Pune, India, March 16, 2021 (GLOBE NEWSWIRE) --
The global medical products market demand is likely to reach a significant milestone during the forecast period owing to the announcement of major investments targeting unmet clinical needs by leading crossover investors. An array of medical equipment and products ranging from MRI scanners and in vitro diagnostics to syringes have been witnessing a substantial uptick since the outbreak of the COVID-19 pandemic.
The following nine key factors have been energizing the global medical products industry forecast:
Investments worth millions in health & biosciences in Canada
The North America medical products market outlook has been gaining from the growing investments in healthcare infrastructure across the region. For instance, recently, a fund worth over $20 million was allocated by the Canadian government toward health and biosciences companies. This support has been resulting in the development of new and innovative medical products by the industry players.
On March 1, 2021, the Canadian Ministry of Health also signed an interim order for preventing the shortages of medical devices, drugs, and biocides in the wake of the COVID-19 pandemic and future crises. The order also makes it compulsory to report critical medical device shortages during the pandemic.
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High percentage of disabled population in North America
The North America medical products market forecast is set to garner considerable revenue through 2026, thanks to the high percentage of disabled population across the North American countries. For example, during 2017, more than 6.2 million Canadian residents had one or more disabilities, according to the Canadian Survey on Disability.
The large patient pool of disabled individuals in the region will create more opportunities for assistive products and medical devices for performing day-to-day activities.
Home healthcare to gain traction in North America
The home healthcare segment is expected to soar at a high pace through the forecast timeline, pushed by the threat of COVID-19 infection in the present times. Growing at a substantial CAGR, the segment is certain to gain traction through 2026 and held a share of over 38% of the total North America medical products market during 2019.
The spiraling adoption rate of telemedicine that has been enabling physicians and doctors to monitor and treat patients remotely, is responsible for greater demand for home healthcare especially amongst the geriatric population.
Escalating deployment of orthopedics
The orthopedics segment in the North America medical products industry share has been registering high demand in the recent times. During 2019, the market share from orthopedic products accounted for over $1.5 billion and will continue to expand constantly through the coming years.
The high incidence of bone fractures, musculoskeletal disorders, and particularly cervical disorders such as cervical spondylitis, has been pushing the demand for orthopedic treatments.
Medical beds to see growing deployment in Asia Pacific
Through 2026, APAC market is expected to witness a CAGR of about 18% across the medical beds segment. Medical beds are further bifurcated into patient beds, examination beds, and gurney beds.
In the context of the COVID-19 pandemic, innumerable private and public hospitals have been scaling up their patient capacities by installing new patient beds. Therefore, the segment is likely to benefit from the growing focus to accommodate a vast number of COVID-19 patients in India, Japan, China, Thailand, Malaysia, and Australia.
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Rising prevalence of orthopedic and neurological conditions in Japan
The Japanese medical products market is anticipated to surpass $1.8 billion by 2026. The growing elderly population, alongside the high prevalence of chronic diseases in the country has been favoring the expansion.
Over the past decade, the number of orthopedic and neurological cases in the country has been expanding. This will accelerate the APAC medical products industry forecast. The demand for medical mobility devices has been spiraling due to the growing number of medical emergencies, surgical operations, and disabled patients.
Growth of patellar dislocation patient numbers in China
The China market for medical products is expected to surge at an 8.7% CAGR through the forecast years, supported by the growing number of patellar dislocations owing to sports injuries. The high number of road accidents coupled with the increased aging population has been stimulating expansion of the regional market size.
Increased obese population to accelerate German industry
The Germany medical products market share is poised for considerable growth over the next few years, expanding at a 4.7% CAGR through 2026. Nearly half of the residents in the country are not only overweight, but also suffer from chronic conditions such as arthritis and osteoporosis, as per a recent news article.
Access sample pages of the report, “Europe Medical Products Market Forecasts 2026” in detail along with the table of contents (ToC) @
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Growing healthcare budget of French government
France is expected to surface as a leading contributor in the Europe medical products industry outlook, triggered by the growing popularity of telemedicine. Apart from monitoring and evaluating health products, the French National Agency for the Safety of Medicine and Health Products has been allocating a greater budget toward medical device innovations and technologies.
The existence of more than 1,300 medical device manufacturers in the country has been spurring the expansion of the Europe medical products market size.
Permobil, Stryker, OTTOBOCK, Invacare Corporation, Getinge AB, LINET, Sunrise Medical, Getinge AB, GF Health Products, Medline, Cardinal Health, and Hill-Rom Services are a few major medical product manufacturers across the world.
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