North America Critical Care Equipment Market, By Product Type (Therapeutic Devices, Patient Monitoring Devices, Diagnostic Devices, ICU Units & System, and Other Devices), Patient Population (Neonatal, Pediatric, Adults, and Geriatric), End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others), Distribution Channel (Direct Tenders, Retail Sales, Third Party Distribution, and Others) Industry Trends and Forecast to 2030.
North America Critical Care Equipment Market Analysis and Insights
Patients admitted to an ICU may be there for varying reasons, but what they all have in common is that they need close attention and monitoring, and they need advanced equipment, often life and respiratory support.
The North America critical care equipment market is growing tremendously in North America due to a rise in chronic disorders such as diabetes, cardiovascular disorders, and kidney disorders among others, which is leading to an increase in the number of patients in critical care. However, stringent regulations and poor reimbursement policies may restrain the market during the forecast period. Moreover, the high cost of critical care equipment is one of the most significant factors which may hamper the market's growth in the long run.
The development of technology is an opportunity for key players during the forecast period. On the other hand, the lack of proper staffing and training is acting as a challenge for the market's growth.
Data Bridge Market Research analyzes that the North America critical care equipment market is expected to reach the value of USD 32,864.78 million by 2030, at a CAGR of 8.8% during the forecast period. Product type accounts for the largest type segment in the market due to the rapid demand for critical care equipment in North America. This market report also covers pricing analysis, patent analysis, and technological advancements in depth.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2020-2016)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Product Type (Therapeutic Devices, Patient Monitoring Devices, Diagnostic Devices, ICU Units & System, and Other Devices), Patient Population (Neonatal, Pediatric, Adults, and Geriatric), End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others), Distribution Channel (Direct Tenders, Retail Sales, Third Party Distribution, and Others).
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Countries Covered
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U.S., Canada, and Mexico.
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Market Players Covered
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Koninklijke Philips N.V.,General Electric Company, COOK MEDICAL LLC, Abbott, Medtronic, Getinge AB, heyer medical AG, Drägerwerk AG & Co. KGaA, ICU Medical, Inc., NIHON KOHDEN CORPORATION., Fresenius Medical Care AG & Co. KGaA, Skanray Technologies Ltd., Boston Scientific Corporation, STERIS, Advin Health Care, Baxter, SS TECHNOMED (P) LTD., SCHILLER, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Nonin, Dixion distribution of medical devices GmbH, Masimo, and Compumedics Limited among others.
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Market Definition
Critical equipment is essential for patient care under normal operating conditions and whose failure could cause imminent serious injury or death to patients or users. Critical care is also referred to as intensive care. It is a type of care that involves treating and managing injuries and illnesses that are very serious and may be life-threatening. Surgical complications, accident injuries, severe infections, and serious respiratory issues are a few examples of conditions that may require critical care.
Patients receiving this level of care may get better, and transition to other types of care, but many people die in critical care. The equipment used for critical care is known as critical care equipment, which includes patient monitoring devices, ICU units & systems, and therapeutic devices among others. The critical care unit or intensive care unit (ICU) is a highly specialized & dedicated unit of the hospital for patients requiring intensive monitoring of medical, surgical & patient care services. Critical care is administered in an intensive care unit, which in some places is called the critical care unit.
North America Critical Care Equipment Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
- Rise in the prevalence of chronic disorders
The change in lifestyle habits, such as smoking tobacco, drinking liquor, stationary way of life, and numerous others, have raised the instances of patients experiencing constant ailment. The rising prevalence of chronic disorders is boosting the market and positively influencing the critical care equipment market.
- Rise in the geriatric population
Expanding illness trouble alongside a quickly developing geriatric populace will significantly affect the critical care equipment market. Besides, the geriatric populace is vulnerable and possesses few irresistible and constant sicknesses. The rise in the geriatric population will positively influence the market and act as a driver in the growth of the critical care equipment market.
Restraint
- Lack of skilled professionals
The lack of capable laboratory professionals is not a new story in diagnosis and healthcare. As with the increased burden of chronic diseases, the aging population and the development of healthcare insurance have increased the demand for healthcare laboratory professionals. Another reason is the lack of training sessions for the professionals.
Factors such as the retention rate, workload, and lack of certification are reasons for the lack of trained laboratory human resources, lack of education, and a relevant degree. These factors hamper the growth of the North America critical care equipment market.
- High cost of equipment
Equipment is needed for medical purposes in every department, such as surgery, orthopedics, chest medicines, and others. Mechanical equipment such as ventilators is required for external breathing support for the patients. Also, the major cost of the equipment depends upon its maintenance.
According to the Supervasi Foundation, one-day expenditure of the price of an ICU unit in India is around USD 67.17 per day, including highly-trained medical professionals. Moreover, ideally, the ICU department should comprise around 2 to 5 pieces of critical care equipment in each hospital, but due to the high cost of the equipment systems and high maintenance cost of the units in poor economic countries or rural areas hampers the growth
Opportunity
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Growth in healthcare expenditure
Growing healthcare infrastructure helps provide better critical care, leading to faster recovery and rehabilitation into normal life. Also, as an investment in healthcare increases, more people are getting aware and desire advanced critical care equipment and diagnosing their health for precaution and cure.
Increasing healthcare expenditure for critical care treatment also helps patients to take hassle-free advanced treatment for better diagnosis and fast recovery. The spending on health is made up of self-pay or the combination of government expenditure by welfare schemes and sources, including health insurance and activities by non-governmental organizations, due to which faster recovery and rehabilitation into normal life is acting as an opportunity for growing the demand of the market.
