Market Overview:
The emergency medical equipment market comprises medical devices that help diagnose and treat victims during medical emergencies and accidents. The equipment includes patient monitors, defibrillators, trauma products, cardiology products, endoscopy equipment, emergency resuscitation equipment, and wound closure devices. Technological advancements have enabled the integration of electrocardiography, respiratory monitoring, and pulse oximetry in emergency medical equipment for efficient diagnosis and treatment at accident sites or during patient transport.
Market Dynamics:
Growing prevalence of chronic diseases and road accidents are expected to drive the emergency medical equipment market growth over the forecast period. According to the World Health Organization, road traffic injuries cause around 1.35 million deaths annually across the globe. Also, chronic diseases such as cancer, diabetes, and heart disease account for over 60% of all deaths globally. This has increased the demand for emergency care services and medical equipment. Furthermore, growing aging population is also expected to impact the market positively. However, high cost of emergency medical equipment may hamper market growth.
Segment Analysis
The Emergency Medical Equipment Market Growth is dominated by the emergency resuscitation equipment segment. This segment accounted for over 35% of the total market share in 2023. Emergency resuscitation equipment are essential for providing advanced life support to patients and include devices such as emergency defibrillators, ventilators, and life support monitors. The growing incidence of chronic diseases and rising number of trauma cases are driving the demand for emergency resuscitation equipment.
PEST Analysis
Political: Regulations regarding emergency medical equipment specifications and use vary across countries. Favorable regulations encouraging advanced care are boosting market growth.
Economic: Rising healthcare spending across developed and developing nations is increasing investments in emergency medical infrastructure and equipment.
Social: Growing public awareness about emergencies and availability of emergency medical services are major factors for market growth.
Technological: Development of portable, wireless, and automated emergency medical equipment suitable for pre-hospital and ambulance care is a key trend.
Key Takeaways
The global emergency medical equipment market is expected to witness high growth, exhibiting a CAGR of 6.3% over the forecast period of 2023 to 2030, due to increasing prevalence of chronic diseases and road accidents. The market size for emergency medical equipment was valued at US$ 25.32 Bn in 2023.
Regional analysis: North America dominates the emergency medical equipment market and is expected to continue its dominance over the forecast period. This is attributed to high healthcare spending, availability of advanced medical infrastructure and presence of major market players in the region. Asia Pacific is expected to exhibit the fastest growth rate over the forecast period. Rapidly developing healthcare systems, growing medical tourism and rising incidences of chronic diseases and accidents are fueling market growth in Asia Pacific.
Key players operating in the emergency medical equipment market are 3M, Abbott, Asahi Kasei Corporation, B. Braun Medical, BD, Cardinal Health, GE Healthcare, Henry Schein, Johnson & Johnson, Philips Healthcare, Smith & Nephew, and Stryker Corporation. Major players are focusing on new product launches, partnerships and geographical expansion strategies to strengthen their market presence.
Read More: https://www.ukwebwire.com/emergency-medical-equipment-market-is-estimated-to-witness-high-growth/
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