Extrapolate predicts 4.3% CAGR for emergency medical services market from 2023 to 2032, reaching USD 35.4 billion in 2032. The medical beds market is expected to grow with 6.3% CAGR from $3.1 billion to $5.71 billion in the same period, driven by investments in healthcare infrastructure, technological advancements in ICU beds, and a growing demand for beds due to rising chronic disorders.
Dubai, UAE, Feb. 21, 2023 (GLOBE NEWSWIRE) — Global Emergency Medical Services Market Outlook To 2032:
According to a recent market analysis by Extrapolate, the global Emergency Medical Services Market size was valued at around USD 23.1 billion in 2022 and is expected to grow to around USD 35.4 billion by 2032, recording a CAGR of around 4.3% in the projection period between 2023 and 2032. The market growth is fueled by the accelerating demand for emergency care, the increasing incidences of trauma-related accidents, technological advancement, and the increasing healthcare costs on a global scale.
Research studies have indicated that the demand for emergency medical services is increasing due to factors such as the rising incidence of chronic diseases, aging population, and increasing awareness about the importance of prompt medical assistance in emergency situations. Additionally, technological advancements in medical equipment and devices have led to the development of advanced life support systems, which are increasingly being adopted by EMS providers.
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Emergency medical services market to record 4.3% Growth in the projection period.
Cardiac Segment is anticipated to hold its dominance throughout the forecast period.
Rising geriatric population, increasing prevalence of diabetes, rising road accidents, and alarming demand for life-support equipment to tackle the increasing accident rates are anticipated to fuel expansion.
North America to continue robust growth in coming years, witnessed a valued CAGR of 18.8% in 2021.
Market’s competitive landscape is relatively fragmented.
Competitive Landscape of the Emergency Medical Services Market
The competitive landscape for emergency medical services industry is relatively fragmented. The market players are highly reliant on R&D, mergers and acquisitions, collaborations, and launching new products to strengthen their foothold. The various key players are involved in long-term contracts with various medical care establishments globally to form collaborations and strategic alliances to expand market growth. With the introduction of technological advancements like mobile healthcare applications, medical educators, patient advocates, etc, the market’s prominent players are set for significant growth.
Asahi Kasei Corporation
Koninklijke Philips N.V
UCM Digital Health
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The global emergency medical services market is segmented as follows:
Patient Handling Equipment
Personal Protection Equipment
Patient Monitoring Systems
Life Support & Emergency Resuscitation Equipment
Infection Control Supplies
Wound Care Consumables
Life Support & Emergency Resuscitation Equipment is Likely to Dominate Emergency Medical Services
Life support & emergency resuscitation equipment dominated the market over the projection period due to its rising use in the emergency treatment of chronic cardiac and other conditions. The factors responsible for the segment’s growth are estimated to be various serious emergency health issues. For instance, traumatic brain injuries are estimated to account for 30% of all injury-related fatalities in the US and are the prominent cause of disability and death. Hospital and trauma center demand is projected to rise as a result of the numerous injuries and fatalities caused by trauma.
Multiple organizations are anticipated to provide emergency life help via technological advancements like telehealth applications. For instance, in January 2023, UCM Digital Health and MVP Health Care collaborated to deliver the “Treatment in Place” service, which uses telemedicine to increase access to emergency treatment. EMS organizations and 911 centers will have access to the platform and 24/7 telehealth service provided by UCM Digital Health, allowing them to connect with the care coordinators and medical personnel at UCM.
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Segmentation by End-user:
Segmentation by Application:
Cardiac Care Segment to Continue Its Dominance in Global EMS Market
Cardiac care dominated the market share in 2021 and is expected to retain its foothold by thriving throughout 2023-2032. The growth in the segment is predicted to expand due to the rising geriatric population, increasing penetration of diabetes in the population, and accelerating cardiovascular diseases. Other factors that are likely to fuel the market expansion are rising emergency room visits and the pressing demand for life-support equipment.
Several not-for-profit organizations are collaborating with government bodies to address the rising demand. For instance, in September 2022, Providence funded USD 712 million to build two new multispecialty medical centers and a new patient-care tower at Providence Mission Hospital in Southern Orange County, California. With approximately one hundred brand-new private patient rooms, heart catheterization labs, and operating rooms, the new patient-care tower offers high-severity urgent care services supervised by emergency medicine doctors.
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North America to Experience Robust Growth, Witnessing 18.8% Growth in 2022
According to the research analysts at Extrapolate, the North American region is projected to experience robust growth, witnessing a surge of 18.8% growth in 2022, the region is anticipated to be driven by the proliferation of healthcare facilities and the rising concern of emergency care by healthcare providers. The availability of qualified medical staff and favorable reimbursement policies further expands the region’s market growth. Among the main factors that are expected to influence the market growth are increasing traffic accidents, rising demand for aviation emergency medical services, increasing geriatric population, advantageous reimbursement policies, and the expansion of hospital infrastructure into rural regions during a pandemic.
