Global Intensive Care Unit Market Size To Hit USD 27.7 Billion By 2032, At A CAGR Of 16.0% - SNS Insider

Pune, Jan. 15, 2025 (GLOBE NEWSWIRE) -- According to SNS Insider, The Global Intensive Care Unit ICU Market reached USD 7.3 Billion in 2023 and is expanding by USD 27.7 Billion by 2032 at a steady compound annual growth rate (CAGR) of 16.0% from 2024 to 2032.

The growth of the market is primarily attributed to the rise in investments to improve healthcare, the developments in critical care technologies, and the rising incidence of chronic and life-threatening illnesses.

Market Analysis

ICUs serve as specialized care units for critically ill patients who need close monitoring and advanced facilities for treatment. The growing prevalence of non-communicable diseases, including cardiovascular and chronic respiratory diseases, along with trauma cases, is widely witnessed across the globe and has been an important factor driving the demand for ICU services in the region. Non-communicable Diseases (NCDs) contribute to 71% of all deaths worldwide, with cardiovascular disease, is responsible for 17.9 million deaths annually according to World Health Organization (WHO). The increasing elderly population, which is impervious to expire nursing home-related complications, also increases the demand for ICU services.

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The world over, governments have realized the need for strong critical care infrastructure. The U.S. federal government earmarked more than USD 150 billion in 2023 specifically for improvements to the healthcare system such as ICU expansions through the American Rescue Plan. Likewise, the need for ensuring ICUs through creating and upgrading has been emphasized in countries such as India, where from 2019 to 2023, the healthcare expenditure has risen by 137%. Emerging technologies in the ICU such as tele-ICUs, AI-enabled monitoring systems, and advanced ventilators are helping sustain real-time care and unit efficiency management. For example, tele-ICUs are filling the gaps of geographic shortage of health care professionals providing supervision over patient care by remote specialists. Artificial intelligence-based monitoring systems are creating a revolution in predictive analytics with evidence of 20% lower mortality rates in the ICU of facilities that have implemented AI tools. The World Health Organization (WHO) pegged worldwide healthcare expenditure at $9 trillion this 2023, a substantial chunk of which is on upgrading ICU. Likewise, the U.S. government allocated 9% more funds on critical care funding in 2023 according to the Centers for Medicare & Medicaid Services (CMS), devoted to the expansion of ICU services. These technologies are improving patient outcomes and solving prospective global ICU challenges such as, decreased experience of professionals entering the field and ICU-related operational deficiencies.

Major Players Analysis Listed in this Report are:

• GE Healthcare (Carescape Monitor B850, MAC VU360 ECG System)
• Medtronic plc (Puritan Bennett 980 Ventilator, Capnostream 35 Portable Monitor)
• Philips Healthcare (IntelliVue MX850 Monitor, Trilogy 202 Ventilator)
• Drägerwerk AG & Co. KGaA (Evita V600 Ventilator, Infinity Acute Care System)
• Baxter International Inc. (Spectrum IQ Infusion Pump, PrisMax Hemodialysis System)
• Fresenius Medical Care AG & Co. KGaA (MultiFiltratePro, 4008S Hemodialysis Machine)
• Becton, Dickinson and Company (BD) (Alaris Infusion Pump, Pyxis Medication Management System)
• Mindray Medical International Limited (BeneVision N22/N19 Patient Monitor, SV300 Ventilator)
• Siemens Healthineers AG (Biograph mCT PET/CT Scanner, Atellica Laboratory Analyzer)
• Getinge AB (Servo-U Ventilator, Cardiohelp System)

Intensive Care Unit Market Report Scope:

Segment Analysis

By Component

The hardware dominated the ICU Market in 2023, representing 59% of the total market. It consists of Ventilators, Patient Monitors, Infusion pumps, and ICU beds, which are crucial for ICU tools. These devices are expensive with ever-upgrade needed so the segment remains dominant. The segment is projected to grow due to an increasing uptake of advanced medical devices, such as AI-powered patient monitoring systems and smart ventilators, in ICUs.

The software segment is expected to experience the highest growth rate in the period to come. The rising digitalization of healthcare systems is primarily driving this growth overseen by the increasing use of EHRs and clinical decision support systems in ICUs. This aids in patient care through real-time data analysis, predictive analytics, and provider workflow automation.

By Enterprise Size

In 2023, the Intensive Care Unit market was dominated by the hospital segment, with a 48% revenue share. These hospitals provide care for critically ill patients, often needing specialized ICUs with highly sophisticated, varied levels of and sometimes highly complex medical and nursing care. Ventilators, monitoring systems, and infusion pumps are some of the advanced critical care technologies used in high-dependency units, which enables these units to manage life-threatening conditions. In addition to this, contemporary hospitals are also being equipped with specialized ICUs like neonatal ICUs, cardiac ICUs, and neurocritical care units, which serve to care for specific groups of patients. This trend reflects the dedication of the healthcare sector to delivering better outcomes for multiple life-threatening diseases. This segment reaps additional benefits from rising investments in healthcare infrastructure. The growing prevalence of chronic illnesses characterized by an aging population has prompted several governments and private entities to undertake the modernization of hospital ICUs.

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Intensive Care Unit Market Segmentation

By Type

• Hardware
• software

By Application

• Hospitals
• Clinics
• Others

Regional Analysis

In 2023, North America accounted for the largest share of the market at 38%, as the largest consumer of ICU equipment and services worldwide. This leadership position can be attributed to the region's advanced healthcare infrastructure, high healthcare expenditure, and presence of major players in the medical device market. The Society of Critical Care Medicine estimates that there are about 7,000 ICUs across the U.S., admitting around 55,000 critically ill patients each day.

The Asia-Pacific has the highest growth rate for the development of the ICU market. The growth of the market is fuelled by rapid urbanization, increase in healthcare expenditure, and growing awareness about advanced medical technology. China and India are paying big bucks to build up their healthcare systems like ICU areas. For example, China's 14th Five-Year Plan (2021-2025) places special importance on both hospital capacity for critical care.

Recent Developments

• Philips Healthcare announced a new AI-driven patient monitoring platform for the ICU in December 2023. This system uses advanced algorithms to predict patient deterioration and alert healthcare providers to potential complications before they occur.
• In Sept 2023, Medtronic launched an advanced ventilator model having connectivity features to allow easy integration with hospital information systems and remote monitoring functionalities.

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Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1 Patient Demographics and Admission Trends (2023)

5.2 ICU Equipment Volume and Adoption Rates (2020–2032)

5.3 Healthcare Spending on ICU Infrastructure (2023)

5.4 Technological Advancements and Integration in ICUs (2023)

5.5 Regulatory Compliance and Standards for ICU Equipment, by Region (2023)

6. Competitive Landscape

7. Intensive Care Unit Market by Type

8. Intensive Care Unit Market by Application

9. Regional Analysis

10. Company Profiles

11. Use Cases and Best Practices

12. Conclusion

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