Jersey City, NJ, Dec. 12, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Per-Encounter Medical Market - (By Product Type (Consumables, Devices, Software, Services, Others), By Application (Cardiology, Orthopedics, Obstetrics/Gynecology, Ophthalmology, Gastroenterology, Others), By End-User (Hospitals, Clinics, Diagnostic Centers, Others), By Distribution Channel (Direct Tender, Retail Sales, Online Sales)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Per-Encounter Medical Market is valued at US$ 107.21 Bn in 2022, and it is expected to reach US$ 377.93 Bn by 2031, with a CAGR of 15.20% during the forecast period of 2023-2031.
The per-encounter healthcare model differs from the traditional fee-for-service model in that it is provided for each patient visit. The patient will thus incur the same expense for each visit regardless of duration or complexity. This method is different from capitation and fee-for-service models. The fee-for-service concept states that patients should pay doctors and hospitals for each service they provide. As long-term health problems like heart disease, cancer, diabetes, and musculoskeletal ailments become more common, surgical treatments, diagnostic tests, and checkups will be in high demand. Intravenous catheters, drainage bags, syringes, and needles are becoming more popular as single-use per-encounter medical devices.
The per-encounter devices industry is seeing constant innovation due to technological breakthroughs in medical devices. Modern materials such as metal alloys, tailored polymers, and silicone enable better designs for gadgets with a single usage. 3D printing and similar technologies make it possible to create individualized devices. However, recycling single-use plastic bags is risky and against the law due to factors including inadequate sanitation. Despite regulations discouraging it and harming their market chances, individuals are driven to reuse due to cost concerns.
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Recent Developments:
- In August 2023, Abbott released the "Vertigo Coach" app, a digital health solution that provides 24/7 access to resources for those with vertigo, allowing them to manage their illness holistically. People with vertigo will find it a helpful companion, offering advice on healthy habits and exercise to help them manage their illness.
- In April 2021, Cardinal Health unveiled a novel platform aimed at enhancing medication adherence. The software, Outcomes, comprises medication therapy management, digital patient engagement, and pharmacy telehealth technologies.
List of Prominent Players in the Per-Encounter Medical Market:
- Abbott
- Cardinal Health
- Johnson & Johnson
- Medtronic
- 3M
- Steris
- Catalent Inc.,
- Smiths Medical Inc.,
- Schott,
- Nipro Corporation,
- Terumo Corporation,
- Gerresheimer AG,
- Becton, Dickinson and Company,
- B. Braun Melsungen AG,
- AngioDynamics Inc.,
- Teleflex Incorporated,
- Argon Medical Devices, Inc.,
- ICU Medical, Inc.,
- Medical Components, Inc.,
- Vygon (UK) Ltd
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Per-Encounter Medical Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 107.21 Bn |
| Revenue Forecast In 2031 | USD 377.93 Bn |
| Growth Rate CAGR | CAGR of 15.20 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Product Type, By Application, By End-User, By Distribution Channel |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
Market Dynamics:
Drivers-
The growing demand for the per-encounter medical market is fueled by the increasing number of older adults worldwide. An increase in both outpatient and inpatient medical care is associated with ageing because the elderly are at greater risk of acute and chronic illnesses. This increase in the number of people who can benefit from diagnostic and therapeutic procedures increases the need for single-use medical equipment such as prefilled syringes, test kits, and surgical blades. An ageing population is anticipated to drive market expansion.
Challenges:
The prime challenge is strict regulations, a shortage of competent individuals and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the per-encounter medical market. Regulatory authorities impose tough standards for medical device licensing and compliance, which hinders product development and commercialization. Complications such as post-market surveillance, quality management system requirements, and lengthy approval processes for clinical data drive up costs and limit product pipeline flexibility. As a result, newer per-encounter gadgets cannot be introduced, reducing their market potential. The medical equipment business has been greatly affected by the COVID-19 pandemic. There is a severe shortage of masks, ventilators, and testing at hospitals because of the ongoing COVID-19 pandemic. Because medical device makers are struggling to meet the unexpectedly high demand, there is a mismatch between the supply and demand for personal protective equipment (PPE).
Regional Trends:
The North American per-encounter medical market is anticipated to register a major market revenue share. It is projected to grow at a high CAGR in the near future because of the generous healthcare system, the significant prevalence of chronic diseases, and the favourable reimbursement policies in the region. Besides, Europe had a considerable share in the market because of the prevalence of key market participants, the growing number of elderly patients, and the popularity of less invasive surgical procedures in the area.
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Segmentation of Per-Encounter Medical Market-
By Product Type-
- Consumables
- Devices
- Software
- Services
- Others
By Application-
- Cardiology
- Orthopedics
- Obstetrics/Gynecology
- Ophthalmology
- Gastroenterology
- Others
By End-User-
- Hospitals
- Clinics
- Diagnostic Centers
- Others
By Distribution Channel-
- Direct Tender
- Retail Sales
- Online Sales
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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