July 21, 2024
Emergency Medical Equipment Market

Emergency Medical Equipment Market is Estimated To Witness High Growth Owing To Increasing Awareness About Medical Emergencies

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 a wide range of medical devices and equipment that are used for providing medical treatment in critical situations like accidents or severe injuries. Key products include patient monitors, defibrillators, infusion pumps, cardiac monitors, trauma products, and others. These equipment help medical professionals assess the condition of patients, diagnose them accurately, provide life-support procedures, and administer correct treatment during medical emergencies.

Market key trends:
One of the key trends driving the emergency medical equipment market is the increasing number of accidents and injuries globally. Road traffic accidents, casualties during natural or man-made disasters, workplace injuries, and sports-related injuries are on the rise worldwide. This has boosted the demand for emergency care facilities and life-saving medical devices. Additionally, growing public awareness about safety measures and availability of emergency healthcare is augmenting the need for emergency medical equipment across hospitals, clinics, ambulances, and other sites. Government initiatives in several countries to improve emergency medical services through better infrastructure and resource allocation are also fueling market growth.

Porter’s Analysis

Threat of new entrants: Low capital requirements and lack of major economies of scale pose low barriers to entry. However, existence of established brand names discourage new entrants.

Bargaining power of buyers: Presence of several domestic and international players results in intense competition, giving buyers high bargaining power. Buyers can negotiate for better prices and demand high-quality products.

Bargaining power of suppliers: While raw material supplies are concentrated, suppliers have moderate bargaining power due to availability of substitutes and buyers having bargaining power.

Threat of new substitutes: Moderate threat from emerging new technologies for diagnosis and treatment pose substitutes. However, high switching costs keep the threat low.

Competitive rivalry: Intense rivalry exists among existing players to gain market share and brand visibility through product innovation, quality, and competitive pricing.

SWOT Analysis

Strengths: Large customer base and greater spending on healthcare provides significant opportunities. Innovation in connected devices aids remote monitoring.

Weaknesses: High R&D costs and regulatory compliances increase operational expenses. Dependency on reimbursements affects profitability.

Opportunities: Growing geriatric population prone to chronic diseases will drive demand. Emerging economies offer scope for expansion.

Threats: Privacy and security issues with connected devices act as challenges. Stringent approval timeline and regulatory norms restrain growth.

Key Takeaways

The global Emergency Medical Equipment Market Growth is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing prevalence of chronic diseases and rising healthcare expenditure globally. Asia Pacific region is expected to witness fastest CAGR over the forecast period due to growing healthcare infrastructure and disposable incomes in the region.

Regional analysis – North America dominates the market holding over 35% share owing to favorable government initiatives and presence of key players. Asia Pacific to grow at fastest CAGR of 8% during 2023-2030 due to rising medical tourism, rapid economic growth and investment in healthcare sectors by governments in China, India.

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. The major players are focusing on new product launches, strategic partnerships and regional expansion to gain significant market share and cater to the rising demand.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it