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| Emergency Medical Equipment |
The Global Emergency Medical Equipment Market was valued at US$ 17.8 billion in 2017, and is projected to exhibit a CAGR of 6.1% over the forecast period (2018 - 2026), as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing geriatric population prone to various
medical emergencies such as cardiac arrest, respiratory disorders,
and other medical urgency and rising incidences of natural calamities
require advanced emergency medical care. According to American Heart
Association 2016 report, cardiovascular disease is the leading cause
of death worldwide, accounting for around 17.3 million deaths
annually and is expected to reach over 23.6 million by 2030.
According to GRID-Arendal, an official United
Nations Environment Programme (UNEP) 2018, with the growing
population and infrastructures, the world’s exposure to natural
hazards is increasing inevitably. Therefore, all these factors are
collectively rising the demand for emergency medical services
eventually driving the emergency medical equipment market revenue.
Despite the increasing demand, the emergency
medical services varies drastically from developed to developing
countries. Low and middle-income countries lack comprehensive EMS
that can be accessed throughout the country which can be a
restraining factor for emergency medical equipment market growth.
However, some of these countries are involving international industry
players to explore untapped opportunities in emerging economies.
For instance, according to the Journal of
Emergency Medical Services, in 2019, India will host the Asian
Conference on Emergency Medicine, which is expected to be attended by
major industry players, and India is a good entry point for the
entire subcontinent.
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Government
plays a crucial role in the provision of emergency medical services.
Therefore, increasing number of government Emergency Medical Service
(EMS) programs are considered to be the major factor driving growth
of the global emergency medical equipment market. For instance,
programs such as Emergency Medical Services for Children, the Office
of EMS, and the Division of Injury Response coordinate their efforts
for emergency services through regular communications, collaboration,
and planning on numerous projects.
Moreover, increased government funding for the
management of natural disaster is expected to increase demand for
advanced emergency medical services eventually driving the emergency
medical equipment market revenue. For instance, in 2017, the U.S.
Congress approved a two-year budget that included US$ 130 billion for
disaster management. Federal Emergency Management Agency (FEMA) is
the primary federal agency for funding assistance after a disaster in
the U.S.
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| Emergency Medical Equipment Market |
Manufacturers
in emergency medical equipment market are focused on strategic merger
and acquisition in order to strengthen their leadership position in
the market. For instance, in June 2018, Royal Philips announced the
acquisition of Remote Diagnostic Technologies (RDT), a UK-based
leading innovator of advanced solutions for the pre-hospital market
providing monitoring, cardiac therapy and data management.
Industry players are also collaborating with
government organization to deliver best emergency care services. For
instance, in 2017, Tactical Medical Solutions and the American Red
Cross entered into a brand licensing partnership for the SOF Tactical
Tourniquet Wide to deliver a superior tourniquet on the market.
Key Takeaways of the Emergency Medical
Equipment Market:
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The global emergency medical equipment market is expected to expand at a CAGR of 6.1% during the forecast period (2018 – 2026), owing to increasing demand for medical emergency and rising government funding for emergency medical services.
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Among product type, emergency resuscitation equipment segment is expected to hold the major revenue share in 2017, owing to high usage of respiratory devices in emergency care.
- Among application, the cardiac care segment is expected to grow at highest rate, owing to increasing number of cardiac disorders worldwide. For instance, according to American Heart Association 2015 report, around 84 million people in this U.S. suffer from some form of cardiovascular disease, causing about 2,200 deaths a day.
- Major players operating in the global emergency medical equipment market include 3M, Abbott, Asahi Kasei Corporation, B. Braun Medical, BD, Cardinal Health, GE Healthcare, Henry Schein, Johnson & Johnson, Philips Healthcare, Smith & Nephew, and Stryker Corporation
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