Europe Critical Care Equipment Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product (Ventilators, Patient Monitor Systems, Infusion Pumps, and Others); Application (Cardiology, Pulmonology, Orthopedics, Neurology, and Others); End-User (Hospitals, Ambulatory Care Centers, Home Care, and Others) and Country
The Europe critical care equipment market is expected to reach US$ 11,868.33 million by 2027 from US$ 5,611.47 million in 2019. The market is estimated to grow with a CAGR of 9.1% from 2020 to 2027.
The growth of the market is attributed to the key driving factors such as rise in number of medical device industries and increasing number of COVID-19 cases across Europe. However, shortage of staff and protective equipment due to the COVID-19 pandemic is expected to obstruct the growth of the market to a certain extent during the forecast period.
Critical care equipment includes cardiac support, patient monitoring, respiratory support, emergency resuscitation devices, pain management, and other life support equipment designed to care for critically ill patients or those who have undergone a major surgical procedure. These devices help in preventing any serious injury or death of the patient. They are essential in all healthcare facilities such as hospitals and clinics.
The increasing demand for critical care equipment by hospitals and various healthcare facilities across the nation has boosted the manufacturing process of critical care equipment by the companies. Germany has the highest number of employees working in the medical device industry, which has helped the market grow further. The majority of medical device companies are based in Germany. For instance, DIXION is a German manufacturer and an international trading company that offers ventilators suitable for infants, children, and adults. Similarly, Drägerwerk AG & Co. KGaA, a German company, is a global leader in medical and safety technology since 1889. In this COVID-19 pandemic, the company is witnessing an increase in demand for its ventilators. According to MedTech Europe, in 2017, Germany had about 27.4% of the medical device market based on the manufacturer prices. Besides, the market for medical devices in France is increasing rapidly. For instance, according to the Export.gov in 2019, the manufacturer prices of medical devices in France was estimated to be US$ 40.4 billion, including US$ 14 billion imports. Thus, the growing medical device industry in Europe is likely to impact the growth of the critical instruments market positively.
The increasing incidence of COVID-19 cases has led to ramp up the production scales to generate large volumes of critical care instruments such as a ventilator, infusion pumps, and others in the UK. As per the world meter, there were 328,846 total COVID-19 cases as of 27th august 2020. The government in the country has been procuring critical care instruments to tackle the crisis that has emerged in the healthcare system due to the rising cases of COVID-19 in the country. The country initially called for 30,000 ventilators to treat COVID-19 patients. In July 2020, the production teams in the UK delivered 13,437 ventilators to the National Health Service. In April 2020, the UK government ordered 15,000 Penlon ESO 2 Emergency Ventilators to save lives during the COVID-19 pandemic.
Based on product, the critical care equipment market is segmented into patient monitor systems, ventilators, infusion pumps, and others. The patient monitor systems segment held the largest share of the market in 2019; whereas, the ventilators segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on application, the critical care equipment market is segmented into cardiology, pulmonology, neurology, orthopedic, and others. The cardiology segment held the largest share of the market in 2019; whereas, the pulmonology segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on end-user, the critical care equipment market, is segmented into hospitals, ambulatory care centers, home care, and others. The hospitals segment held the largest share of the market in 2019 and is anticipated to register the highest CAGR in the market during the forecast period.
Some of the major primary and secondary sources for critical care equipment market included in the report are International Civil Aviation Organization (ICAO), Worldometers, and National Institute for Healthcare and Excellence (NICE), among others.
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