ICU Beds Market to Garner $2.41 Bn, Globally, by 2030 at 4.9% CAGR: Allied Market Research

Rise in the geriatric population, surge in government expenditure on healthcare, and increase in number of Covid-19 patients requiring intensive care have boosted the growth of the global ICU beds market.

PORTLAND, Ore., Oct. 4, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "ICU Beds Market by Type (Full-Electric Beds, Semi-Electric Beds, and Manual Beds), Application (Traditional ICU, Pediatric ICU, and Others), and End User (Hospitals, Ambulatory Surgery Centers (ASCs), and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global ICU beds industry was accounted for $1.48 billion in 2020, and is expected to reach $2.41 billion by 2030, growing at a CAGR of 4.9% from 2021 to 2030.

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Drivers, restraints, and opportunities

Rise in the geriatric population, surge in government expenditure on healthcare, and increase in number of Covid-19 patients requiring intensive care have boosted the growth of the global ICU beds market. However, low product demand in underdeveloped countries hinders market growth. On the contrary, high market growth potential in emerging markets is expected to open new opportunities for the market players in the future.

Impact of Covid-19 Pandemic on ICU Beds Market:

• The Covid-19 pandemic affected the healthcare industry drastically. The rapid rise in number of cases of Covid-19 increased the demand for ICU beds as patients suffering from Covid-19 need nearly 14 days of respiratory support in the ICU.
• However, the prolonged lockdown across several regions hampered the supply chain and increased the prices of raw materials.

The manual beds segment held the lion's share

By type, the manual beds segment held the largest share in 2020, accounting for nearly half of the global ICU beds market, due to rise in chronic diseases among patients, surge in adoption of technologically advanced manual beds in hospitals, and increase in number of patient admission in hospital ICUs. However, the semi-electric beds segment is expected to register the highest CAGR of 5.4% during the forecast period, owing to the geriatric population that is more prone to chronic health conditions and rise in hospital admission rate.

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The traditional ICU segment to manifest the highest CAGR through 2030

By application, the traditional ICU segment would showcase the highest CAGR of 5.2% from 2021 to 2030. In addition, the segment held the largest share in 2020, contributing to more than half of the global ICU beds market, due to traditional ICUs are specialized in offering care for particular health diseases or injuries. The report includes an analysis of segments such as pediatric ICU and others.  

North America held the largest share, Asia-Pacific is projected to manifest the highest CAGR

By region, the market across North America held the largest share in 2020, accounting for more than one-third of the market, due to rise in the well-developed healthcare industry, high adoption rate of ICU beds, and presence of leading manufacturers in the region. However, the global ICU beds market across Asia-Pacific is projected to manifest the highest CAGR of 5.7% during the forecast period, due to rise in the geriatric population and surge in people suffering from chronic diseases.

Major market players

• 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

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