The global emergency medical equipment market is expected to grow at a CAGR of around 6.3% from 2020 to 2027 and expected to reach the market value of around US$ 30.4 Bn by 2027.
Medical devices are utilized to prevent or treat emergency situations. These involve diagnostic equipment and tests, personal protective equipment such as masks or gloves, surgical tools, and supplies. According to the Public Health Emergency, the Strategic National Stockpile plays a vital role in supplying state and local media supplies and equipment during public health emergencies. The supply, medicines, and devices for lifesaving care contained in the stockpile can be used as a short-term, stopgap buffer when the immediate supply of these materials may not be available or sufficient.
Impact of COVID-19 on Emergency Medical Equipment Market
COVID-19 pandemic resulted in surging demand for emergency medical equipments. This is one of the prominent factors for up surging the global growth of emergency medical equipment market. The governing bodies supported the supply of emergency medical equipments through funding or approval of various grants in the pandemic. According to the Asian Development Bank (ADB), in April 2020, ADB announced funding of US$ 100,000 for the purchase of emergency medical supplies through the United Nations Children’s Fund (UNICEF) in favor of Sri Lanka's ongoing response to the novel corona virus (COVID-19) pandemic. The medical supplies and materials purchased involve 4 suction machines, 4 suction apparatus, 10 infusion pumps, 12 syringe pumps, 7 multipara monitors, 11 laryngoscopes, and 1 point of care analyzer. These supplies support COVID-19 isolation units in 14 hospitals across the country and were procured in direct response to the Ministry of Health and Indigenous Medical Services. Additionally, during the public health emergency declaration under section 564(b) of the FD&C Act enabled the FDA to issue an emergency use authorization (EUA) in response to COVID-19 pandemic. The measures authorize the emergency use of an unapproved drug, an unapproved or uncleared device, or an unlicensed biological product; or unapproved use of an approved drug or cleared device, or licensed biological product, provided that other statutory requirements are met clinically.
Stockpile response of COVID-19, all time high: Market Wrap for Emergency Medical Equipment
As per the Public Health Emergency (PHE), the National Stockpile was created in 1999 to ensure readiness against potential agents of bioterrorism. Currently, the Strategic National Stockpile works in collaboration with the governmental and nongovernmental partners for upgrading the ability to respond to a national public health emergency, ensuring that the federal, state, and local agencies are ready to receive, stage, and distribute the products. As per the estimates released by the PHE in January 2020, in response to COVID-19 more than 15.7K tons of cargo were shipped to support US repatriation efforts and state PPE needs, more than 635 flights transporting supplies, and more than 4,220 trucks transporting supplies. Additionally, more than 200 staffers were serving for the stockpile operation center. This comprises of engagement with more than 150 private industry partners for medical supply chain and delivery. Setting up deployment centers of SNS liaisons to the Department of Health and Human Services (HHS) Secretary's Operation Center in Washington D.C. for smooth supply of emergency medical equipment.
Severe physical injuries such as trauma and medical emergencies such as cardiac arrest require quick medical attention. Thus, a rise in the incidences of trauma injuries and other medical emergencies create lucrative opportunities for the overall growth of emergency medical equipment market globally. According to the American Association for the Surgery of Trauma, injury is a major health problem in the US that is accounted over 150,000 deaths and over 3 million non-fatal injuries annually. Across the world, injury is responsible for more than 5 million deaths every year. To overcome such scenario improvement in healthcare facilities, rising demand for emergency medical equipment and surge in government expenditure is projected to drive the global emergency medical equipment market. Additionally, as per the World Economic Forum, firms are giving big calls to the government to intelligently and flexibly implement emergency response policies to avoid freezing the supply system for medical goods at a time when it is required the most. Also, businesses require flexibility to adopt production to manufacture critical goods, the supply chain finance to keep suppliers working, and the legal adaptability to cope up with complicated situations. Critical gods should not be kept as inventory for days for clearing customs.
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.
Based on type, the emergency resuscitation equipment segment is predicted to hold a significant market share in the forecast period. This is attributed to the increasing pool for the number of emergency visits resulting in demand for emergency resuscitation equipment. This is well supported by rising incidences of heart stroke cases recorded globally. According to the American Heart Association, the age-adjusted deaths attributed to cardiovascular diseases (CVDs) based on 2017 data is 219.4 per 100,000. Additionally, on average someone dies of a stroke every 3.59 minutes in the US. There are about 401 deaths recorded from stroke each day, based on 2017 data. According to the World Health Organization (WHO), the Resuscitation Outcomes Consortium (ROC) is an ongoing clinical research network conducting clinical research in the areas of cardiopulmonary arrest and traumatic injury. Moreover, the Resuscitation Council (UK) has a modest research budget of US$ $223,000 that is allocated every year.
By application, the cardiac care segment will account a significant share of the emergency medical equipment market. This is highly supported by high prevalence of cardiac diseases and increasing pool for geriatric population prone to cardiac diseases.
Further, by end-user, hospitals segment is dominating the emergency medical equipment market during the forecast period. Development in hospital infrastructure, rising number of hospital visits, and surging government spending on healthcare facilities are the factors that contribute fullest for the growth of the emergency medical equipment market worldwide.
North America recorded largest market share for global emergency medical equipment
North America is projected to held a significant market share. Asia-Pacific is expected to witness significant market share by recording satisfactory CAGR in the forecast period. North America regional market growth is attributed by high cases of trauma injuries, rising number of emergency visits, strong presence of prominent/key players, technological advancements, and well-established hospital infrastructure. On the other hand, ever-growing geriatric population, high exposure of medical emergencies, rising government funding in India and China are the stimulating factors for the growth of APAC regional market for emergency medical equipment market.
Key companies profiled in this report involve GE Healthcare, Stryker, Asahi Kasei, Medtronic, Cardinal Health, Philips, 3M, Smiths Medical, Smith & Nephew, Becton Dickinson, Johnson & Johnson, B. Braun, and among others.
Market By Type
Wound Care Consumables
Patient Handling Equipment
Emergency Resuscitation Equipment
Infection Control Supplies
Patient Monitoring Systems
Personal Protection Equipment
Market By Application
Market By End-User
Ambulatory Surgical Centers
Market By Geography
Middle East & Africa
Emergency medical equipment is expected to reach a market value of around US$ 30.4 Bn by 2027.
The emergency medical equipment is expected to grow at a CAGR of around 6.3% from 2020 to 2027.
Based on type, emergency resuscitation equipment, segment is the leading segment in the overall market.
Rising demand for emergency medical equipment during the COVID-19 pandemic one of the prominent factors that drives the demand for emergency medical equipment market.
GE Healthcare, Stryker, Asahi Kasei, Medtronic, Cardinal Health, Philips, 3M, Smiths Medical, Smith & Nephew, Becton Dickinson, Johnson & Johnson, B. Braun, and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years