Global Emergency Medical Equipment Market, by Product Type (Diagnostic Medical Equipment, Emergency Resuscitation Equipment, Personal Protective Equipment, Patient Handling Equipment, Other Equipment), by Application (Cardiac Care, Cancer Care, Respiratory Care, Trauma, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 23,820.4 in 2022 and is projected to exhibit a CAGR of 6.3 % over the forecast period (2022 - 2030).
Government plays a crucial role in the provision of emergency medical services. Therefore, increasing number of government emergency medical service (EMS) programs are considered to be the major factor driving growth of the global emergency medical equipment market. For instance, programs initiated by US Department of Health and Human services such as Emergency Medical Services for Children, the Office of EMS, and the Division of Injury Response coordinate their efforts for emergency services through regular communications, collaboration, and planning on numerous projects. Moreover, increased government funding for the management of natural disaster is expected to increase demand for advanced emergency medical services eventually driving the emergency medical equipment market revenue. For instance, in 2021, The Federal Emergency Management Agency (FEMA) has recommended $ 22.1 billion, including $ 17.7 billion to support disaster relief funds.
Global Emergency Medical Equipment Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, The US FDA has taken numerous steps to ensure that patients and healthcare professionals have timely access to high-quality medical devices so they can respond appropriately during the COVID-19 public health emergency. In order to boost the supply and capability of varied diagnostic, therapeutic, and protecting medical devices in high demand throughout the COVID-19 public health emergency, these activities embrace supply Emergency Use Authorizations (EUAs) and guiding materials.
Thus, increasing efforts by key players to develop emergency medical equipment and carry out research and development activities for COVID-19 infection is expected to drive the market growth over the forecast period.
Global Emergency Medical Equipment Market: Key Developments
A ventilator expansion tool called the VESper Ventilator Expansion Splitter will be manufactured and distributed in a partnership between Prisima Health and Ethicon Inc., a subsidiary of the Johnson & Johnson Medical Devices Companies which was authorized in covid-19 for emergency use in patients on ventilators.
In March 2020, GE Healthcare announced a collaboration with Ford Motor Company for boosting the production of ventilators. The main aim for this collaboration was to provide clinicians with vital medical equipment for the treatment of patients with COVID-19, the respiratory illness caused due to novel corona virus, which had the maximum impact.
Browse 31 Market Data Tables and 27 Figures spread through 165 Pages and in-depth TOC on "Emergency Medical Equipment Market, by Product Type (Diagnostic Medical Equipment, Emergency Resuscitation Equipment, Personal Protective Equipment, Patient Handling Equipment, Other Equipment), by Application (Cardiac Care, Cancer Care, Respiratory Care, Trauma, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2030"
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Manufacturers in emergency medical equipment market are focused on strategic merger and acquisition in order to strengthen their position in market. For instance, in June 2018, Royal Philips announced the acquisition of Remote Diagnostic Technologies (RDT), a U.K.-based provider of advanced solutions for the pre-hospital market providing cardiac therapy and data management. Industry players are also collaborating with government organizations to deliver emergency care services.
Key Takeaways of the Global Emergency Medical Equipment Market: