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APAC Intensive Care Beds Market Share to Earn USD 1 Bn by 2026
Published Date: 2020-05-11
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According to the Graphical Research new growth forecast report titled Asia Pacific Intensive Care Beds Market Share is set to exceed USD 1 billion by 2026. Surging demand for intensive care beds in the region is due to growing covid-19 pandemic cases at an unprecedented rate. According to the news article, the outbreak of novel coronavirus infected 84,000 patients in China in April 2020, followed by India that witnessed the second highest cases in the region. According to the recently published article, on 1st May 2020, around 40,000 covid-19 cases were reported in India. Owing to these statistics the upsurge in hospital admissions have propelled the demand for intensive care beds across the region. Furthermore, the presence of high geriatric population in the region that is presently living with chronic diseases such as diabetes, respiratory infections and cardiovascular diseases among others are some other factors that are contributing into the market growth.
Rising obese population in the region is one of the major factors fostering the market growth positively across the region. According to a news article more than 20% of population in china is obese that in turn leads to multiple diseases which would further require medical intervention. As a result, hospitals are increasing the capacities of intensive care beds that would cater to patients needs and safety. Hence, owing to the above mentioned factors the market will considerably contribute to market growth in future. However, high cost of the electric intensive beds may hamper the overall market growth in the region over the forecast period.
Electric bed segment held substantial revenue share in 2019 and is estimated to witness around 8.3% CAGR over the analysis timeframe. Increasing adoption of technologically advanced electric beds that assist healthcare professionals in providing adequate care to the patients suffering from chronic diseases is propelling the market growth positively. Moreover, growing awareness about the advantages of electric beds is pushing hospitals to adopt these beds in their facilities. Owing to which the demand for these beds have grown multiple folds that in turn is boosting the overall market growth in the region.
Specialized intensive care bed segment was valued over USD 185 million in 2019. The high growth rate is due to the rising demand for these beds owing to their antibacterial and anti-microbial properties. In addition, availability of trained physicians, nurses & other facilities and rising geriatric population coupled with chronic diseases are some other factors that are contributing into the market growth.
Hospitals segment was valued at over USD 195 million in 2019 and is expected to follow the same trend in the upcoming years. As the covid-19 pandemic continues to rage throughout the region, a growing number of hospitals encountering a dearth of intensive care beds is collapsing the proper functionality. As a result, the demand for intensive care beds is significantly propelling the market growth across the region. In addition, rising geriatric population prone to chronic diseases during this pandemic are some other factors fueling the market growth positively.
China intensive care beds market is estimated to witness around 7.0% CAGR during the forthcoming years. This is attributed to the rising covid-19 pandemic that increases the hospital admission thereby propelling the demand for intensive care beds. According to the Chinese Society of Critical Care Medicine, the percentage of intensive care beds to hospital beds across the country is only 1.65%. Hence, owing to the growing number of covid-19 cases coupled with dearth of ICU beds across the country will drive the demand for intensive care beds. Furthermore, growing geriatric population coupled with chronic diseases such as diabetes, cardiovascular disease and others are some other factors that are contributing significantly in boosting the market growth.
Major market players in the market are Stryker Corporation, Hill-Rom Services, Invacare Corporation, Medline Industries, Malvestio and Arjo among others. The companies are adopting various strategies such as collaborations, new product development and partnerships, thereby augmenting their portfolio and expansion of customer base. For instance, in March 2020, Hill-Rom Holdings announced the introduction of Progressa intensive care bed for covid-19 patients across the region. The move was aimed to assist all the healthcare professionals in providing adequate care to the patients.
Asia Pacific Intensive Care Beds Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and volume in Units from 2015 to 2026, for the following segments:
Market Share, By Product, 2015-2026 (USD Million and Units)
- Electric Beds
- Manual Beds
Market Size, By Application, 2015-2026 (USD Million and Units)
- General ICU’s
- Specialized ICU’s
- Pediatric and Neonatal ICU’s
Market Growth, By End-use, 2015-2026 (USD Million and Units)
- Ambulatory Surgical Centers
- Home Healthcare
The above information is provided for the following countries:
- South Korea
- New Zealand