by Emergency medical equipment play an integral role in providing emergency medical services to patients suffering from chronic medical ailments and traumatic injuries. This includes medical equipment such as defibrillators, ECG monitors, CT scanners, MRI machines, wheelchairs, stretchers, and ultrasound machines among others. These life-saving medical devices help medical professionals diagnose health issues, conduct therapy sessions, resuscitate patients in emergency situations and transport patients between departments. The growing geriatric population susceptible to chronic diseases and rising road accidents have propelled the demand for emergency medical equipment globally.
The global Emergency Medical Equipment Market is estimated to be valued at US$ 29.17 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The Global Emergency Medical Equipment Market Size has witnessed new technological advancements over the past decade. Introduction of portable monitoring devices has helped improve patient monitoring capabilities of paramedics during transportation. For instance, smaller and lightweight defibrillators, ECG machines and ultrasound scanners can transmit medical data to hospitals. This enables medical staff to take necessary measures proactively. Rising demand for faster diagnosis has driven innovation among equipment manufacturers. CT and MRI machines now provide high-resolution scans and pictures within minutes. Advanced algorithms and AI are also being utilized to enhance image capture capabilities. Technological advancements are thus expected to boost adoption of new generation emergency medical equipment in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as new market entrants require significant capital investments to purchase expensive medical equipment and gain compliance with regulatory standards.
Bargaining power of buyers: The bargaining power of buyers is moderate as there exist a few large healthcare providers with significant buyer power and consumers have access to multiple suppliers for medical equipment products and services.
Bargaining power of suppliers: The bargaining power of suppliers is low as the emergency medical equipment market has a large number of component and parts suppliers with no single supplier accounting for significant market share.
Threat of new substitutes: The threat of new substitutes is low as emergency medical equipment have limited product or technological substitutes that can provide the same medical outcomes and lifesaving functions.
Competitive rivalry: The competitive rivalry is high due to the presence of multiple global and regional players offering overlapping or substitutable medical device products and services.
Key Takeaways
The global emergency medical equipment market is expected to witness high growth. The global Emergency Medical Equipment Market is estimated to be valued at US$ 29.17 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.
Regional analysis: The emergency medical equipment market in North America will continue to hold the leading market share due to the availability of state-of-the-art healthcare facilities, growing aging population and rising incidence of chronic diseases in the region. Asia Pacific market is anticipated to exhibit the fastest CAGR, with China and India being the attractive destinations. Factors such as improving healthcare infrastructure, increasing disposable incomes and raising awareness are likely to boost the regional demand for emergency medical devices over the coming years.
Key players comprises: Key players operating in the emergency medical equipment market are 3D Systems Corporation, 3M Company, 3Shape A/S, Align Technology, Inc., Bernhard Förster GmbH, Carestream Dental, LLC, and American Orthodontics Corporation, among others. 3M Company specializes in wound care, orthopedic soft goods and trauma burn management systems. 3Shape A/S provides dental 3D printers and CAD/CAM software.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
