the key market players in the market along with the market share that is held by each player. These players are constantly working on expanding the market reach through M&A's along with partnerships.