Governments in the region are concentrating on funding and implementing programs to address the needs of the geriatric population. The programs seek to increase senior citizens’ access to services, raise the standard and transparency of long-term care facilities, fund home care teams to assist low-income seniors and provide patients with respiratory care. For instance, In October 2022, Medically Home invested 110 million dollars in Baxter International Inc., Global Medical Response (GMR), and Cardinal Health. The funding aims to address the requirements and preferences of patients, who frequently choose to receive treatment at home or in an environment that is similar to a home, while also enhancing the capacity and resilience of the healthcare system. One of the main factors driving the regional market for emergency medical services is the expanding emphasis on emergency care by healthcare providers and the growing healthcare infrastructure.
Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Global Emergency Medical Services Market
Chapter 5. Global Emergency Medical Services Market Overview, By Type, 2018 – 2032 (USD Million)
Chapter 6. Global Emergency Medical Services Market Overview, By Type, 2018 – 2032 (USD Million)
Chapter 7. Global Emergency Medical Services Market Overview, By End-user, 2018 – 2032 (USD Million)
Chapter 8. Global Emergency Medical Services Market Overview, By Geography, 2018 – 2032 (USD Million)
Part II: Medical Beds Market Outlook To 2032:
According to the research analyst at Extrapolate, the global Medical Beds Market size is projected to grow from USD 3.1 billion in 2022 to USD 5.71 billion by 2032, at an anticipated CAGR of 6.3% from 2023 to 2032 driven by various factors, such as rising investments in healthcare infrastructure, technological advancements in ICU beds, accelerating demand for beds, and the rising number of patients with chronic disorders requiring healthcare. For instance, according to a Founders of Medulance, a medical provider that received USD 2,41,652 as a funding on Shark Tank India for 2% Equity share, 5G ambulances to function as intensive care units on wheels.
The medical beds market is expected to record a healthy CAGR of 6.3% in the projection period.
The electric beds segment retains over 34% of the total revenue share, and it is anticipated to continue its dominance.
Hospitals will have the largest market share of nearly 63%.
North America will maintain its dominance, accounting for more than 51% of the market.
The market landscape of the global medical bed market is highly competitive.
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Electric Beds Segment to Hold Over 34% of Revenue Share of Global Medical Beds Market
The electric beds segment dominates the market with over 34% of the total revenue share. The market’s dominance is expected to be attributed to factors such as technological shifts as a result of the shifting preference of patients for electronic appliances for comfort and convenience. Furthermore, it is expected that medical infrastructure developments will fuel the demand for electric beds in both developed and developing countries.
Furthermore, the growth of electric beds is likely to increase due to the increasing obesity rate among population. A further factor that is anticipated to boost the growth of the electric bed market is the existence of favorable reimbursement policies in important markets like the U.S. For instance, Medicare offers a 7.5% reimbursement on new electric beds that can be used in home care settings. In developed nations like the U.S., such considerations have raised the rate of adoption of electric beds in in-home care and elderly care settings.
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Outpatient Nursing Care
Hospitals Segment to Continue Its Dominance with Revenue Share of 63%
The hospitals segment is responsible for holding the largest market share, accounting for more than 63% of total revenue shares. A significant increase in the hospital segment is expected owing to the chronic disease incidences rise globally. As the number of illnesses increase, so does the demand for better healthcare facilities, resulting in an increase in the number of hospital beds.
The number of cancer patients globally increased to over 10 million in 2022, and it has since risen even further. The outpatient nursing care market is anticipated to develop at the fastest rate throughout the course of the forecast period as these clinics are turning into the main locations for treating acute illnesses including fever, the flu, and bronchitis, which have further bolstered the market’s growth.
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North America Dominates the Medical Beds Market, Holding Over 51% of the Total Revenue Share
North America is anticipated to hold its dominance with over 51% of the market share in 2022. The market for medical beds in North America is estimated to be worth USD 1.6 billion in the coming years due to the presence of prominent players such as Baxter, Invacare Corporation, Jörns Healthcare LLC, Medical Depot, Inc., and many more.
Additionally, the region is expected to witness growth due to the easy availability of medical beds in hospitals, nursing homes for the elderly, and home care, all of which contribute to the market’s expansion. Manufacturers are compelled to upgrade their products on a regular basis owing to the government’s high capital funding requirements and the intensity of competition. For instance, in September 2021, Hill-Rom Holdings, a provider of medical technology services and products, was purchased by Baxter to provide optimum care. The existence of developed economies and the rise in demand for high-end goods are the main factors influencing the market’s expansion. Canada has recently displayed promising growth possibilities, and it is anticipated that this growth will continue during the projected period.
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Competitive Landscape of the Global Medical Beds Market
The market for medical beds is highly competitive. Key players in the global medical beds industry invest in research and development to expand their product portfolios. Market players are engaging in a number of strategic initiatives to improve their worldwide footprint in conjunction with key industry changes, such as new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. Competitors in the hospital bed market must offer reasonably priced items if they intend to expand and survive in a sector that is becoming highly competitive.
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