Medical Products Market Size By Product (Wheelchairs {Manual Wheelchair [Folding Frame Manual Wheelchairs, Rigid Frame Manual Wheelchairs], Powered Wheelchair}, Medical Beds {Patient Beds, Examination Beds, Massage Beds, Gurneys Beds}, Walkers {Double Handed Walkers, Single Handed Walkers}, Bathroom Assistive Products {Commodes, Bathtub Seats, Shower Seats}, Orthopedics {Cervical Collar Support, Shoulder Support, Arm Sling, Wrist Splint, Abdominal Binder, Maternity Belt, Elastic Bandage, Air Shield Walker, Knee Support}), By End-use (Hospitals, Ambulatory Surgical Centers, Home Healthcare), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Apr 2020  |  Report ID: GMI4619  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 200   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Medical Products Market size was valued at USD 20 billion in 2019 and is expected to witness 6% CAGR from 2020 to 2026. Increasing number of road accidents and sports injuries has increased the number of disabilities across the globe. Growing geriatric population and introduction of technologically advanced products in the market are some of the major factors contributing to the market growth.

Medical Products Market

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Also, increasing investment in healthcare infrastructure development and healthcare facilities will boost the demand for medical products, enhancing the market growth.

Medical products are devices and systems that are majorly used for the treatment and assistance of the patients. These products allow the users easy and comfortable movements to better their body position and play a vital role in reducing the pain and other mobility issues. Hence, the medical products will help the patients in performing their daily tasks with ease, provide stability, prevent accidents and loss of balance of the patients.

Medical Products Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 20,548.2 Million
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 6.0% 2026 Value Projection: USD 30,981.6 Million
Pages: 200 Tables, Charts & Figures: 442
Geographies covered (16): U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Brazil, Mexico, South Africa, Saudi Arabia, UAE
Segments covered: Product and End-use
Companies covered (11): Cardinal Health, Compass Health Brands, Getinge AB, GF Health Products Inc., Hill-Rom Services, Inc, Intco Medical, Invacare, Medline Industries, Stryker, Sunrise Medical, Drive Medical
Growth Drivers:
  • Growing geriatric population base
  • Rising number of disabilities and road accidents
  • Technological advancements
  • Increasing investments in healthcare infrastructural development and healthcare facilities
Pitfalls & Challenges:
  • Stringent regulations
  • High cost of the device

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Increasing number of handicapped and disabled people across the globe

The adoption of medical products has rapidly increased over the previous decade owing to the presence of large number of handicapped and disabled people across the globe. According to a recent data by World Bank Group, around 15% people across the world experience some form of disability. The higher prevalence of disability in the developing countries will further enhance the market growth.

Moreover, increasing elderly population suffering from problems in carrying out personal care activities will boost the demand for medical products. Thus, in order to provide support to the geriatric population and disabled people, the medical products market share is anticipated to show a significant growth over the analysis timeframe.

Increase in number of physiological disorders requiring wheelchair support

Medical Products Market, By Product

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Wheelchairs segment was valued at USD 4.6 billion in 2019 and is expected to show substantial growth during 2020 to 2026. The growth of wheelchair market is attributed to the increasing number of physiological disorders that require support. Also, owing to the introduction of technologically developed wheelchairs including electric wheelchairs and other wheelchairs capable of storing medical history, the product demand will increase over the forecast period.

Wheelchairs are divided into manual and powered wheelchairs. Manual wheelchairs are further subdivided into folding frame manual wheelchairs and rigid frame manual wheelchairs. Owing to the advantages such as easy transportation and easy navigation in tight spaces, the demand for manual wheelchair segment is anticipated to increase the market growth.

Massage bed segment of medical beds held a significant share in 2019 owing to its ability to improve circulation and reduce inflammation of joints of the patients. Furthermore, walkers segment is bifurcated into double handed walkers and single handed walkers. The double handed walkers segment is anticipated to show a lucrative growth in the projected years as it provides extra support to reduce weight bearing.

Bathroom assistive products are further categorized into commodes, bathtub seats, shower seats and others. The commodes segment is estimated to expand at a significant CAGR owing to the increasing number of bedridden people and growing number of bariatric surgeries across the globe.

For instance, according to the recent data by American Society of Metabolic and Bariatric Surgery (ASMBS), in 2017, over 228,000 bariatric surgeries were performed in the U.S. Thus, increasing number of people opting for bariatric surgeries will boost the product demand, thereby enhancing the market growth.

