Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Emergency Medical Equipment Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 02, 2021 (GLOBE NEWSWIRE) -- The Global Emergency Medical Equipment Market is expected to grow at a CAGR of around 6.3 % from 2020 to 2027 and reach the market value of over US$ 30.4 Billion by 2027.
North America dominates the emergency medical equipment market since the past and will continue its trend till the forthcoming years. High prevalence of trauma related injuries and surgeries performed every year in the US. Additionally, strong presence of key players, technological advancements, and well-established hospital infrastructure are the prominent factors responsible for stimulating the growth of North American regional market for emergency medical equipment.
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On the other hand, Asia-Pacific will record a significant CAGR for the emergency medical equipment market. This is accounted by rising geriatric population coupled with growing exposure of medical emergency and high government involvement. Such factors contribute to the fullest for the APAC emergency medical equipment market.
Market Drivers and Restraints
Rising geriatric population is prone to several medical emergencies that involve cardiac arrest, respiratory disorder, and other medical urgency. Additionally, high prevalence of natural calamities requires advanced emergency medical care. Apart from that, due to increasing demand the emergency medical services vary drastically from developed to developing countries. Low and middle income countries lack comprehensive emergency medical services (EMS) that can be accessed throughout the country. This factor limits the growth of emergency medical equipment market globally. However, some of these countries are highly involved in welcoming international industry players to explore untapped opportunities in emerging economies.
Segmental Outlook
The global emergency medical equipment market is segmented based on type, application, and end-user. Based on type, the market is segmented as wound care consumables, patient handling equipment, emergency resuscitation equipment, infection control supplies, patient monitoring systems, personal protection equipment, and others. By application, the market is segregated as trauma injuries, cardiac care, respiratory care, and others. By end-user, the market for emergency medical equipment is segmented as hospitals, ambulatory surgical centers, specialty clinics, and others.
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By type, emergency resuscitation equipment segment will record largest market share in the forecast period. This is attributed to rising pool for the number of emergency visits resulting in demand for emergency resuscitation equipment. Based on application, the cardiac care segment will account remarkable market share of the emergency medical equipment market. This is well supported by rising prevalence of cardiac diseases and surging pool of geriatric population more prone to cardiac diseases. Furthermore, by end-user, hospital segment will contribute dominating share for the emergency medical equipment market.
Competitive Landscape
Key companies profiled in this report involve GE Healthcare, Stryker, Asahi Kasei, Medtronic, Cardinal Health, Philips, 3M, Smiths Medical, Smith & Nephew, Becton, Dickinson, Johnson & Johnson, B. Braun, and among others.
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Some of the key observations regarding Emergency Medical Equipment industry include:
- In March 2020, GE Healthcare announced a collaboration with Ford Motor Company for scaling up the production of ventilators. The collaboration aims to provide clinicians with vital medical equipment to treat patients with COVID-19, the respiratory illness caused due to novel corona virus.
- In July 2019, Stryker announced a collaboration with Royal College of Surgeons in Ireland (RCSI) to drive digital healthcare innovation platform. The digital platform services centre of excellence aims to develop digital solutions for use in emergency and specialist care to offer core seamless care coordination for patients suffering from time critical medical emergencies.
- In April 2020, Prisma Health announced a collaboration with Ethicon Inc., a part of the Johnson & Johnson Medical Devices Companies to manufacture and distribute a ventilator expansion device, namely, VESper™ Ventilator Expansion Splitter. The new product is authorized for emergency use only to allow a single ventilator to be fitted with the ventilator splitter to be used for two rescuable patients for ventilator support during the COVID-19 pandemic unless individual ventilators are not available in the global market.
- In October 2019, Royal Philips announced Air Ambulance Kent Survey Sussex (AAKSS) to equip all of its emergency services helicopters with the Philips RDT Tempus ALS and Philips IntelliSpace Corsium web-based software platform. The collaboration with the Philips RDT and Air Ambulance Kent Survey Sussex (AAKSS) in the UK aims to provide first time in the world Helicopter Emergency Service (HEMS) teams, which include a doctor and paramedic, can live stream patient medical information – including electrocardiogram (ECG), body temperature, heart rhythm, pulse and respiration rate and blood pressure - from the scene to the receiving hospital, as well as the on-call air ambulance team. Philips Enhanced Data Service (EDS) minimizes data packets to enhance reliability over low bandwidth preventing data loss during transmission.
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