An increase in healthcare expenditure leads to the implementation of advanced technologies equipment & products, and better treatment for critical care patients, leading to faster recovery. For this reason, faster recovery and rehabilitation into a normal life are expected to act as an opportunity for growing the demand for the North America critical care equipment market.
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Rise in technical developments in equipments
Critical care has always been a technology- and data-dependent field. As big data and technology potentially revolutionize critical care practice, professional societies are well-positioned to partner with patients, families, practitioners, researchers, industry leaders, policymakers, and administrators to ensure that humanistic, high-value, ever-improving patient care remains the central goal for the future of critical care medicine.
Recent technological innovations are the predicted speculation about the future of critical care. The rising technical developments in critical care will continue to be multi-professional, with diverse generalists, therapists, specialists, and subspecialists seamlessly collaborating toward the common goal of optimal and humanistic patient care in a learning healthcare system. The wearable technology will optimize staffing patterns by tracking and mitigating excessive workloads while monitoring for mental and physical fatigue and distraction that could worsen patient care
Challenge
- Healthcare staff shortages
Maintaining appropriate staffing in healthcare facilities is essential for providing a safe work environment for patient care. When staffing shortages are anticipated, healthcare facilities and employers, in collaboration with human resources and occupational health services, use contingency capacity strategies to plan and prepare for mitigating the problems, such as adjusting staff schedules, hiring additional skilled staff, and rotating positions that support patient care activities.
The healthcare staff and nursing profession continue to face shortages due to a lack of potential educators, high turnover, and inequitable workforce distribution. The causes of the nursing shortage are numerous, and issues of concern are that some regions have a surplus of nurses and lower growth potential while others struggle to fulfill the local population's basic needs.
Post-COVID-19 Impact on North America Critical Care Equipment Market
Growth in the incidence of COVID-19 patients anticipated to propel the demand for medical devices such as ventilators, spirometers, oxygen concentrators, anesthesia machines, CPAP/BIPAP, and others. Moreover, advancement in technology acts as a driver for its growth in the market. However, the high cost of the devices and the risk associated with the use of ventilators act as a restraint to its growth in the market.
Manufacturers are making various strategic decisions to bounce back post-COVID-19. The players are conducting multiple R&D activities and product launches, and strategic partnerships to improve the technology and test results involved in the North America critical care equipment market.
Recent Developments
- In September 2021, SensaCore announced the launch of ST-200 CC Blood Gas Analyzer-Ultra Smart, which is the highly advanced blood gas model of Sensacore, and it is a fully automated, microprocessor-controlled electrolyte system that uses current direct measurement with ION selective electrode (ISE), impedance (Hct), and amperometry (pO2) technology to make arterial blood gas analysis and electrolyte measurements.
- In August 2021, Dixion distribution of medical devices GMBH announced that they had successfully completed registration by the FDA. The first series of equipment, namely Operating Tables Surgery and Surgical Lights Convelar had received FDA certifications in addition to the already existing CE certification.
North America Critical Care Equipment Market Scope
The North America critical care equipment market is segmented into product type, patient population, end user, and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
BY PRODUCT TYPE
- Therapeutic devices
- Patient monitoring devices
- Diagnostic devices
- ICU units & systems
- Other devices
On the basis of product type, the North America critical care equipment market is segmented into therapeutic devices, patient monitoring devices, diagnostic devices, ICU systems & units, and other devices.
BY PATIENT POPULATION
- Neonatal
- Pediatric
- Adults
- Geriatric
On the basis of the patient population, the North America critical care equipment market is segmented into neonatal, pediatric, adults, and geriatric.
BY END USER
- Hospitals
- Specialty clinics
- Ambulatory surgical centers
- Others
On the basis of end user, the North America critical care equipment market is segmented into hospitals, specialty clinics, ambulatory surgical centers, and others.
BY DISTRIBUTION CHANNEL
- Direct tender
- Retail sales
- Third party distribution
- Others
On the basis of distribution channel, the North America critical care equipment market is segmented into direct tender, retail sales, third party distribution, and others.
North America Critical Care Equipment Market Regional Analysis/Insights
The North America critical care equipment market is analyzed, and market size information is provided product type, patient population, end user, and distribution channel.
The countries covered in this market report are the U.S., Canada, and Mexico.
- In 2023, U.S is expected to dominate the North America critical care equipment market due to the presence of key market players in the largest consumer market with high GDP. It is expected to grow due to novel technological advancements in the critical care equipment market.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, and the impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and North America Critical Care Equipment Market Share Analysis
North America critical care equipment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product approvals, patents, product width and breadth, application dominance, and technology lifeline curve. The above data points provided are only related to the company's focus on the North America critical care equipment market.
Some of the major players operating in the North America critical care equipment market are Koninklijke Philips N.V., General Electric Company, COOK MEDICAL LLC, Abbott, Medtronic, Getinge AB, heyer medical AG, Drägerwerk AG & Co. KGaA, ICU Medical, Inc., NIHON KOHDEN CORPORATION., Fresenius Medical Care AG & Co. KGaA, Skanray Technologies Ltd., Boston Scientific Corporation, STERIS, Advin Health Care, Baxter, SS TECHNOMED (P) LTD., SCHILLER, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Nonin, Dixion distribution of medical devices GmbH, Masimo, and Compumedics Limited among others.
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