by Emergency medical equipment are life-saving devices used for diagnostic and treatment purposes during medical emergencies. They include patient monitors, defibrillators, MRI systems, CT scanners, x-ray machines, ultrasound systems, and ventilators. Emergency medical equipment help assess the condition of patients and determine appropriate treatment promptly. They aid in reducing the impact of time during medical crises. The increasing prevalence of cardiovascular diseases, cancer, trauma injuries, and other chronic health conditions has raised the requirement of emergency healthcare worldwide. As per the World Health Organization, chronic diseases account for approximately 60% of all reported deaths globally. This has significantly augmentaded the demand for emergency medical equipment to manage health emergencies effectively.
The global 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 key trends
One of the key trends in the emergency medical equipment market size is the increasing adoption of telemedicine. Telemedicine is the use of medical information exchanged from one site to another via electronic communications for the health needs of individuals. It allows patients to get medical advice from doctors or other healthcare professionals remotely using technologies like video calling and live chat functions. During medical emergencies, telemedicine enables physicians to assess patients virtually and guide paramedics effectively. This trend is expected to gain more popularity over the forecast period as it helps provide timely medical support to patients located in remote areas with minimal infrastructure and resources. Telemedicine also reduces delays in receiving specialized care, improving health outcomes. Several market players are focusing on developing telemedicine integrated emergency medical equipment to make healthcare access more equitable.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brands make it difficult for new companies to enter the emergency medical equipment market.
Bargaining power of buyers: Large healthcare facilities and government organizations have significant bargaining power over emergency medical equipment manufacturers.
Bargaining power of suppliers: A few large multinational companies dominate the supply of core emergency medical device components and technologies, giving them strong influence over pricing.
Threat of new substitutes: No viable substitutes exist for many emergency medical equipment given their life-saving nature and regulatory requirements.
Competitive rivalry: The emergency medical equipment market is highly competitive with the presence of several global and regional players. Companies compete based on product quality, pricing and service.
Key Takeaways
The global emergency medical equipment market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 25.32 billion and is projected to reach over US$ 43 billion by 2030, registering a CAGR of around 6.3% during the forecast period.
Regional analysis: North America dominates the emergency medical equipment market currently and is expected to continue its leading position over the forecast period as well. This can be attributed to factors such as advanced healthcare infrastructure, rising healthcare spending and higher prevalence of chronic diseases in the region. Asia Pacific is anticipated to witness the fastest growth owing to growing medical tourism, increasing spending capacity and expanding healthcare infrastructure in developing countries of the region.
Key players: 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. These players are focusing on new product launches and strategic collaborations to strengthen their market position. For instance, 3M has introduced self-contained powered air-purifying respirators to protect medical personnel during the COVID-19 pandemic.
