United States, Rockville MD, May 11, 2022 (GLOBE NEWSWIRE) -- The worldwide market for emergency medical service products is conjectured to be worth US$ 27 Billion in 2022 and is forecasted to attain a valuation of US$ 50 Billion by 2032. Over the assessment period from 2022 to 2032, the market is anticipated to record a CAGR of 6.3%, gaining momentum during the following decade. The demand for Emergency Medical Service Products is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 27 Billion by the end of 2022.
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The need for emergency medical services (EMS) operational and patient care data is projected to increase, with businesses tapping into this data for more effective operations. These organizations will also be able to show the value they bring to the healthcare system and the communities in which they operate. Organizations that leverage this data are likely to discover higher value in the integrated data, which integrates information obtained from numerous sources, such as data related with outcomes and patient demographics from hospitals. Such data may also be utilized to improve the operation of instruments and equipment used in hospitals and other healthcare settings, such as emergency medical service (EMS) products.
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Furthermore, changes in Medicaid coverage, potential increases in uninsured patients, and higher deductibles are likely to have a significant impact on EMS organizations, which are responsible for billing patients' insurance for services, particularly in terms of how they are reimbursed, paid, and the services they are paid for. During the pandemic era, the number of EMS calls increased by 90.9% between 2019 and 2020: 128,954 in the 11 March-24 April time frame in 2018, 132,289 in 2019, and 252,519 in 2020.
Furthermore, ambulances are being used more frequently. However, the actual use of EMS for "time-sensitive diseases" such as heart disease, strokes, acute abdominal diseases, and so on has decreased. This year has also seen a decrease in the number of paediatric patients requiring EMS. One of the biggest reasons for this drop is patients' fear of infection while in transport through EMS.
How do Growth Prospects Appear in the Chinese Market?
Increased Healthcare Spending to Augment Market Growth in China
Asia Pacific is expected to expand at the quickest rate throughout the projected period, led by growing countries such as China, India, and Japan. Increased healthcare spending in these nations is expected to attract several large corporations to explore previously untouched markets. As per Fact.MR, China is poised to lead the APAC market at a CAGR of 5.7% until 2032.
Because of expanding demand for excellent medical care, rising healthcare spending, and positive government efforts, China is likely to be the fastest-growing market throughout the forecast period. According to WHO, in high-income Asia-Pacific nations, the percentage of the population over 65 years old is predicted to double to 27.6% on average by 2050, while the share of the population over 80 years old is expected to treble to 10.2% between 2015 and 2050.
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Key Segments Covered in the Emergency Medical Service Products Industry Survey
- Emergency Medical Service Products by Product Type:
- ECG Monitors
- Pulse Oximeter
- EEG Monitors
- Temperature Monitors
- Intracranial Pressure Monitors
- Transcranial Dopplers
- Disinfectant and Cleaning Agents
- Other Product Types
- Emergency Medical Service Products by End User:
- Hospitals
- Clinics
- Ambulatory Surgical Centres
- Other End Users
- Emergency Medical Service Products by Application:
- Cardiac Care
- Trauma Injuries
- Respiratory Care
- Oncology
- Other Applications
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Competitive Landscape
Leading companies in the global emergency medical services products market have strengthened their positions via methods such as mergers and acquisitions and alliances. Companies are investing heavily in the worldwide market for emergency medical services products.
Major companies' growth strategies are expected to boost the global emergency medical services products market. The key market players are 3M, Asahi Kasei Corporation, C. R. Bard, Inc., Cardinal Health, GE Healthcare, Medtronic and Philips Healthcare.
Key players in the Emergency Medical Service Products Market
- 3M
- Asahi Kasei Corporation
- C. R. Bard, Inc.
- Cardinal Health
- GE Healthcare
- Medtronic
- Philips Healthcare
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Key Takeaways from the Market Study
- Global emergency medical service products market to flourish 1.8x from 2022-2032
- By application, cardiac care and trauma to collectively contribute 50% revenue
- Hospitals to remain primary emergency medical service products end users, registering over 2/5th revenue
- U.S to emerge as an opportunistic market, flourishing at a value CAGR of 6.1%
- China to be the most lucrative market in Asia, expected to reach US$ 7 Billion by 2032
- Japan and South Korea to document CAGRs of 5.5% and 4.6% respectively from 2022-2032
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