Selbyville, Delaware, July 28, 2020 (GLOBE NEWSWIRE) -- According to MarketStudyReport LLC, North America medical products industry is expected to surpass USD 10.9 billion by the year 2026. The growth is primarily credited to surging investments towards healthcare facilities and infrastructural development. As a matter of fact, the Canadian government invested USD 20 million in order to scale-up the regional companies in biosciences and health. This investment will also allow for development of advanced medical products, which in turn is favoring the overall market scenario.
Growing population of baby boomers in tandem with rising road accidents and other injuries have resulted in increased number of people with disabilities, which in turn is fueling the adoption of medical products in North America. Advancements in medical products such as development of next-gen knee braces which offer improved human strength is further aiding the market expansion. However, strict regulatory scenario and high costs associated with medical products may act as a restraining factor to the market growth in North America.
Elaborating on the product landscape:
North America medical products industry is classified into orthopedics, bathroom assistive products, walkers, medical beds, and wheelchairs. The bathroom assistive products segment generated revenues worth USD 1.5 billion in the year 2019 and is predicted to expand considerably during the study period. Bathroom assistive products such as bathtub seats, commodes, and shower seats, help elderly and disabled people to access and utilize bathroom facilities safely. Increased pervasiveness of road accidents has resulted in high proportion of disabled population in the region. Additionally, technological advancements are contributing towards popularity of bathroom assistive products across North America.
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In terms of end-user landscape
The end-user scope of North America medical products market comprises of home healthcare, ambulatory surgical centers, hospitals and others. Analysts claim that home healthcare segment accounted for 38% market share in the year 2019 and is expected to register substantial growth in the forthcoming years. Rising number of home healthcare agencies along with increased awareness pertaining to homecare settings are fueling the segmental share.
According to the recent data published by Centers for Disease Control & Prevention, around 12,200 home healthcare agencies were recorded in the U.S. in 2016. These settings offer care to about 2.4 million disabled as well as elderly people annually. Thus, preference for home healthcare and large patient pool are fostering the demand for medical products in North America.
Considering the geographical landscape
North America medical products industry is divided into U.S. and Canada. According to industry experts, U.S. market is anticipated to showcase a y-o-y growth rate of 4.9% through 2026, primarily due to high prevalence of disability among the U.S. population.
In fact, a recent study by Centers for Disease Control and Prevention states that around 61 million adults in the United States have some type of disability, of which 13.75% people are recorded to have mobility disability.
Summarizing the competitive landscape
The major companies formulating the competitive arena of North America medical products market are Drive DeVilbiss Healthcare, GF Health Products Inc., Karman Healthcare, Quantum Rehab, Numotion, Pride Mobility Products Corp., Sunrise Medical LLC, Compass Health Brands Corp., Stryker Corp., Medline Industries Inc., Invacare Corp., Hill-Rom Services Inc., Getinge AB, and Cardinal Health Inc. among others.
These players are focusing on business-centric activities such as mergers and acquisitions as well as innovative product launches in order to gain a competitive edge in the overall market. In October 2016 for instance, Drive Medical Canada acquired DME brand business of AMG Medical. The expertise of later in bathroom safety & mobility helped Drive Medical in not only expanding their product portfolio, but also in acquiring new customers.
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North America Medical Products Market Product Analysis (Revenue, USD Million, 2015-2026)
Wheelchairs
- Manual Wheelchairs
- Rigid Frame Manual Wheelchairs
- Folding Frame Manual Wheelchairs
- Powered Wheelchairs
Medical Beds
- Examination Beds
- Gurney Beds
- Patient Beds
- Others
Walkers
- Single Handed Walkers
- Double Handed Walkers
Bathroom Assistive Products
- Bathtub Seats
- Commodes
- Shower Seats
- Others
Orthopedics
- Shoulder Support
- Wrist Splint
- Elastic Bandages
- Cervical Collar Support
- Arm Sling
- Knee Support
- Abdominal binder
- Maternity Belt
- Air Shield Walker
- Others
North America Medical Products Market End-user Analysis (Revenue, USD Million, 2015-2026)
- Home Healthcare
- Hospitals
- Ambulatory Surgical Centers
- Others
North America Medical Products Market Country Analysis (Revenue, USD Million, 2015-2026)
U.S.
Canada
North America Medical Products Market Competitive Scenario Analysis (Revenue, USD Million, 2015-2026)
- Cardinal Health Inc.
- Getinge AB
- Compass Health Brands Corp.
- Hill-Rom Services Inc.
- Invacare Corporation
- GF Health Products Inc.
- Medline Industries Inc.
- Sunrise Medical LLC
- Stryker Corporation
- Pride Mobility Products Corporation
- Quantum Rehab
- Drive DeVilbiss Healthcare
- Karman Healthcare
- Numotion
Table of Content:
Chapter 1. Methodology
1.1. Definition and forecast parameters
1.2. Data sources
1.3. References & sources
1.3.1. Secondary
1.3.2. Primary
Chapter 2. Executive Summary
2.1. North America medical products industry summary, 2015 a?? 2026
2.1.1. Country trends
2.1.2. Product trends
2.1.3. End-use trends
Chapter 3. Industry Insights
3.1. Industry segmentation
3.2. Industry outlook, 2015 - 2026
3.3. Major factor analysis
3.4. Regulatory landscape
3.5. Porter’s analysis
3.6. Competitive review, 2019
3.7. PEST analysis
Chapter 4. North America Medical Products Market Share, By Product
4.1. Key trends in North America medical products, by product
4.2. Wheelchairs
4.3. Medical Beds
4.4. Walkers
Chapter 5. North America Medical Products Market Size, By End-use
5.1. Key trends in North America medical products, by end-use
5.2. Hospitals
5.2.1. Market estimates and forecast, by country, 2015 a?? 2026 (USD Million)
5.3. Ambulatory Surgical Centers
5.3.1. Market estimates and forecast, by country, 2015 a?? 2026 (USD Million)
5.4. Home Healthcare
5.4.1. Market estimates and forecast, by country, 2015 a?? 2026 (USD Million)
5.5. Others
5.5.1. Market estimates and forecast, by country, 2015 a?? 2026 (USD Million)
Chapter 6. North America Medical Products Market Growth, By Country
Chapter 7. Company Profiles
Related Report:
Medical Products Market Size By, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026
Medical Products Market size is expected to witness 6% CAGR from 2020 to 2026, as per new research report. 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. With respect to product, the market is classified into walkers, orthopedics, wheelchairs, medical beds, bathroom assistive products, and others. Among these, the walkers product segment was valued at around $2.4 billion in 2019 and will continue to show appreciative growth.
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