The emergence of COVID-19 all over the world has impacted the intensive care beds market. The increasing number of people admitting in hospitals due to ongoing corona virus crisis is predicted to be the major factor for the global market growth in 2020. Furthermore, technological advancements owing to increasing healthcare expenditure and growing R&D activities are estimated to boost the market growth after COVID-19 pandemic.
The global intensive care beds industry is predicted to witness an increase in growth rate due to the COVID-19 outbreak. According to Research Dive published report, the global intensive care beds market was likely to rise at a CAGR of 3.9% by 2027 prior to COVID-19 crisis. Now, due to the COVID-19 pandemic, the global market is expected to rise at a CAGR of 4.2% in the forecast period. This is mainly due to the increasing healthcare expenditure to enhance hospital facilities and the rise in number of hospitals & clinics all over the world. Comprehensive analysis on drivers, challenges, restraints, lucrative opportunities, and strategies implemented by market players and governments across the globe are further offered in the report.
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Market Scenario During Pandemic in 2020
The projected pre COVID-19 market size for intensive care beds industry was $1,635.2 million in 2020 and is expected to witness a robust growth and reach up to $1,652.1 million due to COVID-19 pandemic. With the increasing COVID-19 cases, the demand for intensive care beds is increasing. Thus, the growing adoption of intensive care beds during the COVID-19 pandemic is predicted to be the major factor for the increase in market size in 2020. Besides, the major market players are increasingly focusing on improving production capacity and product efficiency in the pandemic, which is helping the global intensive care beds market to witness a progressive growth. For instance, in March 2020, a leading company in medical technology, Hillrom increased the manufacturing of critical care products such as hospital beds, vitals monitoring devices & accessories, and ventilators to support COVID-19 crisis.
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Post-Pandemic Market Landscape till 2027
As per the report, the global intensive care beds market is expected to sustain a progressive growth even after the COVID-19 pandemic due to the increasing R&D activities and swift growth in technological advancements owing to growing healthcare expenditure. For instance, in April 2019, LINET demonstrated multi-care beds and the clinical advantages of lateralization for intensive care units (ICU) by making use of modern imaging technologies during a conference in Singapore. The leading players operating in the global market include Invacare Corporation, Hillrom, LINET, Merivaara Corp., Span America, Stryker, Medline Industries, Inc., Getinge AB, Malvestio Spa, and Stiegelmeyer GmbH & Co. KG. The report summarizes various aspects of all the prominent players functioning in the market such as financial performance, recent strategic moves & developments, product portfolio, and SWOT analysis.
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