LOS ANGELES, March 01, 2021 (GLOBE NEWSWIRE) -- The Global Medical Drones Market is anticipated to grow at a CAGR of around 24.9% during the forecast period 2020 to 2027 and to reach around US$ 643.3 Mn by 2027.
Rising advancements in drone technology and high government spending on the healthcare sector are major factors expected to drive the growth of the global medical drones market.
North America is expected to account for major revenue share in the global medical drones market due to increasing government focus on facilitating medical services. Government of developed countries is focused on strengthening the healthcare service. They are spending high in development of smart healthcare systems that aid in delivering flawless medical service.
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Healthcare players are focused on adoption of advanced devices in order to deliver better facility to customers. With the help of drones they are able to cover a wider area and deliver care to customers on demand. Government regulation related to product handling and drug delivery is intense service providers are focused on enhancing the distribution channel while meeting the required government norms. Government is changing the regulations related to product delivery. In 2020, The Federal Aviation Administration, which regulates flight over U.S. territory, granted Zipline permission to deliver medical supplies beyond line of sight over civilian airspace.
Supportive government regulations and increasing investment is resulting in introduction of trial programs by the companies that is expected to further enhance the business. In 2020, Zipline a medical product delivery company partnered with Walmart. The partnership is focused on trial run program for on-demand deliveries of health and wellness products. Zipline’s launch and release system allows for on-demand delivery in less than an hour, and operating from a Walmart store, can service a 50-mile radius. Major players approach towards enhancing the business presence through strategic partnership and through introduction of new product are factors expected to augment the growth of regional market. In 2016, Zipline a medical product delivery company launched its first national drone delivery system in the world to deliver blood to patients in remote areas of Rwanda. Supportive government regulations
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The market in Asia Pacific is expected to witness faster growth in the target market due to high government spending on development of present healthcare infrastructure. Government of development countries is spending high of development of present healthcare infrastructure. Increasing pandemic effect government of emerging economies is implementing various rules and regulations in order to deliver enhanced care to patients. In 2019, the government of Maharashtra partnered with Zipline for first and only national-scale drone delivery service.
The partnership is focused on use of a logistics network of autonomous delivery drones to help transform emergency medicine and critical care. The flourishing e-commerce sector in the region, increasing use of the online platform for medicine orders and players are focused on enhancing the customer experience by using drone delivery. Medikabazaar a medicine provider partnered with Zipline in 2020 with the focus to cut down delivery time of medicines to 30 minutes and do a commercial operational launch of the service next year. This is expected to impact the growth of medical drone regional market.
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Rising pandemic effect across the globe and increasing government focus on enhancing the healthcare service delivery are major factors expected to drive the growth of global medical drones market. In addition, rapid technological advancements in electronic devices and the wide applicability of drones in healthcare sector are factors expected to support the growth of medical drones market. Factors such as high cost of drones and technological glitches are factors expected to hamper the growth of global medical drone market. In addition, high cost associated to manufacturing due to high complexity is expected to challenge the growth of target market.
However, increasing investment by major players for product development and approach towards integration of advanced analytics for enhancing the delivery are factors expected to create new opportunities for players operating in medical drone market over the forecast period. In addition, increasing partnership and agreement between regional and international players is expected to support the revenue transaction of target market. Players operating in the global medical drones market are DHL, SZ DJI Technology Co., Ltd, Embention, Flirtey, Matternet, Vayu, and Zipline. The market is highly competitive due to presence of large number of players operating on global level.
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