Global Critical Care Equipment Demand Analysis-COVID-19 Impact (2020-2026)

Report Description

Global Critical Care Equipment Market was valued at US$ 27,360.0 million in 2019 and is anticipated to witness very high growth in 2020 and would reach a market size of US$ 40,378.7 million by the end of 2020. Further the market is expected to witness a CAGR growth of 6.1% during the 2021-2026 period. Critical Care Equipment is majorly utilized for supporting the patients during surgery or in intensive critical care units. ICUs are created to look after the welfare of patients that need ventilators, blood pressure support and medication. Currently, the demand for critical care equipment such as ventilators is skyrocketed due to the exponential increase in the patients suffering from COVID-19. Patients are individually monitored with a variety of bedside physiologic monitors, and ICU rooms are designed to have redundant gas and electric sources. The world is suffering from a major crisis due to the shortage of ICU beds and other critical care equipment. Hospitals are majorly suffering from the shortage of ventilators and other breathing machines as this equipment helps COVID-19 with breathing. Usually patients need to be sedated and have a breathing tube put into their windpipe or through the neck. Numerous countries are suffering from the ICU shortage. The elderly population is a major risk due to lower immunity and additional medical conditions

The rapid escalation in Critical Care Equipment is mainly characterized by the accelerating influx of patients in critical care and rapidly rising cases of COVID-19. Cases of COVID-19 are increasing exponentially from just 580 cases on Jan 22 2020 to more than 5.08 million on May 20th 2020. Rising COVID-19 cases has fueled the adoption of clinical care equipment as it has spread across the world, the ICU community must prepare for the challenges associated with this pandemic. Companies that do not operate in these segments are establishing a manufacturing unit to deal with this war-like situation. For instance, In April 2020, workers at a Ford manufacturing plant set up new production lines. Ford aims at producing 1,500 ventilators by the end of the month. B. Braun Melsungen AG, Mindray Bio-Medical Electronics, Medtronic PLC, Nihon Kohden, General Electric, Getinge AB, Heyer Medical AG, Koninklijke Philips N.V., Drägerwerk AG, Integra LifeSciences Holdings Corporation are some of the prominent players operating in the Global Critical Care Equipment market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Product Type, Ventilator is expected to dominate the market in 2020”

Based on product type, the global critical care equipment market is segmented into the electronic patient monitor, volumetric infusion pump, defibrillator, ventilator, oxygen delivery system, anesthetic machine and other equipment. An electronic patient monitor is used for recording the vitals of the patient. Ventilators are in huge demand due to the rise of COVID-19 around the globe. Based on our estimate the ventilator segment is expected to generate revenue of US$ 12,143.7 million in 2020.

“Amongst End-User Industry, Hospitals & Clinics are anticipated to demand more of critical care equipment’s in 2020”. The expected surge in demand is expected due to the sudden outbreak of COVID-19 cases worldwide”

Based on End-User, the global critical care equipment market is segmented into hospitals & clinics, ambulatory care and home setting. Demand for critical care equipment is highest in the hospitals due to the rising COVID-19 cases. Patients suffering from COVID-19 require ventilators and other critical care equipment for supporting them during the treatment. Moreover, these equipment are majorly utilized in the Intensive Critical Unit (ICU). The hospital & clinic segment is expected to demand 80.6% of the overall critical care equipment in terms of value in 2020.

Critical Care Equipment Demand amid COVID-19, by End User, Global 2019-2026 (US$ Million)

“US would represent the largest market for critical care equipment during 2020, as the US is the most affected country with the most number of +ve cases and deaths due to COVID-19”

For a better understanding of the market dynamics of the global Critical Care Equipment market, a detailed analysis was conducted for different countries including the US, Spain, Italy, Germany, France, UK, Turkey, Iran, Russia, India and the rest of the world. United States has witnessed the highest number of cases and deaths due to COVID-19. As of 20th May 2020, the US has recorded 1.59 million COVIUD-19 cases with 94,936 deaths due to the disease.

Competitive Landscape

Some of the major companies analyzed in the study include B. Braun Melsungen AG, Mindray Bio-Medical Electronics Co., Ltd, Medtronic PLC, Nihon Kohden Inc., GE Healthcare, Getinge AB, Aeonmed, Royal Philips NV, Dragerwerk AG and Integra LifeSciences. Owing to the sudden COVID-19 outbreak these companies have increased their overall production of critical care equipment to fulfill the increased demand for this equipment globally.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

Customization Options:

The Critical Care Equipment Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.        

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Research Methodology

Analyzing the historical availability, estimation of the current demand and forecasting the future demand of Critical Care Equipment due to the sudden breakdown of COVID-19 in the most affected countries around the world were the three major steps undertaken to create and analyze the availability and demand of Critical Care Equipment arises due to COVID-19 outbreak. Exhaustive secondary research was conducted to collect the historical numbers and estimate the current demand. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted; with healthcare experts and other industry experts across the value chain of the medical device sector. Post assumption and validation of the numbers through primary interviews, we employed a bottom-up approach to forecast the complete demand size of Critical Care Equipment that arises due to the COVID-19 outbreak. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the availability of several Critical Care Equipment across the COVID-19 most affected region through various sources such as government statements, press releases, journals, news & articles, government publications, competitor publications, research surveys, third-party database and other credible publications.

Step 2: Region Segmentation:

Segmentation of the region has been done based on the total number of infected cases in a particular region. Further, obtaining the infected cases, we conducted a detailed secondary analysis to gather the number of Critical Care Equipment availability in the top 10 most affected countries across the world.

Step 3: Factor Analysis:

After acquiring the historical number of Critical Care Equipment, we conducted a detailed factor analysis to estimate the current demand of the Critical Care Equipment that arises due to the COVID-19 pandemic. Further, we conducted Factor analysis using dependent and independent variables such as accelerating influx of patients in critical care, growing cases among the geriatric and Rising Cases of COVID-19. Through analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, product launches and analyzing the list of start-ups in the Critical Care Equipment industry across the globe.

Current Market Size Estimate & Forecast

Current Demand Sizing: Based on actionable insights from the above steps, we arrived at the numbers of Critical Care Equipment available in the COVID-19 most affected countries, key players in the Critical Care Equipment market and market shares of these players. All the required percentage shares split were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For demand estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. Bottom-up approach were applied to arrive at the demand estimation forecast about Dec 2020 for the COVID-19 most affected regions across the world. The research methodology adopted to estimate the market size encompasses:

• Analyze the current and demand forecast of Critical Care Equipment arises due to COVID-19 outbreak
• Analyze the value chain involved with the presence of various intermediaries
• Define and analyze the competitive landscape of the Critical Care Equipment market and the growth strategies adopted by the market players to sustain in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including top medical professionals, research experts from major universities, health institutes, top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall demand estimation and to arrive at precise statistical numbers for each studied regions.

Main objective of the Global Critical Care Equipment Demand Analysis-COVID-19 Impact

The current & future Critical Care Equipment demand trends were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future demand trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and demand forecast of Critical Care Equipment due to COVID-19 outbreak
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors about the industry
• Major regions studied in the report include the United States, Germany, United Kingdom, France, Italy, Spain, Netherlands, Turkey, Iran, and India
• Define and analyze the competitive landscape of the Critical Care Equipment market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Company’s Initiative amid COVID-19 to fulfill the Shortfall of Critical Care Equipment Demand
• Deep dive country-level analysis of the COVID-19