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North America Medical Products Market to Grow at 5.0% CAGR to 2026
Published Date: 2020-05-06
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According to the Graphical Research new growth forecast report titled North America Medical Products Market size is set to exceed USD 10.9 billion by 2026. Rapidly increasing investment in healthcare facilities and healthcare infrastructural development is one of the major factors driving the growth of medical products market in the North America region. For instance, as per the recently published news article, the Government of Canada announced USD 20 million investments to scale-up Canadian companies in health and biosciences. This expenditure may lead to the emergence of new medical products by the market players thereby, enhancing the market growth. In addition, rising elderly population with difficulties in maintaining balance and stability will generate the demand for assistive products thereby, fueling the growth of medical products market.
Growing disabled population owing to the high prevalence of road accidents and other injuries will prove beneficial for the market growth. For instance, according to a recently published data by the Canadian Survey on Disability, in 2017, there were over 6.2 million people with one or more disabilities. The large patient pool of disable people will require assistive products for performing their daily tasks. Thus, the adoption of medical products will increase over the analysis timeframe. Moreover, newer technologies such as the next generation of knee braces that provide better human strength will positively contribute to the market growth. However, the stringent regulations and the high cost of devices may hamper the growth of North America medical products market.
The bathroom assistive products segment was valued at around USD 1.5 billion in 2019. The bathroom assistive products include shower seats, commodes and bathtub seats. These products help disabled and elderly people to access and use bathroom facilities safely for their daily hygiene needs. Strong presence of graying population across North America and rising prevalence of road accidents leading to disabilities are the factors that will propel the segmental growth in the upcoming years. In addition, advent of new technologies related to bathroom assistive products will further boost the North America medical products market growth.
The home healthcare segment held a market share of around 38% in 2019 and is projected to show lucrative growth in the coming years. Home healthcare system is where care is provided by skilled practitioners to the patients in their homes under the direction of physicians. Surge in the number of home healthcare agencies coupled with growing awareness related to homecare will expand the segmental growth. For instance, according to a recently published data by the Centers for Disease Control and Prevention, in 2016, there were more than 12,200 home health agencies in the U.S. These agencies provide care to more than 2.4 million elderly and disable people on an annual basis. Thus, such large patient pool coupled with rising acceptance of home healthcare will augment the market growth.
U.S. medical products market is projected to experience around 4.9% CAGR during the forecast years. According to the recently published statistics by the Centers for Disease Control and Prevention, more than 61 million adults in the U.S. have some type of disability. Amongst this, around 13.75% of people have mobility disability with serious problems in walking and climbing stairs. Thus, owing to the commonness of disability in the U.S. population, the North America medical products market will witness considerable growth over the forecast timeframe.
Major market players in North America Medical Products market are Invacare Corporation, Cardinal Health, Compass Health Brands, Getinge AB, GF Health Products, Hill-Rom Services and others. These market players have undertaken various strategies such as product improvisations, business acquisitions and collaborations for business expansion. In October 2016, Drive Medical Canada took over the DME brand business of AMG Medical that specializes in the area of bathroom safety and mobility. This acquisition helped the company to expand its product portfolio thereby, acquiring the new customers.
North America medical products market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026, for the following segments:
Market Share, By Product, 2015 – 2026 (USD Million)
- Manual Wheelchair
- Folding Frame Manual Wheelchairs
- Rigid Frame Manual Wheelchairs
- Powered Wheelchair
- Manual Wheelchair
- Medical Beds
- Patient Beds
- Examination Beds
- Massage Beds
- Gurney Beds
- Double Handed Walkers
- Single Handed Walkers
- Bathroom Assistive Products
- Bathtub Seats
- Shower Seats
- Cervical Collar Support
- Shoulder Support
- Arm Sling
- Wrist Splint
- Abdominal Binder
- Maternity Belt
- Elastic Bandage
- Air Shield Walker
- Knee Support
Market Size, By End-use, 2015 – 2026 (USD Million)
- Ambulatory Surgical Centers
- Home Healthcare
The above information is provided for the following region and countries:
- North America