by The Emergency Medical Equipment market is estimated to be valued at US$ 25.32 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Emergency medical equipment refers to specialized devices that are used for diagnostic and treatment purposes during medical emergencies. This includes equipment such as defibrillators, ECG monitors, oxygen equipment, patient monitors, imaging equipment, and others. These devices help healthcare professionals to provide timely treatment to patients and save lives during critical situations.
Market Dynamics:
Emergency medical equipment market is witnessing significant growth owing to growing incidences of chronic and lifestyle diseases. According to World Health Organization (WHO), chronic diseases accounted for approximately 60% of the global deaths in 2016. Growing geriatric population, which is more prone to various chronic conditions, is also fueling the demand for emergency medical devices. Moreover, growing number of road accidents and injuries cases necessitate timely medical assistance, thereby driving adoption of emergency medical equipment. However, high costs associated with advanced equipment and lack of skilled professionals in developing regions poses a challenge to market growth.
SWOT Analysis
Strength: Emergency Medical Equipment Market Growth has strong growth potential due to rising aging population and increasing prevalence of chronic diseases. Growing investments by governments and companies in healthcare infrastructure will boost demand. Advancement in technology is enabling development of innovative and advanced emergency equipment.
Weakness: High costs associated with emergency medical equipment can limit their adoption in price sensitive markets. Lack of skilled professionals for operating certain equipment in developing regions pose challenges.
Opportunity: Untapped opportunities exist in emerging economies due to increasing healthcare expenditure. Growing ambulances and emergency centers provide scope for equipment suppliers. Rising awareness about emergency care and medical equipment support market growth.
Threats: Stricter regulatory norms for new products approval can delay product launches. Impact of COVID-19 pandemic on production and supply chain is a challenge.
Key Takeaways
The global Emergency Medical Equipment market is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing aging population globally and rising prevalence of chronic diseases. This drives demand for emergency care and related equipment.
Regional analysis: North America dominates the global emergency medical equipment market currently, owing to robust healthcare infrastructure and presence of leading players. Asia Pacific exhibits highest growth and is estimated to grow at 7.2% CAGR during the forecast period. Rapidly developing healthcare sector and rising medical tourism in China and India provides vast potential.
Key players operating in the Emergency Medical Equipment 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 focus on new product launches and geographical expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
