Emergency medical supplies market to reach €45.04bn by 2026
The emergency medical supplies market was valued at more than $30.0bn (€25.60bn) in 2019 and is forecast to observe a CAGR of over -17.8% over 2020-2026.
According to a research report by Global Market Insights, Inc., the emergency medical supplies market is likely to witness significant growth through this time period, owing to rising healthcare expenditure along with ongoing technological advancements in the medical equipment. Other factors that will offer lucrative growth opportunities to the industry include increasing cases of trauma injuries, road accidents, and infectious diseases.
As per the American Association for the Surgery of Trauma, instances of injuries accounted for nearly 150,000 deaths along with about three million non-fatal cases seen each year in the US. Furthermore, injuries are also responsible for more than five million deaths per year on a global level. Owing to global efforts towards decreasing mortality rates and promoting better treatment plans, the emergency medical supplies market will expect strong demand in the future.
Lately, the COVID-19 pandemic has led to several causalities, which has led to a substantial rise in the demand for emergency medical supplies across the world. Additionally, a rapid increase in patient numbers has further led to a shortage of respiratory monitors, ventilators, gloves, and masks as well as numerous other kinds of emergency medical supplies. As a result, companies functioning in the business for emergency medical supplies are expected to witness significant growth opportunities through the projected time period.
Increasing trauma cases
The trauma medical supplies segment held a revenue share of nearly 20% in 2019. As per the American Association for the Surgery of Trauma, approximately 230,000 people are hospitalised and more than 50,000 die due to injuries associated with brain trauma each year.
As such, a growing number of trauma cases will subsequently increase the segment growth. Additionally, the rising incidences of accidents and falls faced by the world’s growing elderly population will further positively impact the segment growth in the coming years.
Rising product demand in retail pharmacies
In terms of distribution channel, retail pharmacies represented a share of around 32% in 2019. The benefits of retail pharmacies linked with local presence and easy access will enhance its preference among the customers in coming years.
Additionally, in emergency conditions, these pharmacies are less time-consuming and appropriate POP (point-of-purchase), which allows the segment to bring in considerable revenue growth at a faster rate, positively influencing the industry size in the process.
Growing demand in Trauma centres
The trauma centres will witness significant growth over the projected time period owing to the rising number of admissions seen in these facilities because of increasing trauma cases, leading to increasing demand for emergency medical supplies.
Moreover, the availability of skilled workforce along with technologically advanced equipment present across trauma centres will further increase the segmental growth.
Rising demand across Asia-Pacific
The emergency medical supplies market of APAC represented nearly 20% of the total market share in 2019 and will show appreciative growth over the forecast time period. Rising healthcare spending and technological advancements in the region will increase the industry potential for emergency medical supplies.
Furthermore, because of the COVID-19 outbreak, companies are expanding their manufacturing and supply volumes in order to effectively fulfil the increasing demand for emergency medical supplies. The region’s rising geriatric population will also encourage the market growth for emergency medical supplies during the forecast time period.