Industry Trends

North America Medical Products Market size was valued at USD 7.7 billion in 2019 and is expected to witness around 5.0% CAGR from 2020 to 2026.

Medical products consist of devices, equipment and systems that assist patients in performing their daily activities with easy and comfortable movements. These devices address the mobility challenges faced by patients. Medical products also include disabled and elderly assistive devices that helps the individuals with cognitive difficulties, disabilities and impairments. These equipment prevents accidents as well as loss of balance of the patients thereby, providing stability.

Get more details on this report - Request Free Sample PDF

Rapid growth in the number of road accidents and sports injuries across North America will boost the growth of medical products market over the forecast period. For instance, according a recently published data by the Centers for Disease Control and Prevention (CDC), in 2016, the total number of sports and recreation-related injuries in the U.S. were around 8.6 million. Thus, the increasing number of injuries will stimulate the market growth in the future. Moreover, rising healthcare spending across the region will further propel the market growth. The healthcare expenditure in the U.S. amounts to around 18.5% of national GDP. Thus, the abovementioned factors will augment the growth of North America medical products market.

The adoption of medical products has increased over the past few years owing to the presence of large group of handicapped people across the region. For instance, according to a recent data obtained from the Canadian survey on disability, in 2017, around 6.2 million people in Canada had at least one disability. As the accidents and injuries leading to disabilities are increasing, the market for medical products in Canada will also witness lucrative market growth over the analysis period. Additionally, growing geriatric population and introduction of newer technologies related to medical products will positively impact the market growth. For instance, Hill-Rom's new smart bed includes continuous monitoring system of Early Sense. This technology is intended to help clinicians in monitoring patient’s heart and respiratory rate continuously. Thus, such innovations in hospital bed technology will enhance the market growth across the North America region.

North America Market Share, By Product

On the basis of product, the market is divided into wheelchairs, medical beds, walkers, bathroom assistive products, orthopaedics and others. The orthopaedics segment was valued at around USD 1.5 billion in 2019 and will show considerable growth in the upcoming years. The segmental growth is attributed to the factors such as increasing prevalence of orthopedic diseases, rising incidences of cervical disorders, mainly cervical spondylitis and growing number of musculoskeletal disorders and bone fractures. For instance, according to a recent statistics, around 6.3 million people have bone fractures every year in the U.S. Thus, the higher fractures rates across North America will contribute to the market growth.

North America Market Size, By End-use

The end-use segment is bifurcated into hospitals, ambulatory surgical centers, home healthcare and others. The hospitals segment held a market share of around 29% in 2019. The large share of this segment is attributed to the rapidly growing orthopedic surgical operations requiring post-surgery rehabilitation and rising medical emergencies that require wheelchairs. For instance, according to a recently published data by the Centers for Disease Control and Prevention, in 2017, the number of total injury-related visits in the U.S. hospitals were more than 40 million. Thus, the abovementioned factors will stimulate the demand for medical beds in the hospitals thereby, spurring the market growth.

North America Market Growth, By Country

Canada medical products market is poised to surpass USD 990 million by 2026 owing to growing geriatric population requiring assistive devices. Increasing number of road accidents and other sports-related injuries across the country will positively influence the market growth. For instance, according a recently published data by the Canadian Society of Health Information, in 2016-17, there were over 17,655 people hospitalized due to sports-related injuries. Additionally, growing demand for advanced wheelchairs from the sports industry will enhance the market growth over the analysis timeframe.

Competitive Market Share

Some of the major industry players involved in North America medical products market include Invacare Corporation, Cardinal Health, Compass Health Brands, Getinge AB, GF Health Products, Hill-Rom Services and others. These companies are adopting numerous inorganic strategies such as collaborations, mergers and acquisitions to maintain their market position. For instance, in March 2020, Invacare introduced a novel product called AVIVA FX power wheelchair that has a front-wheel drive power mobility. This product launch will help company in acquiring new customers thereby, enhancing the revenue growth.

Industry Background

Medical products are the assistive devices for enhancing personal mobility. These products include wheelchairs, medical beds, walkers, bathroom assistive products and orthopaedic products. The first recorded use of wheelchairs by disabled people in Europe is in 17^th century. Later in the 20^th century, the folding wheelchair was invented that allowed the disabled population to use wheelchairs outside their homes. The emergence of new technologies such as push-rim-activated power-assisted wheelchair (PAPAW) has helped to increase the demand of medical products across North America. Additionally, recent innovations in hospital bed technology offers greater mobility, shorter and more positive recoveries and protection from falls and injuries. Furthermore, the launch of multipurpose wheelchair to provide bathroom assistance to the physically challenged and elderly population has supported the industry expansion. Thus, innovations and technological advancements related to medical products will boost the market demand in the future.