Zion Market Research has published a new report titled “Emergency Medical Service Product Market by Type (Patient Monitoring Equipment, Patient Handling Equipment, Wound Care Products, Infection Control Consumables, Personal Protection Equipment & Life Support, and Emergency Resuscitation Equipment), by Application (Cardiac Care, Trauma Injuries, Respiratory Care, Oncology, and Others), and by End-User (Hospitals & Trauma Centers, Ambulatory Surgical Centers, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2024”. According to the report, the global emergency medical service product market was valued at approximately USD 20.56 billion in 2017 and is expected to reach around USD 31.54 billion by 2024, growing at a CAGR of 6.77 % between 2018 and 2024.
The emergency medical service is an important part of the healthcare system, especially for people who suffer sudden and unexpected emergencies. Emergency medical service is provided by local government and private entities within a geographic area, or by volunteer organizations.
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Since the last decade, major scientific advancements made in clinical practice have brought relentless changes to the emergency medical care. These innovations include the large-scale adoption of advanced equipment, such as the electrocardiogram monitor, pulse oximeter, CPR devices, and better drugs/medications. Additionally, ambulances are now being equipped with advanced radio communication systems, computers, and other patient care equipment. Emergency medical technicians and paramedics are now allowed to use advanced medications and protocols to provide better medical care for their patients. This includes new drugs to treat heart attacks, drug overdoses, and strokes. These advances are likely to drive the expansion of the emergency medical service product market.
However, the high costs of emergency medical equipment and a dearth of trained medical professionals are restraining the development of the emergency medical service product market.
By type, this market is segmented into patient handling equipment, personal protection equipment, wound care products, patient monitoring equipment, infection control consumables, and life support and emergency resuscitation equipment. The life support and emergency resuscitation equipment segment are likely to account for the largest share of the emergency medical service product market. The patient monitoring equipment segment was the fastest growing segment and is likely to witness a substantial increase in revenue, owing to large-scale adoption in medical facilities.
By application, the emergency medical service product market is divided into trauma injuries cardiac care, oncology, respiratory care, and others. The cardiac care is projected to account for the largest share and grow at the highest CAGR in the forecast time period. Increasing prevalence of cardiac arrest due to cardiovascular diseases and a growing number of physical traumas are likely to benefit the emergency medical service product market in the upcoming years. This, in turn, is projected to positively impact the emergency medical service product market in the near future. However, the high cost of emergency medical service equipment might hinder this market’s growth. Increasing number of hospitals along with growing government investments made for healthcare infrastructure and medical services are expected to present lucrative opportunities in the forecast time period.
The end-user segment includes hospitals and trauma centers, ambulatory surgical centers, and others. The hospitals and trauma centers segment dominated the market and accounted for the largest share in 2017, owing to high rates of hospital admission due to the growing incidences of heart disorders and traumatic injuries.
By region, the global emergency medical service product market is segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. North America dominated the emergency medical service product market, accounting for the maximum revenue market share, in 2017. In terms of revenue generation, Europe was the second largest market followed by the Asia Pacific. The Asia Pacific emergency medical service product market grew rapidly in 2017. Developing economies, such as India and China, are accelerating the expansion of this region, owing to growing healthcare infrastructure and increasing corporate investments made in the healthcare sector. The Middle East and Africa and Latin America are likely to witness moderate growth in the emergency medical service product market in the years to come.
Some key players operating in the global emergency medical service product market include Stryker, Medtronic, Asahi Kasei, Cardinal Health, Philips, GE Healthcare, Smith & Nephew, 3M, Smiths Medical, Becton, Dickinson and Company, Johnson & Johnson, B. Braun, and C. R. Bard.
This report segments the global emergency medical service product market as follows:
Global Emergency Medical Service Product Market: Type Segment Analysis
Global Emergency Medical Service Product Market: Application Segment Analysis
Global Emergency Medical Service Product Market: End-User Segment Analysis
Global Emergency Medical Service Product Market: Regional Segment Analysis