Selbyville, Delaware, April 09, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on medical products market which estimates the global market valuation for medical products will cross US$ 30 billion by 2026. Growing disabled geriatric population across the globe is one of the significant factors boosting the medical products market growth. Owing to high difficulties in performing daily tasks, the elderly population prefer to use the medical products such as wheelchairs and bathroom assistive products.
Increasing healthcare expenditure in the developed countries will drive the market growth in the upcoming years. For instance, healthcare expenditure in the U.S. and Europe amounts to around 18.5% and 12% of GDP respectively. Thus, increasing investments in healthcare sector coupled with growing number of disabled ageing population will augment the market growth over the analysis timeframe.
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Rapid growth in the number of sports injuries and road accidents will enhance the growth of medical products market in the projected years. According to a recent data by the Centers for Diseases Control and Prevention (CDC), in the U.S., there are estimated over 8.6 million sports and recreation related injuries. Thus, this will in turn boost the demand for medical products. Furthermore, the market growth is attributed to the introduction of new brands and technologically advanced products in the global market.
The medical beds segment was valued at around USD 3.5 billion in 2019 and is anticipated to witness significant growth in the projected years. The medical beds segment is further subdivided into patient beds, examination beds, massage beds, gurney beds and other beds. The segmental growth is attributed to the rapid growth in the number of beds in private hospitals and technological advancements in ICU beds. Additionally, increasing number of patients suffering from chronic diseases will further enhance the segmental growth thereby, fostering the market growth.
The home healthcare segment held the largest share in the global medical products market and is estimated to grow at a CAGR of 6.4% over the analysis timeframe. The segmental growth is attributed to the increasing healthcare costs, growing need of affordable treatment options and increasing government initiatives related to the awareness about home healthcare. Thus, aforementioned factors will boost the market growth over the analysis timeframe.
Browse key industry insights spread across 150 pages with 428 market data tables & 17 figures & charts from the report, “Medical Products Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/medical-products-market
Canada medical products market is projected to expand at a CAGR of more than 5% over the forecast period. The regional growth is attributed to the factors such as increasing number of injuries and growing focus towards rebuilding and redeveloping healthcare facilities. For instance, according to a recent data by Canadian Institute for Health Information (CIHI), over 22% of the total visits to emergency centers across the country are due to injuries. Thus, increasing rate of injuries coupled with renovation of healthcare facilities will boost the segmental growth thereby, spurring the market growth.
Some major findings of the medical products market report include:
- Increasing cases of road accidents and sports injuries resulting in severe disabilities will increase the demand for medical products.
- Rising investment in healthcare infrastructure development and healthcare facilities will contribute to the growth of medical products market.
- Competitors focus on strategic acquisitions, mergers and new product launches in a bid to capture market share and strengthen revenue generation.
Some of the prominent players operating in the market are Drive Medical, Invacare Corporation, Medline Industries, Sunrise Medical among others. Industry players are majorly focusing on several strategies such as new product launches, mergers and strategic acquisitions to consolidate their market presence. For instance, in August 2015, Prism Medical UK completed the acquisition of Smirthwaite Ltd. that develops and manufactures specialized equipment for the people with special needs. This strategic move is intended to increase group turnover, thereby expanding the share of showering, bathing & toileting solutions.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Medical products industry 360⁰ synopsis, 2015 - 2026
2.1.1. Business trends
2.1.2. Product trends
2.1.3. End-use trends
2.1.4. Regional trends
Chapter 3. Medical Products Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Growing geriatric population base
3.3.1.2. Rising number of disabilities and road accidents
3.3.1.3. Technological advancements
3.3.1.4. Increasing investments in healthcare infrastructural development and healthcare facilities
3.3.2. Industry pitfalls & challenges
3.3.2.1. Stringent regulations
3.3.2.2. High cost of the device
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By end-use
3.5. Porter’s analysis
3.6. Competitive landscape, 2018
3.6.1. Company matrix analysis, 2018
3.7. PESTEL analysis
Browse complete report table of contents (ToC) @ https://www.gminsights.com/toc/detail/medical-products-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.