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The global critical care equipment or more specifically, intensive care unit equipment market is expected to reach $38.57 bn in valuation by 2021. The market reached a robust valuation of $28.35 bn in 2021, and will likely rise by 44.3% valuation in the 2020-21 period. The rising demand for intensive care in major regions of North America, and continuously rising covid-19 numbers, and major purchases of intensive care equipment like ventilators remain a key driver to growth in the global intensive care unit equipment market. According to a report by John Hopkins School of Public Health, the acute care hospitals in the US owned 62,000 full-featured mechanical ventilators before the pandemic. Moreover, the report suggested that the US hospitals needed to purchase 98,000 basic featured ventilators, for emergency use during the pandemic. However, even these staggering number of equipment purchases may not be sufficient for US hospitals. For example, scientific model-based studies in Los Angeles, in December 2020, suggest that nearly one-third of all the city’s population had contracted the coronavirus. Moreover, studies from Wuhan, and earlier US experience suggest that nearly 3.2% of all patients require intensive care. Hence, despite promising prospect of vaccination programs, the demand for covid-19 related intensive care continues to drive growth for the intensive care unit equipment market.
FDA Approval for Low-cost Ventilator Brings Cheers to Intensive Care Unit Equipment Market
In April, 2020, the Food & Drug Administration (FDA) of United States authorized production of a low-cost ventilator devised by a team of researchers from University of Minnesota. The ventilator, also known as Coventor was approved on an emergency basis, to deal with the rising covid-19 outbreak. The ventilator remains a low-cost, and backup alternative to traditional, and full-featured ventilators. The ventilator may eat into profit margins for large companies. However, research shows that despite premium prices, the large companies in the global intensive care unit equipment market were not able to meet growing demand for emergency services. Moreover, the fully-featured ICU equipment may also go out of fashion, if the vaccination program proves to be as promising as presented. The rising covid-19 cases, growing demand for cost-effective alternatives, and shortage of supply in the market remain major growth factors in the ICU equipment market.
Substitution of Anaesthesia Gas Machines Remains a Major Growth Propsect
The covid-19 known for its progression into severe respiratory failure, often necessitates intensive care equipment deployment including intubation, and mechanical ventilation. However, the shortage of these machines forced the US Food & Drug Adminstration department released a policy allowing the use of AGMs, or the anaesthesia gas machines for mechanical ventilation. Moreover, the American Society of Anaesthesiologists (ASA) also released guidelines in collaboration with Anaesthesia Patient Safety Foundation (APSF). Despite its unconventional, and off-label use to deal with the growing pandemic, the demand for ventilators, and subsequent shortages will remain a major driver for growth for the AGM equipment in the global intensive care unit equipment market.
Some major players in the Intensive Care Unit Equipment (ICU) market are Boston Scientific Corp., GE Healthcare, Hill-Rom Holdings INC., and Medtronic. The landscape continues to witness major innovation, as rising demand for basic ventilating machines with low-cost remains the need of the hour around the world. Thanks to the Covid-19 pandemic, the barriers for entry for small players remains significant in the ICU equipment market.
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