The global ambulance and emergency equipment market is estimated to expand 3.9% to USD 9.68 Billion in 2028 from USD 7.79 Billion in 2021.
The global ambulance and emergency equipment market size is expected to progress at a compound annual growth rate (CAGR) of 3.9% to achieve revenue growth of USD 9.68 Billion in 2028 from USD 7.79 Billion in 2021. The report offers the latest trends, growth drivers, challenges, and opportunities along with their impact on the overall equipment demand during the forecasted period. In addition, a comprehensive study of major and emerging market players is included in the report.
Ambulance and Emergency Equipment Market: Overview
Ambulance and emergency equipment are utilized to assist the patient when a patient has a medical emergency, such as an accident or surgery. Equipment used by ambulances lessens personal injuries, which helps to avoid fatalities. Hospitals and laboratories are typically equipped with this emergency equipment. With the factors such as technological development, rising accident rates, and an aging population, the need for ambulance and emergency equipment is expected to increase.
COVID-19 Impact:
The global ambulance and emergency equipment market was positively impacted by the COVID-19 outbreak, most of the patients suffered from chronic cardio and lung disorders, and many required immediate hospital care which significantly increased the need for ambulance and emergency equipment. Also, many market players increased their manufacturing capacities to fulfill increased demand. All these factors increased the sale of emergency equipment during the pandemic period.
Key Insights
Ambulance and Emergency Equipment Market: Growth Drivers
Increase in incidences of emergency hospitalization to boost the market growth
The growing frequency of natural calamities and rising cases of accidents are the major factors contributing to the growing prevalence of emergency hospitalization. According to WHO, for young children and people aged 5 to 29 years, fatal road accidents are the main cause of mortality. Road traffic accidents cost the lives of almost 1.3 million people annually, and 93 percent of all road deaths worldwide take place in middle and low-income nations. In addition to this, most nations lose 3% of their GDP annually due to traffic accidents. This has led to the growing demand for ambulance and emergency equipment thereby fostering market growth. In addition, the market is growing due to the aging population, rising number of chronic diseases, growing initiatives of the government, and changing lifestyles.
Ambulance and Emergency Equipment Market: Restraints
High costs associated with emergency services to hinder the market growth
In American hospitals, emergency department expenses make up between 4.9 and 5.8 percent of all healthcare costs. According to UnitedHealth Group, the estimated treatment cost for common primary care curable diseases at a hospital ED is $2,032. The cost of a typical hospital ED visit increases by $1,069 due to hospital facility fees. Additionally, radiology, pathology, and lab treatments cost an average of $335 in a hospital emergency department, which is 10 times more expensive than a doctor's office ($31). Hence, the global ambulance and emergency equipment market is hindered by the heavy price associated with emergency care services.
Ambulance and Emergency Equipment Market: Opportunities
Enhancements in operating models for ambulances to create beneficial opportunities for the market growth
As traffic-related injuries are occurring more often, ambulance services are growing in emerging economies. Ambulances are being modernized in developed economies to offer better and quicker patient assistance. The ambulance and emergency equipment market is expected to develop profitably in the near future due to improving services and a growing preference for sustainable patient care. Moreover, the leading producers of ambulance equipment have increased their production capacity during the past several years. Furthermore, there is growing acceptance of medical tourism owing to less spending & greater savings, shorter wait times, access to top-notch facilities & the newest technology, lengthier hospital stays, simplicity of foreign travel with affordable flights, and travel options. This might increase demand for land and air ambulance services thereby boosting the market growth during the forecast period.
Ambulance and Emergency Equipment Market: Challenges.
Poor healthcare infrastructure in developing countries poses major challenge for market growth
In developing countries, the poor healthcare infrastructure coupled with less healthcare spending and lack of advanced medical equipment are some of the challenges to the growth of the market. In low- and middle-income countries (LMICs), adopting a paradigm that takes into account the availability, acceptability of services, financial accessibility, and geographic accessibility, there exist inequities in access to health care, thereby acting major challenges for the market growth.
Ambulance and Emergency Equipment Market: Segmentation
The global ambulance and emergency equipment market is segregated based on service, product type, and region. Based on the service, the global market is divided into water ambulance service, ground ambulance service, and air ambulance service. Among these, the ground ambulance service segment is anticipated to hold the major share of around 50% owing to growing incidences of road accidents. The product type segment is split into transportation equipment, cardiac equipment, respiratory and hypothermia, diagnostics and infection control equipment, burn care equipment, blood and hemorrhage control devices, and others.
Recent Developments
Ambulance and Emergency Equipment Market: Regional Landscape
North America to hold maximum share in the global market
The global ambulance and emergency equipment market is expected to be dominated by North America during the forecast period, which can be likened to a number of factors, including favorable reimbursement policies & regulatory reforms in the healthcare industry, a developed healthcare infrastructure, the rising demand for high-quality healthcare services, and the presence of several major market players in this region. The market for ambulance and emergency equipment has benefited from the U.S. healthcare system's focus on standard patient healthcare and value-based services. On the other hand, over the projection period, the Asia Pacific region is anticipated to see the quickest growth. The Asia Pacific ambulance and emergency equipment market is expected to develop as a result of a number of aspects, including the existence of enormous potential for market participants, advancements in healthcare facilities, and a rise in the number of car accidents.
Ambulance and Emergency Equipment Market: Competitive Landscape
Major players operating in the global ambulance and emergency equipment market include Stryker, MCKESSON CORP., GE Healthcare, Covidine, BLS Systems, Ltd., 3M, Emergency Medical International, Ambu A/S, Tree Medical, and Drager Medical, Inc., among others.
Global ambulance and emergency equipment market is segmented as follows:
By Service
By Product Type
By Region
FrequentlyAsked Questions
Owing to growing frequency of natural calamities and rising cases of accidents are the major factors contributing to growing prevalence of emergency hospitalization. This has led to growing demand for ambulance and emergency equipment thereby fostering the market growth. In addition, the market is growing due to the aging population, rising number of chronic diseases, growing initiatives of government, and changing lifestyles.
According to the Zion Market Research report, the global ambulance and emergency equipment market size is expected to progress at a compound annual growth rate (CAGR) of 3.9% to achieve revenue growth of USD 9.68 Billion in 2028 from USD 7.79 Billion in 2021..
The global ambulance and emergency equipment market is expected to be dominated by North America during the forecast period, which can be likened to a number of factors, including favorable reimbursement policies & regulatory reforms in the healthcare industry, a developed healthcare infrastructure, the rising demand for high-quality healthcare services, and the presence of several major market players in this region. The market for ambulance and emergency equipment has benefited from the U.S. healthcare system's focus on standard patient healthcare and value-based services
Major players operating in the global ambulance and emergency equipment market include Stryker, MCKESSON CORP., GE Healthcare, Covidine, BLS Systems, Ltd., 3M, Emergency Medical International, Ambu A/S, Tree Medical, and Drager Medical, Inc., among others.
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