Ambulance Equipment Market – Insights
Ambulance equipment is a type of equipment used to aid patients at the time of medical emergencies, including accidents and surgeries, thus helping minimize personal injuries and preventing loss of life. Advancements in healthcare technology along with increasing patient inclination towards faster and efficient mode of delivery has led to rampant growth of efficient and on-the-time delivery of treatment through ambulance equipment and services.
Increasing number of ambulance services, which can availed by patients directly or by hospitals and other organizations is directly boosting growth of the ambulance equipment market. According to an article published in daily newspaper of the U.S., around 17.3 million emergency patient transports occurred in 2012 across the world. Hence, rising number of emergency cases is a major factor that is expected to augment growth of the ambulance equipment market during the forecast period.
The global ambulance equipment market was valued at US$ 4,315.4 million in 2017, and is expected to witness a CAGR of 3.3% over the forecast period (2018 – 2026).
Global Ambulance Equipment Market Share Analysis (%), By End User
Source: Coherent Market Insights Analysis (2018)
Increasing number of accidents and growing geriatric population are expected to drive growth of the ambulance equipment market
Increasing cases of bone fractures, trauma due to fall, and others, are increasing the demand for medical intervention (orthopedics), thus, augmenting the need for ambulance equipment products. In 2012, according to the National Institute of Health, knee is the most commonly injured joint by adolescent athletes with an estimated 2.5 million sports-related injuries presenting to emergency departments, annually in the U.S. This number is expected to increase significantly over the forecast period.
Moreover, growing geriatric population across various regions worldwide along with high prevalence of heart disease is expected to propel demand for ambulance equipment in the near future. According to the data published in the Journal of the Formosan Medical Association, in November 2016, half of the population living in Asia is the geriatric population and it is growing at faster rate, which may cater the demand of ambulance services in Asia.
Ambulance Equipment Market- Regional Analysis
Regional segmentation of the global ambulance equipment market by Coherent Market Insights comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to dominant position in the global ambulatory services market, owing to cost-saving offers eliminating hospital stays in the region, shift of aging population to outpatient care. For instance, the partnership of Tenet Healthcare and United Surgical Partners International (USPI) in 2015 resulted in undertaking 20 imaging centers, 265 short-day surgical facilities with 4000 physicians.
Furthermore, according to the National Center for Health Statistics estimates in 2017, the number of outpatient surgery visits in the U.S. is increased from 20.8 million to 34.7 million visits from the year 2006 to 2016, thereby catering to the growing demand for ambulance services, which requires ambulance equipment.
Asia Pacific is expected to witness fast growth over the forecast period, owing to the increasing healthcare issues with rising incidence of chronic diseases, and government initiation to introduce outpatient strategies. For instance, the launch of various mobile apps by China and Japan are providing medical knowledge and easy booking for outpatient appointments.
Ambulance Equipment Market- Competitive Landscape
Manufacturers are focusing on providing innovative products and value through proactive servicing, responsiveness, agility, improved equipment availability, economical service, and life cycle savings. For example, GE Healthcare offers AirStrip ONE mobile platform, which provides an integrated view of patient information from multiple data sources into a single user interface on iOS and Android platforms, thus enables clinicians to receive a complete picture of a patient’s health at the moment of care, from anywhere. Utilization of such kind of devices in ambulances may help to rescue people during medical emergencies and in turn, boost market growth.
Moreover, adoption of organic and inorganic growth strategies by various manufacturers is also propelling growth of the ambulance equipment market. For instance, in 2016, Stryker Corporation is planning to acquire Physio-Control International, a maker of vital-sign monitors and defibrillators, for US$ 1.28 billion.
Physio-Control International, Inc.’s defibrillator and cardiopulmonary resuscitation-assist devices are expected to complement Stryker's emergency medical services offerings, which include ambulance cots and cot equipment, stair chairs, and healthcare-facility evacuation equipment. Thus expected positively impact the ambulance equipment market growth in the near future.
Global Ambulance Equipment Market Share Analysis (%), by Key Players, 2017
Source: Coherent Market Insights Analysis (2018)
Key players operating in the ambulance equipment market include 3M, BLS Systems, Ltd., Medtronic Plc, GE Healthcare, Stryker Corporation, Allied healthcare products, Inc., Dragerwerk AG & Co. KGaA., Ambu A/S, Emergency Medical International, First Care Products, Ltd., and Emergency Medical Products, Inc.