Orthopedics are further segmented into cervical collar support, shoulder support, arm sling, wrist splint, abdominal binder, maternity belt, elastic bandage, air shield walker and knee support. Increasing number of musculoskeletal injuries related to neck, back and limbs, rising cervical disorders and need for maternity belt during pregnancy will augment the market growth.

Several advantages of home healthcare over other end-use segments will majorly contribute to the market growth

Home healthcare is estimated to grow at a CAGR of 6.4% during 2020 to 2026. The high growth rate is attributed to the advantages such as safety and comfort, less mobility issues to move around and proper care at home. Thus, this in turn will enhance the medical products demand and adoption rate thereby, fuelling the market growth.

Growing geriatric population, sports injuries coupled with increasing healthcare investments in developed regions

Asia Pacific Medical Products Market, By Country

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U.S. medical products industry was valued at USD 6.6 billion in 2019 and is expected to witness significant growth in the future. The large share of this country is attributed to the increasing number of sports injuries and recreation-related injuries. For instance, according to the American Orthopaedic Society for Sports Medicine, high school athletes account for over 2 million injuries and 30,000 hospital admissions on an annual basis. Thus, there is an increasing adoption of medical products in the U.S. owing to sports injuries.

Moreover, strong presence of major market players and increasing investments for the improvement of healthcare facilities will boost the market growth in the country. For instance, according to the annual analysis by Silicon Valley Bank, in 2018, healthcare venture investment in the U.S. reached USD 9.6 billion.

Hence, increase in investment will result in technological advancements that will introduce more effective treatments in the healthcare sector.

Germany held a significant share in the Europe medical products market and is estimated to expand at a CAGR of 4.8% over the forecast period. Increasing disabled population in the country will positively impact the market growth. For instance, according to a recent data by Federal Statistical Office, over 7.6 million people in the Germany are considered severely disabled.

This large patient pool will augment the medical products demand thereby, enhancing the market growth. Also, rise in awareness related to powered wheelchairs coupled with the growing geriatric population across the country will the augment market growth.

Implementation of numerous strategies such as new product launches and acquisitions by the major industry players

A few key players in the medical products market share are Drive Medical, Invacare, Medline Industries and Sunrise Medical. These industry players are majorly focusing on several strategic developments such as new product launches, mergers, strategic acquisitions, partnerships and collaborations.

Recent industry developments:

  • In March 2020, Invacare launched a technologically advanced AVIVA FX power wheelchair that has a front-wheel drive power mobility. This high-performance wheelchair will contribute to the long-term growth of the company.
  • In October 2016, Drive Medical Canada completed the acquisition of mobility and bathroom safety DME brand business of AMG Medical. This acquisition is intended to increase the product portfolio of the company.

The medical products industry research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:

By Product

  • Wheelchairs
    • Manual Wheelchair
      • Folding Frame Manual Wheelchairs
      • Rigid Frame Manual Wheelchairs
    • Powered Wheelchair
  • Medical Beds
    • Patient Beds
    • Examination Beds
    • Massage Beds
    • Gurney Beds
    • Others
  • Walkers
    • Double Handed Walkers
    • Single Handed Walkers
  • Bathroom Assistive Products
    • Commodes
    • Bathtub Seats
    • Shower Seats
    • Others
  • Orthopedics
    • Cervical Collar Support
    • Shoulder Support
    • Arm Sling
    • Wrist Splint
    • Abdominal Binder
    • Maternity Belt
    • Elastic Bandage
    • Air Shield Walker
    • Knee Support
  • Others

By End-use

  • Hospitals
  • Ambulatory Surgical Centers
  • Home Healthcare
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East and Africa
    • South Africa
    • Saudi Arabia
    • UAE

Frequently Asked Questions (FAQ) :

The U.S. market was valued at USD 6.6 billion in 2019, says this GMI report.
Germany held a significant share in 2019 and is estimated to expand at 4.8% CAGR up to 2026.
The wheelchairs segment was valued at USD 4.6 billion in 2019.
Some of the key industry players are Drive Medical, Invacare, Medline Industries, Sunrise Medical, Cardinal Health, Compass Health Brands, Getinge AB, GF Health Products Inc., Hill-Rom Services, Inc, Intco Medical and Stryker.

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Premium Report Details

  • Published Date: Apr 2020
  • Pages: 200
  • Tables: 425
  • Charts / Figures: 17
  • Companies covered: 11
  • Countries covered: 16

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