The per-encounter medical market offers various medical equipment and devices used by patients visiting hospitals and clinics for treatment or checkups. Key products include wheelchairs, walkers, scooters, medical beds, stretchers, respiratory assist devices, and patient positioners among others. These medical products provide comfort, mobility and accessibility support to patients during their medical visit.
The global Per-Encounter Medical Market is estimated to be valued at US$ 133.64 Billion in 2024 and is expected to exhibit a CAGR Of 11% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing geriatric population prone to chronic illnesses and injuries presents a major growth opportunity for players in the per-encounter medical market. As per estimates, the global population aged 65 years and above is projected to reach nearly 1.5 billion by 2050 from 703 million in 2019. The rising life expectancy has led to a surge in age-related health conditions that require frequent hospital visits. Moreover, older adults tend to seek more medical care and assistance devices compared to younger population. With the growing numbers of elderly, the demand for per-encounter medical equipment catering to their needs is expected to increase significantly over the coming years. Market players can gain a competitive edge by offering geriatric-specific products designed for comfort, mobility and safety of aged patients.
Porter's Analysis
Threat of new entrants: The per-encounter medical market requires large investments in R&D to develop innovative products. Established brands have strong brand loyalty which acts as a barrier.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, specialized needs increase customer dependency on brands.
Bargaining power of suppliers: A few large suppliers exist with the capability for component manufacturing. This gives them some power over price negotiation.
Threat of new substitutes: New substitutes pose a moderate threat as specialized needs require customization. However, technology advances can increase substitute threats.
Competitive rivalry: The market has the presence of large multinationals with a wide product range intensifying competition.
SWOT Analysis
Strengths: Established brands have strong R&D capabilities and economies of scale. Growing aging population increases demand.
Weaknesses: High manufacturing costs impacts margins. Lack of standardized regulations delays product approvals.
Opportunities: Untapped markets in developing nations offer scope. Expanding applications of assisted technology provides opportunities.
Threats: Price wars among players impact revenues. Rising healthcare costs and regulatory compliances increase operational expenses.
Key Takeaways
The Global Per-Encounter Medical Market Demand is expected to witness high growth. Rapid technological advancements are enabling the development of innovative products.
Regional analysis:
Asia Pacific region accounts for over 25% of global market share and is forecast to witness nearly 15% CAGR during the forecast period. Rapid infrastructure development and increasing disposable incomes in economies such as China and India are driving demand. Government initiatives to improve healthcare accessibility are supporting market growth in the region.
Key players:
Key players operating in the per-encounter medical market are Invacare Corporation, Sunrise Medical (US) LLC, Permobil Inc., Pride Mobility Products Corporation, Drive Devilbiss Healthcare, Hoveround Corporation, Ottobock Healthcare, 21st Century Scientific, Inc., Meyra GmbH, LEVO AG, Merits Co. Ltd., Segway Inc., Scewo, GF Health Products Inc., Karman Healthcare, Inc., KYMCO Healthcare, SOWECARE B.V, and Nanjing Jin Bai He Medical Apparatus Co., Ltd.
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