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Medical Products Market worth over $30bn by 2026

  • Published Date: April 9, 2020

Medical Products Market size is set to surpass USD 30 billion by 2026, according to a new research report by Global Market Insights Inc.

Rise in investment for improvement of healthcare facilities coupled with growing ageing population will enhance the market demand. Presence of large patient pool experiencing difficulties to perform their daily activities and increasing number of sports injuries and accidents leading to disabilities are some of the factors boosting the need for medical products.

Increasing cases of injuries coupled with rising healthcare investments will propel the market growth

Increasing number of people with difficulties in controlling balance and stability has led to the adoption of medical products across the globe. Also, increasing cases of sports injuries and road accidents will contribute to the medical products market growth. For instance, according to the recent statistics by Association for Safe International Road Travel, around 20-50 million people across the globe suffer non-fatal injuries from road crashes each year resulting in long term disabilities.

Moreover, owing to the increasing investments in the healthcare sector, the market will show substantial growth in near future. European Fund for Strategic Investments (EFSI) provides investment for new health solutions, medicines and social infrastructure. For instance, the Consumers, Health, Agriculture and Food Executive Agency (Chafea) has launched a call for project proposals in the fields such healthcare public procurement and support for health investments in the European Union.

Several advantages offered by bathroom assistive products to the elderly population

The bathroom assistive products segment size was around USD 2.7 billion in 2019. The bathroom assistive products include commodes, bathtub seats, shower seats and other products. Owing to the rapid growth in geriatric disabled population and high disposable income of baby boomers, the demand of the medical products will increase substantially.

Browse key industry insights spread across 150 pages with 428 market data tables & 17 figures & charts from the report, 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” in detail along with the table of contents:

Rise in medical emergencies coupled with high adoption of medical beds

The hospital segment held a market share of around 29% and is estimated to witness 5% growth through 2026. The segmental growth is credited to the rising medical emergencies requiring wheelchairs and growing number of orthopedic surgical operations requiring post-surgery patient rehabilitation. Moreover, the requirement of medical beds in the hospitals will result in the adoption of medical products.

Increasing number of road accidents leading to long-term disabilities will increase the demand for medical products

France held a significant share in the Europe medical products market and is predicted to expand at a CAGR of 5.5% during the forecast period. Rising patient pool with disabilities and increasing investment in healthcare infrastructure are some of the factors enhancing the market size. Moreover, growing awareness related to the government spending, healthcare investment and compulsory health insurance for the French citizens will further contribute to the market revenue. Furthermore, reimbursement policies in France for the people with European Health Insurance Card (EHIC) will drive the market expansion.

China market revenue valued at USD 1.6 billion in 2019 attributed to the rapid growth in the number of injuries and accidents leading to the disabilities. For instance, China is the home for largest patient pool with disabilities. As per the recent statistics, over 80 million people in China experience severe disabilities on an annual basis. The road accidents and sports injuries in the China are the major causes of disabilities in Chinese population. Thus, increasing number of disabilities coupled with rising road accidents will augment the market demand.

Companies focusing on strategic acquisitions and merger

The major companies in the industry are Invacare Corporation, Medline Industries, Cardinal Health and Sunrise Medical, among others. In order to increase the market share and geographical presence, these companies are focusing on major strategies such as new product launches, partnerships, approvals, mergers and strategic acquisitions.

Authors: Sumant Ugalmugle, Rupali Swain

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