ICU Medical Inc. designs, manufactures, and markets medical devices used mainly for infusion therapy, vascular access, and vital care. Its customers include acute care hospitals, wholesalers, ambulatory clinics, and alternative care settings such as outpatient centers, home health providers, and long-term care facilities.

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ICU Medical conducts research and development (R&D) to develop new products and advance the existing product lines. It includes R&D expenses such as compensation and benefit expenses, samples, travel costs, consulting fees, production supplies, utilities and other miscellaneous administrative costs. As of December 31, 2025, the company operated three R&D facilities worldwide, located at San Clemente and San Diego in California, the US, and at Chennai, Tamil Nadu, India. In FY2025, ICU Medical spent US$87.5 million on its R&D, which as a percentage of revenue stood at 3.9%, and declined 1.2% YoY.