Increasing incidences of chronic diseases, rising demand for medical supplies, and government initiatives towards development of healthcare infrastructure are some key factors expected to drive market growth
According to Emergen Research, the global ambulatory device market size was USD 5.07 Billion in 2019 and is expected to reach USD 15.20 Billion in 2027 and register a revenue CAGR of 15.6% during the forecast period, 2020-2027.
Market Dynamics:
Ambulatory devices are orthotic devices that provide stability and facilitate mobility to patients to move from one place to another. Patients can move from one ambulatory device to another while others may be permanently fitted with a specific device throughout their lifetimes. This includes crutches, canes, and walkers that aid ambulation by improving the patient’s balance and weight-bearing capacity. Various ambulatory devices are used by people suffering from neurological deficit, musculoskeletal impairments, and geriatric population to become independent or decrease dependence on health care practitioners. Increasing awareness regarding the benefits of ambulatory devices across healthcare industry and rising elderly population are factors expected to drive market revenue growth during the forecast period.
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Further, technological advancements in ambulatory devices such as installed tracking system, bluetooth connectivity, and other features further boost market growth. In addition, advancements in healthcare infrastructure, emergence of telemedicine technology, increasing preference for outpatient care, and avoiding hospital stay and immediate availability of these devices on online portal are other factors expected to surge market revenue growth. However, high cost of ambulatory devices, and unfavorable government regulations are factors that are expected to restrain market growth to a certain extent over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Monitoring Devices Segment Revenue to Expand at a Rapid CAGR:
Monitoring Devices segment is expected to register a rapid revenue CAGR over the forecast period attributed to integration of advanced monitoring technologies in smartphones, growing popularity of ambulatory wireless EEG recorders, and increasing demand for remote monitoring due to COVID-19 pandemic. Additionally, the number of hospital readmissions has fallen dramatically due to the widespread use of home monitoring devices and remote monitoring.
Blood Pressure Monitoring Segment to Register Significant Revenue Growth:
Blood pressure monitoring segment is expected to register significant revenue growth over the forecast period owing to increasing incidence of cardiovascular diseases, stressful lifestyle due to increased urbanization and modernization, growing awareness regarding regular health checkups and increase in healthcare expenditure. The measure of a patient’s blood pressure is essential to determine the severity of their condition since high blood pressure is a leading cause of stroke, heart attack, and renal failure.
Asia Pacific to Account for Largest Revenue Share:
Asia Pacific market revenue is expected to expand at a robust revenue CAGR over the forecast period attributed to increasing incidences of chronic diseases, government initiatives towards technological development in healthcare infrastructure, and growing prevalence of geriatric population. In addition, growing popularity of telemedicine and digitalization in healthcare industry and minimally invasive surgeries, in emerging economies such as India, China, Malaysia, and Indonesia, drive revenue growth of the APAC market.
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Major Companies in the Market Include:
- Baxter International Inc.
- Abbott Laboratories
- BioTelemetry, Inc.
- Becton, Dickinson and Company
- Boston Scientific Corporation
- CamNtech Ltd.
- Cadwell Industries, Inc.
- Compumedics Limited
- Cardiovascular Systems, Inc.
- General Electric Company
For the purpose of this report, Emergen Research has segmented the ambulatory device market on the basis of product, application, end-user, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Infusion Systems
- Monitoring Devices
- Records
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Drug Delivery
- ECG Monitoring
- Blood Glucose Monitoring
- Blood Pressure Monitoring
- EEG Monitoring
- Others
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals
- Ambulatory Surgical Centers
- Other
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Turkey
- Rest of MEA
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