Medical Products Market Analysis

Medical Products Market Analysis

The wheelchairs segment valuation was over USD 4.6 billion in 2019 due 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 medical products market demand will increase over the coming years.
 

The commodes segment is estimated to expand at a significant growth rate through 2026 on account of 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 impel the product demand.
 

The home healthcare segment in the medical products market is predicted to register growth of over 6.4% during the forecast period. 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.
 

U.S. medical products market revenue was around USD 6.6 billion in 2019 due 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.
 

Moreover, strong presence of major market players and increasing investments for the improvement of healthcare facilities will propel 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 medical products market size is anticipated to expand at a CAGR of 4.8% till 2026. Increasing disabled population in the region will positively impact the market outlook. 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. Also, rise in awareness related to powered wheelchairs coupled with the growing geriatric population across the country will boost the market revenue.