Europe Medical Products Market Growth was valued at USD 5.2 billion in 2019 and is expected to witness around 5.5% CAGR from 2020 to 2026.
The equipment, devices and systems that are majorly used for providing support to the disabled and elderly population are referred to as medical products. These products help elderly population to conduct their daily activities with easy and comfortable movements. Medical product addresses the problems related to mobility thereby, reducing the pain of disabled people. These assistive devices aid in preventing accidents and loss of balance of patients thereby, providing stability.
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Surge in the number of road accidents and sports-related injuries has led to an increase in the number of disabilities across Europe. For instance, according to a recent report by the Federal Statistical Office, nearly one in ten Germans are severely disabled. In 2016, the number of disabled population in Germany was around 7.6 million. These people require assistive medical products to improve the effectiveness of their daily activities. Thus, growing disabled population across European countries will boost the demand for medical products in the upcoming years.
The launch of new and innovative medical products across Europe will enhance the market growth over the analysis period. Moreover, strong presence of the market players will augment the industry growth. For instance, BSN medical offers the products for fracture management, physiotherapy and other orthopedic braces. As handicapped population will need these products for performing their tasks efficiently, the market will witness substantial growth in the coming years. Additionally, increasing investment on healthcare facilities and healthcare infrastructure will positively impact the Europe medical products market growth.
Europe Market Size, By Product
On the basis of product, the market is divided into wheelchairs, medical beds, walkers, bathroom assistive products, orthopaedics and others. The wheelchairs segment is anticipated to show around 5.5% CAGR over the forecast timeframe. Increasing prevalence of physiological disorders that requires support is one of the major driving factor for market growth. The advent of technologically developed wheelchairs such as electric wheelchairs have ability to store medical history. Thus, increasing proportion of disabled people that requires wheelchairs to improve functioning of their body will boost the demand for wheelchairs thereby, fueling the segmental growth.
Europe Market Share, By End-use
The end-use segment is bifurcated into hospitals, ambulatory surgical centers, home healthcare and others. Hospitals segment held a market share of around 29% in 2019 and will register significant growth rate in the projected years. The medical emergencies across Europe has increased due to the growing prevalence of road accidents and sports injuries. These patients with serious injuries require assistive products such as wheelchairs, gurney beds etc. Furthermore, increasing number of hospital admissions due to various physiological disorders will boost the demand for medical beds in hospitals. Thus, aforementioned factors will contribute to the segmental growth thereby, spurring the market growth.
Europe Market Growth, By Country
France medical products market was valued at around USD 860 million in 2019. Growing investment on healthcare facilities and presence of large patient pool having disabilities are some of the significant factors driving the country growth. According to the Government of France, yearly around 12 million people are affected due to disabilities. Thus, such large group of disabled people will require assistive medical products and will further enhance the market demand. Furthermore, favourable reimbursement policies in France coupled with rising awareness related to healthcare spending across the country will prove beneficial for the growth of Europe medical products market.
Competitive Market Share
Some of the major industry players involved in Europe medical products market include Sunrise Medical, Invacare Corporation, Cardinal Health, Getinge AB, Permobil, Hill-Rom Services and others. These companies are adopting several strategies such as collaborations, mergers and acquisitions to maintain their market position. For instance, in December 2017, Permobil announced the acquisition of MAX Mobility. This strategic move expanded the wheelchair product portfolio of the company and further assisted in revenue generation.
Europe Medical Products Industry Background
Medical products play a vital role in providing balance and stability to the handicapped people and older adults. These products involve various assistive devices such as wheelchairs, walkers, orthopaedics and many more. The first knee brace was designed in 1960s that provided lateral protection for knee. Later in 1970, NFL (National Football League) players started to use prophylactic knee braces to reduce knee injuries. The market players in Europe medical products industry focuses on the adoption of new technologies to improve patient care. For instance, the advent of new knee braces have the ability to reduce pressure throughout the knee thereby, powering the leg muscles. These emerging technologies will help disabled population for easy leg movements. Thus, such innovations and technological developments related to assistive medical products will enhance the market growth in the future.