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I AgreeAnalysis of Emergency Medical Service Products market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The worldwide emergency medical service products market is expected to increase at a CAGR of 6.3% and reach a market valuation of US$ 50 Billion by 2032.
In 2021, the emergency medical service products market was worth US$ 25 Billion, and is expected to grow at a Y-o-Y expansion rate of 8% in 2022, reaching US$ 27 Billion.
Report Attributes | Details |
Anticipated Base Year Value (2021) |
US$ 25 Billion |
Expected Market Value (2022) |
US$ 27 Billion |
Projected Forecast Value (2032) |
US$ 50 Billion |
Global Growth Rate (2022-2032) |
6.3% CAGR |
Growth Rate of the U.S (2022-2032) |
6.1% CAGR |
Expected Market Value of China (2032) |
US$ 7 Billion |
Key Emergency Medical Service Products Service Providers |
|
The primary driving drivers for the emergency medical services (EMS) products market include increased need for emergency treatment, an increase in the frequency of trauma, and rising healthcare spending globally.
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Increasing expenditure and investments in medical services, as well as an increase in the number of trauma injuries, are the major reasons driving the growth of the emergency medical service (EMS) goods market. According to market research and competitive intelligence provider Fact.MR, a CAGR of 6.6% was recorded for the emergency medical service products market from 2015-2021.
Rising healthcare expenditures and the number of hospitals contribute to the market's overall expansion. However, product replacement owing to faulty operation and increased market penetration impede market growth. Growing technological advancements are projected to create attractive industry prospects. On the other side, a lack of skilled personnel may be a hindrance to the market's growth.
The market for emergency medical services (EMS) products is predicted to expand from 2022 to 2032. According to Fact.MR, the market would increase at a CAGR of 6.3% over the forecast period. Growth prospects became especially accentuated during the worst of the COVID-19 pandemic crisis, when healthcare providers were scrambling to provide medical care to severely infected patients.
Access to High-Quality Data that Influences Patient Care Decision Making will Drive Demand for EMS Products
As technology advances, the majority of healthcare professionals now view emergency medical services as a more integrated quick and mobile response branch of the broader healthcare system, rather than a distinct emergency response.
According to the majority of patients who get EMS, the profession is rapidly integrating into the whole healthcare system, indicating that "mobile integrated healthcare" is a better name to describe the profession than "emergency medical services."
Extricating, transferring, and lifting patients are seen as a crucial element of EMS's tasks. Access to high-quality data on these patients influences patient-care decision-making. With the maturation of computerized patient care records, pre-hospital medical providers and paramedics are obtaining access to the whole scenario of the patients' medical history. This assists medical personnel in ensuring that all patients receive the proper care and are admitted to the appropriate facilities for treatment, hence increasing demand for emergency medical service products.
Significant Investments by Government amid the Pandemic to Widen Emergency Medical Service Products Deployment
The globe is now dealing with the COVID-19 pandemic. This infection causes pneumonia, severe and acute respiratory problems, multiple organ failure, and death in extreme instances. COVID-19 is more common in the elderly population. During the pandemic, there has been an upsurge in demand for emergency medical services products.
Furthermore, governments in developing nations are making large expenditures to upgrade their countries' health-care infrastructure, which is projected to enhance access to health-care services. This is predicted to boost demand for emergency medical service products.
The rising incidence of chronic illnesses such as cancer and heart and lung disorders in emerging nations presents significant prospects in the worldwide market for emergency medical service products.
Irregular Functioning may Impede Growth Prospects
Although the increase in healthcare expenditure and the number of hospitals will drive the expansion of the emergency medical service (EMS) products market in the coming years.
However, issues such as high prices connected with emergency products and product replacement owing to erratic functioning are projected to stymie market growth throughout the projection period. In the approaching years, the market's expansion will be hampered to some extent by a lack of trained specialists.
