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North America esoteric testing market to accrue significant proceeds by 2025

Author : Ronak Bora | Published Date : 2021-01-16 

A prolific rise in COVID-19 cases across the developed economies of North America, including the United States, Canada, and others, has enabled North America intensive care beds market to carve a profitable map for itself in the years to come. As per numerous reports, the novel pandemic outbreak has escalated the hospital admissions in the region, thereby calling out for dire need of intensive care beds to offer proper care and treatment to people.

The rate of COVID positive patients is rising at a rapid pace, and in this regard, a report by Health Metrics and Evaluation put forth a revelation that nearly 41 states of the U.S would require more beds in the upcoming months owing to the fact that the disease will only spread in the upcoming months.

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North America intensive care beds market size is likely to exceed a whopping valuation of USD 1 billion by the end of 2026, in lieu of the given trends charactering the industry currently:

Mounting demand for electric beds

When considering the product segmentation, North America intensive care beds market is highly characterized by electric beds sector, courtesy- ease of operations due to automated functions. It was reported that the electric beds segment held an overall business share of 47 per cent in 2019 and is posed to grow at a CAGR of 3.3 per cent through 2026. One of the reasons for this growth is the product’s crucial benefits including better assistance in enhancing the blood circulation and shifting patients across various healthcare settings.

Adding to it, the emergence of technologically advanced solutions and beds that can adjusted by a remote control, enabling geriatric and disabled population to determine the best position, would also strengthen the market outlook over 2020 to 2026.  

Heightened requirement across general ICUs

General intensive care units have emerged as a remunerative vertical for North America intensive care beds market, perhaps due to the inclining interests of patients with common medical and surgical reasons towards making use of general ICUs.

These settings offer proper care for an expansive range of diseases including traumatic brain injuries, stroke, sepsis, and ruptured brain aneurysm. It is noteworthy to mention that traumatic brain injury is one of the leading causes of deaths and disabilities across the States. In fact, as per a CDC report, it was observed that over 1.5 million Americans sustain a traumatic brain injury, which enunciates the need for ICU admissions, thus propelling the segmental trends across the market.

Expanding hospital admissions

In wake of the novel coronavirus outbreak, hospital admissions have prolifically risen over the past few months, offering an impetus to the hospital segment growth across North America intensive care beds market. For the record, the segment held a revenue share of more than USD 268 million in 2019 and is projected to escalate at an appreciable growth pace in the following years. Let alone COVID-19 outbreak, rising medical attention and accidents across the region would also bolster the need for hospitals admissions.

For example, a 2017 report by CDC illustrates that the year witnessed over more than 2 million patient visits to hospitals which resulted in increased admissions to critical care units. This surge is anticipated to augment the segmental outlook by 2026. 

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Increasing patient count in Canada

Ever since COVID-19 stuck Canada, the need for intensive care beds has drastically increased. It was observed that intensive care beds industry across Canada was worth USD 28 million in 2019 and is touted to only rise in the upcoming months and years due to the surging COVID-19 patient count across the country. A WHO report states that in April 2020, the country had over more than 45,000 COVID-19 positive patients, a number which accentuates the demand for intensive care beds on the country level.

Not only this, rising prevalence of chronic diseases amongst the geriatric population is also likely to augment the regional market statics in the years to follow.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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