Per-Encounter medical products such as wheelchairs, walkers, scooters and medical beds help improve mobility and quality of life for patients with disabilities or chronic medical conditions. Growing geriatric population and incidence of disabilities around the world have increased the demand for such medical products that allow independent mobility. Advancements in designs of these products have made them more functional and comfortable for users. As healthcare costs continue to rise, demand is growing for cheaper yet highly functional mobility aids.
The global per-encounter medical products market is estimated to be valued at US$ 156.26 billion in 2024 and is expected to exhibit a CAGR of 16% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the per-encounter medical products 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 Per-Encounter Medical Market Demand products industry offers opportunities through adoption of advanced material science and technologies to develop innovative product designs. Lighter weight frames, compact folding mechanisms, battery powered options have enhanced user comfort and portability.
Customized products catering to specific medical conditions will see increased demand.Major players are expanding globally through acquisitions and partnerships to increase market share and enter new regional markets. With greater investments in innovations, companies aim to position themselves as a one-stop solutions provider for all mobility needs. Greater accessibility in developing countries presents a huge untapped market.
Market Drivers
Rising prevalence of disabilities - Disabilities are on the rise worldwide due to increased lifespan and injuries. As per WHO, over 1 billion people globally live with some form of disability requiring assistive products for mobility.Growing health awareness - Populations are seeking to improve and prolong independent living. Accessibility, affordability and functionality of per-encounter medical products support an active lifestyle with disabilities and chronic conditions.
Market Restraints
High cost of innovative products - Development of technologically advanced products incorporatig materials, mechanics and digital components increases costs. Insurance coverage is also still limited restricting the accessible market.Lack of standardization - Absence of regulations and quality standards in some regions has led to proliferation of low-cost but low-quality products. This restricts growth opportunities for major established players.
Segment Analysis
The per-encounter medical market is dominated by wheelchairs sub segment accounting for over 40% share. Wheelchairs provide mobility to disabled patients helping them perform normal daily activities and move from one place to other independently. This has made wheelchairs an essential medical equipment prescribed for patients with mobility impairment issues. Growing geriatric population who are prone to disabilities and chronic diseases drive the demand for wheelchairs.The per-encounter medical scooters sub segment is the second largest and growing at a brisk pace. Medical scooters help patients with limited mobility to move around indoor and outdoor surfaces with ease. They offer convenience of driving indoors and outdoors replacing walking. Increasing prevalence of obesity and related health conditions have transformed medical scooters into a practical mobility aid.
Global Analysis
North America leads the Per-Encounter Medical Market Regional with over 35% share attributed to rising healthcare spending and growing medicalization in the region. The presence of major manufacturers and availability of advanced products provide momentum to the regional market. Asia Pacific is identified as the fastest growing market and will expand at over 18% CAGR during the forecast period. surging geriatric population, rising incomes, increasing investments into public healthcare infrastructure promote the market growth in Asia Pacific region. Europe holds the second largest market supported by strong reimbursement structures and high acceptance of innovative medical technologies.
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