On the basis of geographical analysis, the global human-powered medical equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness modest growth over the forecast period on the back of improving adoption of medical devices in the developing countries. Moreover, countries, such as, India, and Japan are investing in medical product development, resulting in significant growth in the medical equipment industry in the APAC region. For instance, the medical devices industry in the Asia Pacific region was valued at around USD 87 billion in 2020.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing adoption of advanced medical equipment, along with the presence of major research institutes in the region.
The global human-powered medical equipment market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global human-powered medical equipment market includes the following segments:
By Device Type
The concept of human-powered medical equipment is still in the developmental stage. Researchers and scientists from University of California Los Angeles (UCLA) and Michigan State University are developing these equipment, which are estimated to be available for commercial use by 2030. Moreover, various other medical device manufacturers, such as, Cordant Health Solutions, Legacy Medical Services, LLC, Omega Laboratories, Inc., and Thermo Fisher Scientific, Inc., among others, are estimated to invest in the market.
June, 2020: UCLA designed wearable-tech gloves that can translate sign language into speech in real time.
May, 2017: UCLA and University of Connecticut scientists design super capacitor that could make pacemakers battery-free. These pacemakers operate using charged particles, or ions, from fluids in the human body.
December, 2016: Michigan State University engineering researchers have created a new device, known as a nanogenerator, to harvest energy from human motion. It is a film-like device that can be folded to create more power.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The growing adoption of innovative technologies in the healthcare sector is estimated to boost the market growth.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2031.
Ans: The major medical device manufacturers, such as, Cordant Health Solutions, Legacy Medical Services, LLC, Omega Laboratories, Inc., and Thermo Fisher Scientific, Inc., among others, are estimated to enter in the market in the near future.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, device type, end-user, and by region.
Ans: The thermoelectric segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Ans: Lack of awareness and high initial cost of human-powered equipment are estimated to hamper the market growth.
Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the increasing adoption of advanced technologies in the region.