February 24, 2024
Intensive Care Beds

The Rising Advancements In Medical Technology Is Anticipated To Openup The New Avenue For Intensive Care Beds Market.

Market Overview:

Intensive care beds or critical care beds are hospital beds equipped with advanced features to monitor and treat critically ill patients. These beds are integrated with electronic motorized controls to adjust positions such as head elevation, width, height and others. Additionally, they have side rails, built-in scales, infusion pumps and ventilator attachments. Intensive care beds allow easy access to patients and facilitate monitoring by allowing attachment of medical devices and equipments.

The Intensive Care Beds Market is estimated to be valued at US$ 3.45 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.

Market Dynamics:

Increasing cases of chronic diseases and rising elderly population are the major drivers of the intensive care beds market. As per WHO, chronic diseases accounted for over 70% deaths worldwide in 2019. Chronic diseases such as heart disease, diabetes and cancer require critical care which fuels the demand for intensive care beds. Additionally, the rapidly growing elderly population is also boosting market growth. According to United Nations, the global population aged over 65 years is projected to reach 1.5 billion by 2050 from 703 million in 2019. Aged people are more prone to critical health conditions and need intensive care.

Furthermore, surge in number of ICU beds being installed in healthcare facilities is driving market growth. Hospitals are increasing ICU bed count to cater rising chronic patient pool and growing demand for critical care services. Prominence of technologically advanced electric ICU beds is also fueling the market as they facilitate remote monitoring and mobility of patients. However, high cost associated with electric ICU beds is a major challenge for market growth.

Segment Analysis:

The intensive care beds market can be segmented into manual intensive care beds, electric intensive care beds and hydraulic intensive care beds. Electric intensive care beds dominate the market with around 60% share as they provide adjustable positioning and offer comfort and convenience to both patients and caregivers. These beds have features like adjustable height, adjustable backrest, knee break and remote monitoring which help caregivers efficiently monitor and treat patients.

Global Intensive Care Beds Market Segmentation:

  • By Product Type
  • Manual Beds
  • Electric Beds
  • Bariatric Beds
  • Pediatric Beds
  • Others (Semi-electric beds and among others)
  • By Application
  • General ICU Beds
  • Pediatric and Neonatal Beds
  • Others (Specialized ICU and among others)
  • By End User
  • Hospitals
  • Homecare Settings
  • Nursing Homes
  • Others (Specialty clinics and among others)

PEST Analysis:

Political: Favorable government policies around healthcare infrastructure development and modernization of medical facilities are driving increased adoption of intensive care beds.
Economic: Rising healthcare spending coupled with growing ICU infrastructure in developing nations is fueling market growth. Additionally, growing geriatric population prone to chronic diseases is increasing demand.
Social: Increasing incidence of chronic diseases, accidents and the need for post-surgery care are leading to higher hospitalization rates and boosting intensive care beds market.
Technological: Ongoing research into developing beds with advanced features like digital displays, sensors and networking capabilities for remote monitoring is expected to open new opportunities over the forecast period.

Key Takeaways:

The global Intensive Care Beds Market Size is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period, due to increasing incidence of chronic and lifestyle diseases. The market was valued at US$ 3.45 Bn in 2023 and is projected to reach US$ 6 Bn by 2030.

Asia Pacific is expected to dominate the market and grow at the fastest rate during the forecast period. This can be attributed to rapid healthcare infrastructure development and growing medical tourism industry in India and China. Additionally, rising middle class population with greater disposability income in the region is expected to drive demand.

Key players operating in the intensive care beds market are Stryker Corporation, Invacare Corporation, Hill-Rom Holdings, Inc., Getinge AB, Medline Industries, Inc., Stiegelmeyer GmbH & Co. Kg., Linet Spol. S.R.O., Merivaara Corp., Malvestio S.P.A, Nitrocare, DSV Panalpina A/S, Amico Group of Companies, Midmark Corporation, Favero Health Projects Spa, Savion Industries, MESPA, Baxter, Narang Medical Limited., Arjo, PARAMOUNT BED CO., LTD., and Gita Mediquip PVT. LTD. The market is highly competitive with these players investing in new product launches and strategic expansion initiatives to gain market share.

*Note:
1.Source: CoherentMI, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it