COVID-19 Impact on Critical Care Device Market – Expected Increase in Public Healthcare Investments Globally

PUNE, India, 2021-Jan-25 — /EPR Network/ —

Revenue Growth Opportunities:

The Global COVID-19 Impact on Critical Care Device 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.

Major Growth Boosting Factors:

The market for critical care devices is driven primarily by the increasing number of ICU beds owing to the continuously rising COVID-19 cases, increasing demand for ventilators for effective management of critical COVID-19 patients, and ease of regulatory requirements to facilitate the production of critical care devices. In addition, the development of low-cost ventilators and the expected increase in healthcare budgets offer significant growth opportunities for players operating in the critical care devices market. However, disruption of supply chain & logistics due to the rapid spread of coronavirus is likely to challenge the growth of this market.

Recent Developments in Critical Care Device Market;

• 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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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.

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Geographical Scenario: 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.

The prominent players in the global critical care devices 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