Human-powered Medical Equipment Market Size & Share, by Type (Thermoelectric, Motion-Based); Device Type (Implanted Devices, Wearable); End-User (Hospitality, Specialty Clinics, Laboratories) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 3913
  • Published Date: Nov 29, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Human-powered Medical Equipment Market size is expected to reach USD 212 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of human-powered medical equipment was USD 97 Billion. The reason behind the growth is due to the increasing adoption of wearable devices across the globe. Wearable technology powers medical devices with the human body by using software, actuators, sensors, and electronic patches affixed to the skin to monitor a patient's condition. Worldwide, there was a significant increase in the number of wearables increased between 2019 and 2022 to more than 1 billion in 2022.

The growing integration of IoT in medical equipment is believed to fuel the market growth. The Internet of Things (IoT) has demonstrated potential for linking different medical devices, allowing for real-time data access and health monitoring, improving patient outcomes and a new generation of medical equipment with continuous data transmission abilities will be made possible by IoT-connected devices.


Human-Powered Medical Equipment Market
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Human-powered Medical Equipment Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~7%

Base Year Market Size (2023)

~ USD 97 Billion

Forecast Year Market Size (2036)

~ USD 212 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Human-powered Medical Equipment Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Rising Aging Population – Senior medical supplies and equipment that make daily living easier can significantly improve freedom and peace of mind in general, there is a desire for gadgets that enable seniors to live more freely at home can help patients monitor and enhance their fitness, which can be helpful in avoiding chronic illnesses such as diabetes and cardiovascular disease, especially in industrialized countries where the population is getting older. According to the World Health Organization (WHO), the number of individuals 60 years of age and over will reach to 2.1 billion worldwide by 2050.
  • Growing Adoption of Remote Patient Monitoring Devices-These devices enables clinicians to monitor, record, and analyze their patients and allow the healthcare provider to make proactive clinical decisions by providing a real-time understanding of the patient's disease state from outside the hospital or clinic setting by collecting patient data through an external or implantable device.

Challenges

  • High Initial Cost of the Equipment - Medical equipment that is operated by humans typically has a high initial cost as it requires precise engineering which leads to higher production costs. Moreover, costs are increased by adhering to stringent regulatory standards which are different for different regions. The initial cost is influenced by investments in research and development as engineers work to produce devices that are effective, and user-friendly, and adding cutting-edge materials and technologies also raises the overall cost of human-powered medical devices.
  • Lack of Public Awareness Owing to the Presence of Inadequate Healthcare Infrastructure-
  • Stringent Regulatory Requirements associated With Product Approval.


Human-powered Medical Equipment Segmentation

Device Type (Implanted Devices, Wearable)

The wearable segment is estimated to account for 60% share of the global human-powered medical equipment market by 2036 owing to the growing burden of chronic diseases across the globe. It is expected that smoking, inactivity, poor diet, and excessive alcohol consumption are the primary causes of the most common chronic illnesses, which are the leading causes of mortality and disability worldwide. This has led to an increase in the demand for wearable devices that use the energy produced by human movement to create electricity to help treat chronic illnesses such as peripheral neuropathy, stroke, diabetes, cardiovascular diseases, respiratory issues, and Parkinson's disease, by tracking important risk variables such as blood pressure, glucose, and other relevant indicators to provide real-time data, enhancing patient engagement, and support healthcare professionals in delivering more effective patient-centric care. It is anticipated that by 2030, the global burden of disease will rise to over 55% and the share of fatalities worldwide attributable to chronic illnesses will rise to more than 65%.

Type (Thermoelectric, Motion-Based)

Human-powered medical equipment market from the thermoelectric segment is set to garner a notable share shortly. For implantable medical devices, thermoelectric generators (TEGs) are being explored as a potential substitute power source as they are capable of converting body heat into electrical energy that can be used as a reliable source of energy and can be used to treat patients and evaluate physiological data obtained in vivo in humans. Additionally, thermoelectric generators (TEGs) are considered a great fit for wearable electronics as they have the ability to continuously convert body heat into electrical power for electronic devices.

Our in-depth analysis of the global market includes the following segments:

                   Type

  • Thermoelectric
  • Motion-Based

                   Device Type

  • Implanted Devices
  • Wearable

                   End-User

  • Hospitality
  • Specialty Clinics
  • Laboratories

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Human-powered Medical Equipment Industry - Regional Synopsis

North American Market Forecast

Human-powered Medical Equipment market in North America is predicted to account for the largest share of 40% by 2036 propelled by the growing burden of neurological disorders. Numerous neurological disorders, such as migraines, non-migraine headaches, multiple sclerosis, Alzheimer's disease, and other dementias, are among the main causes of disability in Canada and have a significant negative impact on public health which are usually caused by increasing aging population decline. This is expected to increase the demand for wearable healthcare devices in the region which use the body's energy to power medical equipment, that can be used to monitor and diagnose neurological diseases that are severe.

For instance, more than 98 million Americans are affected by neurological illnesses each year, and by 2030, the combined expenditures of dementia and stroke are expected to exceed USD 595 billion. Besides this, around one million individuals suffer from Parkinson's disease (PD), and by 2030, this figure is anticipated to increase to over 1 million.

APAC Market Statistics

The APAC Human-powered Medical Equipment market is estimated to be the second largest, during the forecast timeframe led by the growing government healthcare initiatives. India holds the fourth position in Asia's medical device industry, and recently the country is gaining momentum towards its goal of becoming a global center for medical device manufacture. For instance, the Production Linked Incentive Scheme (PLI) and the Promotion of Medical Device Parks Scheme offer a financial incentive to increase domestic manufacture of medical devices such as implants, and other devices.

Research Nester
Human-Powered Medical Equipment Market size
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Companies Dominating the Human-powered Medical Equipment Landscape

top-features-companies
    • Legacy Medical Services
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Cordant Health Solutions
    • Omega Laboratories, Inc.
    • Thermos Fisher Scientific, Inc.
    • Abbott Laboratories
    • Globus Medical, Inc.
    • Boston Scientific Corporation
    • Integra Lifesciences Holding Corporation

In-the-news

In The News

  • Thermos Fisher Scientific, Inc. acquired CorEvitas to increase the range of services it provides to pharmaceutical clients and develop into a single location for biopharma services.
  • Abbott Laboratories introduced a transcatheter aortic valve implantation (TAVI) system for severe aortic stenosis the most prevalent and serious heart valve condition to stop blood from seeping around the valve and give patients access to a wider range of treatment options by assisting with improved valve placement.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 3913
  • Published Date: Nov 29, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing adoption of wearable devices across the globe and the growing integration of IoT in medical equipment are the major factors driving the growth of the market.

The market size of human-powered medical equipment is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2024-2036.

The major players in the market are Cordant Health Solutions, Omega Laboratories, Inc., Thermos Fisher Scientific, Inc., Abbott Laboratories, Globus Medical, Inc., Boston Scientific Corporation, Integra Lifesciences Holding Corporation, Stryker Corporation, OMRON HEALTHCARE Co., Ltd., Terumo Corporation, and others.

The thermoelectric segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Human-Powered Medical Equipment Market Report Scope
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