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Pharmacy benefit management market
EMERGENCY MEDICAL EQUIPMENT MARKET REPORT OVERVIEW
The global emergency medical equipment market size was USD 16180 million in 2019 and will touch 20590 million by 2026, exhibiting a CAGR of 3.5% during the forecast period.
Emergency medical equipment plays a crucial role in providing timely and effective care to individuals facing life-threatening situations. These tools and devices are designed to address a variety of medical emergencies, ranging from cardiac events to trauma incidents. One essential category of emergency medical equipment includes defibrillators, which are used to deliver electric shocks to the heart to restore normal rhythm in cases of cardiac arrest. Automated External Defibrillators (AEDs) are particularly vital, as they can be easily used by laypersons and first responders, allowing for quick intervention before professional medical help arrives.
Another critical component of emergency medical equipment is the airway management devices, which are essential for maintaining a patient's airway and ensuring proper breathing. This includes devices like bag-valve-mask resuscitators, endotracheal tubes, and supraglottic airway devices. These tools are crucial in situations where a patient is unable to breathe effectively on their own, such as during respiratory failure or when unconscious. Prompt and appropriate use of these devices can significantly improve a patient's chances of survival and recovery, highlighting the importance of having well-maintained and accessible emergency medical equipment in various healthcare settings, including hospitals, ambulances, and public spaces.
COVID-19 IMPACT: Increased Demand for Respiratory Support Equipment to Boost Market Growth Significantly
The global COVID-19 pandemic has been unprecedented and staggering, with the emergency medical equipment market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
COVID-19 primarily affects the respiratory system, leading to a surge in demand for respiratory support equipment such as ventilators and oxygen therapy devices. The pandemic highlighted the importance of having an adequate supply of such emergency medical equipment to address the respiratory distress caused by severe cases of the virus.
The COVID-19 pandemic accelerated the adoption of technological advancements in emergency medical equipment. Telemedicine and remote monitoring tools became more crucial to manage patient care, reducing the need for physical presence. Additionally, there was an increased focus on the development of portable and easy-to-use medical devices to enhance flexibility in emergency response. The market is anticipated to boost the emergency medical equipment market growth following the pandemic.
LATEST TRENDS
"Advanced Monitoring and Diagnostic Devices to Drive Market Growth"
There is a growing trend toward the development and adoption of advanced monitoring and diagnostic equipment in emergency medical situations. This includes portable and wireless devices that enable real-time monitoring of vital signs and rapid diagnostics, enhancing the efficiency of emergency medical interventions. The integration of telemedicine technologies with emergency medical equipment has been on the rise. This trend allows healthcare providers to remotely assess and assist patients during emergencies, improving response times and providing timely medical guidance. The incorporation of smart technologies and connectivity features in emergency medical equipment is becoming more common. This includes IoT-enabled devices that can transmit data to healthcare providers, improving communication and coordination in emergency response scenarios. These latest developments are anticipated to boost the emergency medical equipment market share.
EMERGENCY MEDICAL EQUIPMENT MARKET SEGMENTATION
- By Type
Based on type the global market can be categorized into Diagnostic Medical Equipment, Emergency Resuscitation Equipment, Patient Handling Equipment, Personal Protective Equipment and Other.
Diagnostic Medical Equipment: Diagnostic medical equipment encompasses a wide range of devices used to identify and diagnose medical conditions. These tools aid healthcare professionals in assessing a patient's health status, determining the presence of diseases, and guiding treatment decisions.
Emergency Resuscitation Equipment: Emergency resuscitation equipment is designed to provide life-saving interventions during critical situations, particularly when a person is in cardiac arrest or respiratory distress. These devices and tools aim to restore normal physiological functions quickly and effectively.
Patient Handling Equipment: Patient handling equipment is designed to assist healthcare professionals in the safe and efficient movement, transfer, and positioning of patients. This type of equipment is crucial for preventing injuries to both patients and healthcare workers during various medical procedures and transfers.
Personal Protective Equipment (PPE): Personal Protective Equipment is a category of gear designed to protect healthcare professionals and other individuals from exposure to infectious agents, chemicals, or other hazards in the healthcare environment. PPE is essential in preventing the transmission of infections and ensuring the safety of healthcare workers.
- By Application
Based on application the global market can be categorized into Cardiac Care, Trauma Injuries, Respiratory Care, Oncology and Others.
Cardiac Care: Cardiac care involves the prevention, diagnosis, and treatment of heart-related conditions. Medical equipment in cardiac care is designed to assess and manage various cardiovascular issues, including heart attacks, arrhythmias, and heart failure.
