Top 5 Insights From The ICU Beds Market Report 2024
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
According to The Business Research Company’s ICU Beds Global Market Report 2024, the ICU beds market is expected to show promising growth in the forecast period.
The ICU beds market has witnessed strong growth in recent years, surging from $2.02 billion in 2023 to an estimated $2.15 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 6.9%. This expansion is attributed to several factors, including an aging population, technological advancements, healthcare infrastructure development, and the increasing demand for critical care.
Future Projections: A Promising Outlook
The momentum continues into the future, with the market expected to experience significant growth, reaching $2.9 billion by 2028, demonstrating a CAGR of 7.7%. The anticipated growth is driven by ongoing healthcare infrastructure expansion, technological innovation, pandemic response and preparedness, and the burden of chronic diseases.
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The Growing Number of Hospitals Driving Market Expansion
- Role of Hospitals in Healthcare
The surge in the number of hospitals is poised to be a key catalyst for the growth of the ICU beds market. Hospitals, as comprehensive healthcare facilities, play a crucial role in offering diverse medical services, from diagnosis to surgery and emergency care. The availability of ICU beds within hospitals is essential for providing critical care to patients with severe illnesses or injuries.
- The Increasing Hospital Landscape
As of May 2023, the United States alone witnessed a 0.591% increase in the number of hospitals, with a total of 6,129, as reported by the American Hospital Association. This rise underscores the growing emphasis on healthcare infrastructure, directly contributing to the expansion of the ICU beds market.
Major Players and Innovative Trends in ICU Beds Market
- Industry Giants in Action
The ICU beds market boasts a roster of major companies steering its trajectory, including Stryker Corporation, Hill-Rom Holdings Inc., and Getinge AB, among others. These industry leaders play a pivotal role in shaping the market landscape.
- Focus on Multifunctional Beds
To gain a competitive edge, major companies are increasingly focusing on introducing innovative multifunctional ICU beds. A standout example is the Hillrom Progressa+ bed, launched by Baxter International Inc. in June 2023. This next-generation ICU bed incorporates advanced technologies to facilitate patient care and recovery.
- Features of Hillrom Progressa+ Bed
- Designed to support pulmonary needs
- Includes in-bed percussion, vibration, and lateral rotation therapies
- Offers flexible frame options for patient mobility
- Integrates a 3-mode bed exit alarm for patient safety
Market Segmentation: Unveiling the Dynamics
The ICU beds market is segmented to provide a comprehensive understanding of its intricacies:
- By Type:
- Electric Beds
- Semi-Electric Beds
- Manual Beds
- By Application:
- Pediatric Intensive Care Unit
- Neonatal Intensive Care Unit
- Psychiatric Intensive Care Unit
- Cardiac Intensive Care Unit
- Neurological Intensive Care Unit
- Trauma Intensive Care Unit
- Post-Operative Recovery Unit
- Surgical Intensive Care Unit
- Mobile Intensive Care Unit
- By End Use:
- General And Acute Care Hospitals
- Specialized Hospitals
- Multi-Specialty Hospitals
- Ambulatory Surgery Centers (ASC)
- Other End Uses
North America Leading the Charge
In 2023, North America emerged as the largest region in the ICU beds market, reflecting the region’s proactive approach towards advancing critical care capabilities and infrastructure.
Conclusion: Navigating the Future of Critical Care
The ICU beds market’s trajectory reflects a synergy of increasing healthcare needs, technological innovation, and strategic market trends. As the industry continues to evolve, the focus on multifunctional beds, driven by major players, ensures that the critical care landscape is equipped to meet the demands of an ever-changing healthcare environment. With a growing number of hospitals and a commitment to innovation, the future of ICU beds promises advancements that enhance patient care and safety.
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