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According to Fact.MR, North America is likely to lead the EMS product market over the projected period, documenting a 6.1% CAGR. Some of the reasons boosting the regional market include improvements in healthcare infrastructure and a greater emphasis on emergency treatment by healthcare providers. Furthermore, high reimbursement coverage and the availability of experienced personnel are expected to drive product demand throughout the projection period.
On 29th July, 2020 In the United States, Royal Philips announced the availability of remote monitoring and defibrillator system (Tempus ALS) for pre-hospital situations. The solution is a full end-to-end system that combines novel hardware and powerful software to broaden first responders' pre-hospital area of treatment. The professional defibrillator (Tempus LS-Manual) is the final component of the total system to get 510(k) approval from the United States Food and Drug Administration (FDA) and is now available for purchase in the United States market. The remote monitoring and defibrillator system (Tempus ALS) is a one-of-a-kind modular platform that includes a remote portable vital signs patient monitor (Tempus Pro) and a remote professional defibrillator (Tempus LS-Manual).
While the monitor and defibrillator may be used independently, they can also communicate wirelessly to share data and upload vitals, waveforms, and pictures to Philips' web-based software platform (IntelliSpace Corsium). The software platform enables rapid clinical and transport decision support, as well as seamless electronic patient care recording (ePCR) integration outside the hospital in emergency settings, by providing robust, real-time transfer of clinical data and events, interactive ECG measurement, two-way communication, and more. All these factors are likely to boost the 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.
A developing nation like China is likely to generate significant growth in the Asia Pacific market over the forecast period. Increased health-care spending is expected to encourage enterprises to expand into these underserved regions.
Country-wise Forecast CAGRs in the Emergency Medical Service Products Market
U.S |
6.1% |
U.K |
6% |
China |
5.7% |
Japan |
5.5% |
South Korea |
4.6% |
Increasing Incidences of Cardiovascular Problems to be Top Growth Driver in the Coming Years
According to Fact.MR, in terms of market share, emergency medical service products are expected to have the most use in cardiac care and trauma injuries, owing to the increasing incidence of cardiovascular problems and the worldwide elderly population. Oncology will also be a significant application of emergency medical service products.
Governments all around the world have been expanding their investments, cash, and grants for the development of hospital infrastructure and amenities. Furthermore, the rising incidence of trauma injuries and chronic diseases has resulted in an increase in hospital admissions globally. As per Fact.MR, cardiac care and trauma injuries will jointly contribute 50% revenue.
Deployment to be Maximum across Hospitals
Hospitals require a huge number of medical devices and equipment to accommodate an increasing number of patients, and emergency medical care products are no exception.
Hospitals will continue to be the biggest revenue contributor to worldwide emergency medical service products. A market share worth 45% is expected for the segment in the global market across the period of assessment.
Disinfectants and Cleaning Agents to hold the Largest Market Share
Disinfectants and cleaning agents will continue to be the most popular products on the market in terms of volume. However, in terms of revenue, ECG monitors will continue to be the market's top product, followed by EEG monitors.
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The global market for EMS products is extremely fragmented and is defined by product clinical outcomes and new product introductions. As a result, leading EMS product manufacturers are pursuing tactics like as clinical trials, research and development, acquisitions, partnerships, and joint ventures to expand their market reach.
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As of 2021, Fact.MR estimated the emergency medical service products market to have reached US$ 25 Billion
By 2022, Fact.MR expected demand for emergency medical service products to reach US$ 27 Billion
From 2015-2021, the emergency medical service products market grew at a 5% value CAGR
From 2022-2032, emergency medical service products demand is likely to surge at a 6.3% CAGR
By 2032, the market for emergency medical service products is likely to be valued at US$ 50 Billion
By 2032, Fact.MR expects the U.S market for emergency medical service products to expand at a CAGR of 6.1%
China is expected to register a 5.7% CAGR with regard to the Emergency Medical Service Products industry
Japan is expected to document a CAGR worth 5.5% in the Emergency Medical Service Products market
Hospitals will continue to be the biggest revenue contributor to worldwide emergency medical service products.