Trauma Injuries: Trauma injuries involve physical damage caused by accidents, falls, or other traumatic events. Medical equipment in trauma care is essential for stabilizing patients, managing injuries, and facilitating emergency resuscitation.
Respiratory Care: Respiratory care involves the assessment and management of respiratory disorders, including conditions like chronic obstructive pulmonary disease (COPD), asthma, and respiratory failure.
Oncology: Oncology involves the prevention, diagnosis, and treatment of cancer. Medical equipment in oncology is diverse, ranging from diagnostic tools to devices used in cancer treatment modalities.
DRIVING FACTORS
"Increasing Incidence of Trauma & Medical Emergencies to Boost the Market"
The rising prevalence of accidents, natural disasters, and other emergencies necessitates the need for advanced and efficient emergency medical equipment. The growing global population and urbanization contribute to an increased incidence of trauma and medical emergencies, driving the demand for timely and effective medical interventions. The aging global population is prone to various health conditions and emergencies, including cardiac events and respiratory issues. The increasing number of elderly individuals contributes to the demand for emergency medical equipment designed to address the specific needs of this demographic.
"Rising Healthcare Expenditure to Expand the Market"
Increasing healthcare spending globally allows for the procurement of advanced medical equipment, including emergency medical devices. Both public and private investments in healthcare infrastructure and emergency services contribute to market growth. Government initiatives aimed at improving healthcare infrastructure, emergency response systems, and disaster preparedness contribute significantly to the growth of the emergency medical equipment market. Investments in public health and emergency services enhance the availability and accessibility of advanced medical equipment. These factors are anticipated to drive the emergency medical equipment market share.
RESTRAINING FACTOR
"High Cost of Advanced Equipment to Potentially Impede Market Growth"
The cost associated with acquiring and maintaining advanced emergency medical equipment can be substantial. Limited budget allocations in healthcare systems, especially in developing countries, may hinder the widespread adoption of high-tech and expensive devices, impacting market growth. Economic downturns can impact healthcare budgets, leading to reduced spending on medical equipment. Governments and healthcare institutions may prioritize essential services during economic crises, affecting investments in emergency medical equipment. The factors are anticipated to hinder the growth of the emergency medical equipment market growth.
EMERGENCY MEDICAL EQUIPMENT MARKET REGIONAL INSIGHTS
"North America is Dominating the Market with Well-Developed Healthcare Infrastructure"
The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
North America, particularly the United States and Canada, boasts a well-developed and sophisticated healthcare infrastructure. The region has a comprehensive network of hospitals, clinics, emergency services, and healthcare professionals. This robust infrastructure supports the widespread adoption of emergency medical equipment. North America is a hub for medical research, development, and innovation. The region is home to numerous medical device manufacturers and technology companies that contribute to the continuous advancement of emergency medical equipment. The availability of cutting-edge technologies enhances the quality and effectiveness of emergency medical devices. North America has well-established pre-hospital care systems, including advanced ambulance services and paramedic response teams. These systems require a range of emergency medical equipment to provide effective care during transit and at the scene of emergencies.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- Stryker [U.S.]
- Medtronic [Ireland]
- Asahi Kasei [Japan]
- Cardinal Health [U.S.]
- Philips [Netherlands]
INDUSTRIAL DEVELOPMENT
September 2019: The ZOLL AED Plus is an automated external defibrillator (AED) manufactured by ZOLL Medical Corporation. This medical device is designed for use in emergency situations to provide life-saving defibrillation to individuals experiencing sudden cardiac arrest.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 16180 Million in 2019 |
Market Size Value By |
US$ 20590 Million by 2026 |
Growth Rate |
CAGR of 3.5% from 2019 to 2026 |
Forecast Period |
2022-2026 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the emergency medical equipment market expected to touch by 2026?
The global emergency medical equipment market is expected to reach USD 20590 million by 2026.
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What CAGR is the emergency medical equipment market expected to exhibit by 2026?
The emergency medical equipment market is expected to exhibit a CAGR of 3.5% by 2026.
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Which are the driving factors of the emergency medical equipment market?
Rising Healthcare Expenditure and Increasing Incidence of Trauma & Medical Emergencies are some of the driving factors of the emergency medical equipment market.
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What are the emergency medical equipment market segments?
The emergency medical equipment market segmentation that you should be aware of, which include, based on type the emergency medical equipment market is classified as Diagnostic Medical Equipment, Emergency Resuscitation Equipment, Patient Handling Equipment, Personal Protective Equipment and Other. Based on application the emergency medical equipment market is classified as Cardiac Care, Trauma Injuries, Respiratory Care, Oncology and Others.