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The per-encounter medical market comprises power assistive devices and medical beds that help disabled and elderly people perform daily activities and support mobility. Wheelchairs, scooters, medical beds and other assistive products provide independence and improve quality of life for individuals with disabilities and mobility issues. The growing geriatric population globally is increasing the demand for mobility aids as disabilities become more prevalent with age. Furthermore, the Internet of Medical Things (IoMT) is enabling medical devices to be connected and integrated with healthcare information technologies such as electronic health records. This technological advancement in medical devices is expected to drive improvements in patient outcomes by providing 24/7 health monitoring and remote patient handling capabilities.
The Global per-encounter medical market is estimated to be valued at US$ 156.26 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the per-encounter medical market are Invacare Corporation, Sunrise Medical (US) LLC, Permobil Inc., Pride Mobility Products Corporation, Drive Devilbiss Healthcare, Hoveround Corporation, Ottobock Healthcare, 21st Century Scientific, Inc., Meyra GmbH, LEVO AG, Merits Co. Ltd., Segway Inc., Scewo, GF Health Products Inc., Karman Healthcare, Inc., KYMCO Healthcare, SOWECARE B.V, and Nanjing Jin Bai He Medical Apparatus Co., Ltd.
The key opportunities in the Per-Encounter Medical Market Growth rising investments in IoMT technologies by major players and increasing demand from emerging economies in Asia Pacific and Latin America.
Technological advancements like integration of sensors, connectivity, and artificial intelligence in assistive devices are improving remote monitoring capabilities and personalizing patient care. Connected wheelchairs enable real-time location tracking and fall detection.
Market Drivers
The growing geriatric population globally is the primary driver of the per-encounter medical devices market. According to the United Nations, the population aged 60 years and older is expected to double from 12% to 22% between 2015 and 2050. Mobility issues and disabilities become more common with age leading to higher demand for assistive equipment.
Secondly, increasing cases of road accidents and disabilities due to non-communicable diseases are expected to boost market growth. Around 93 million additional people sustained disability every year due to injuries from road crashes. This is creating significant need for medical assistance devices.
Current challenges in the Per-Encounter Medical Market:
The Per-Encounter Medical Market faces several challenges currently. One of the key challenges is the high cost associated with medical devices used for mobility and accessibility. Developing advanced features drives up the costs, making devices unaffordable for many. Additionally, inadequate reimbursement policies remain an issue, restricting access. Further, lack of availability of customized products as per the requirements of individuals poses difficulties. It is also challenging to spread awareness about the latest innovations and benefits of these devices among those in need. The market also struggles with a shortage of skilled professionals for proper training on usage and maintenance.
SWOT Analysis
Strength: Growing geriatric population driving demand. Market dominated by established global players offering wide product range.
Weakness: High costs of devices remain a barrier. Logistical challenges in last-mile deliveries.
Opportunity: Emerging markets in Asia Pacific to see strong growth. Customized solutions based on 3D printing to open up opportunities.
Threats: Threat from refurbished and rental equipment. Regulatory hurdles for new product approvals.
The North American region currently holds the major share of the Per-Encounter Medical Market Regional in terms of value owing to factors like the significant prevalence of disability and favorable reimbursement policies. On the other hand, Asia Pacific is anticipated to witness the fastest growth over the forecast period owing to the rising disposable incomes, growing health awareness, and improving medical technologies adoption in countries like China and India.
The European market also accounts for a considerable value share and is expected to grow steadily supported by supportive government initiatives for disabilities and aging population. However, lack of availability of customized products and high costs continue to restrict the market potential in some regions.
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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
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