ICU Beds Market Projected to Reach USD 2,219.3 Million by 2028

Vantage Market Research

Feb 24, 2022

The Global ICU Beds Market is expected to reach USD 2,219.3 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 5.1% from 2022 to 2028. The increase in the number of surgical procedures coupled with rising in the geriatric population is anticipated to augment the growth of the market during the forecast period.

Key Findings:

  • The electric bed segment held a significant share in 2021. This is attributable to the growing obesity rate across the globe as these are essential medical equipment in bariatric care. Furthermore, the presence of favorable reimbursement policies is also expected to support the segmental growth.
  • The pediatric ICU segment is expected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period owing to the increasing prevalence of chronic disease in the pediatric population.
  • The ambulatory surgery centers (ASC) segment held a substantial share in 2021. This is owing to the growing use of IT solutions among ASCs and the increase in the need to curtail escalating healthcare costs.
  • Asia Pacific is expected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the increase in government initiatives for the advancement of the healthcare system along with rising in the target population in various emerging economies like China, and India in the region.

Some of key players in Global ICU Beds Market include DSV Panalpina A/S (Span-America Medical Systems, Inc.), Hill-Rom Holdings Inc., Getinge AB, Joh. Stiegelmeyer & Co. GmbH (Stiegelmeyer GmbH & Co. KG), Invacare Corporation, Malvestio S.P.A., Linet Group SE (Linet spol. s.r.o.), Merivaara Corp., Medline Industries Inc., Stryker Corporation.

The increasing incidences of chronic diseases across the globe are expected to fuel the growth of the ICU Beds Market in the years to come. This is attributable to the growing aging population, rapid unplanned urbanization, and increase in the adoption of a more sedentary lifestyle. According to WHO, chronic diseases are projected to kill 41 million people each year, which is approximately 71% of all deaths and more than 15 million people die from a chronic disease between the ages of 30 and 69 years globally. It also estimated that cardiovascular diseases account for 17.9 million people's deaths annually, which is followed by cancers with 9.3 million deaths, respiratory diseases with 4.1 million deaths, and diabetes with 1.5 million deaths. This is in turn expected to increase the demand for ICU beds in the near future across the globe. Furthermore, the rising adoption of technologically advanced products is also expected to augment the growth of the market in near future.

North America held the largest shares in 2021. This is attributable to the increase in the number of surgeries and rising patient admissions in the region. Furthermore, the recent outbreak of COVID-19 is also augmenting the regional growth of the market. Additionally, most of the key players are focusing on offering innovations and modifications to increase patient safety and comfort.