Selbyville, Delaware: Market Study Report adds 2020-2026 Europe Medical Product market report that offers an exhaustive coverage of the industry with brief analysis, data charts, figures, statistics that help take business decisions, company profiles and more.
Europe Medical Product Market Share is set to exceed USD 7.6 billion by 2026. Surging demand for walkers and wheelchairs in the region is due to growing geriatric population coupled with rising obese population at an unprecedented rate. According to the European news article, in 2018 nearly one-fifth of the European union population was aged 65 and above. The greying European population living with chronic diseases such as arthritis, osteoporosis, diabetes etc. encounter mobility issues and challenges. Hence, owing to these flexibility issues the demand for walkers and wheelchairs is anticipated to propel the market growth in the region positively during the forecast period.
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Growing number of different kind of disabilities is further fueling the market growth. The rising number of road accidents along with other causalities are increasing the demand for walkers, wheelchairs, medical beds and seat commodes boosting the medical products market in the region. Furthermore, upsurge of investments in healthcare sector to offer better facilities to patients are some other factors that have influenced the market growth significantly. Thus, these factors will considerably contribute to market growth in future. However, stringent regulations hinder the adoption of these medical products in a few countries in Europe.
Wheelchair segment held substantial revenue share in 2019 and is estimated to witness around 5.5% CAGR over the analysis timeframe. Increasing adoption of technologically advanced powered wheelchairs will augment the segmental growth. Also, rising obese population across the region has further boosted the adoption of wheelchairs that in turn has propelled the overall market growth. Moreover, growing number of physical impairment cases among children across the region has propelled the demand for wheelchairs that in turn has uplifted the overall market growth.
Homecare segment was valued over USD 1.9 billion in 2019. This is attributed to the large presence of home healthcare facilities across the region that has moved the shift from hospitals to homecare settings. In addition, rising awareness pertaining to healthcare services including homecare settings has led to increase in the provision of universal health coverage for European residents. Growing incidences of foot ulcers among rising obese population is likely to surge demand for homecare setting that in turn will fuel the demand for walkers and wheelchairs which will further enhance the overall market growth during the forecast period.
Germany medical product market is estimated to witness around 4.7% CAGR during the forthcoming years. This is attributed to the rising obese population coupled with several other chronic diseases in the country. According to the news article, more than half of the adult population in Germany is overweight and suffering from several chronic disorders including arthritis and osteoporosis. Hence, owing to the above mentioned factors the demand for wheelchairs and walkers is rising significantly thereby, propelling the market growth positively in the upcoming years.
Major market players in the market are Cardinal Health, Getinge AB, Hill-Rom Services, Inc., Invacare Corporation, Medline Industries Inc., Stryker, Sunrise Medical, Permobil, OTTOBOCK, MEYRA GmbH, LINET, among others. These market players are undertaking inorganic strategies such as acquisitions and collaborations and product improvisations to maintain the market competition. For instance, in July 2017, Invacare Corporation announced the transfer of its production facilities of manual wheelchairs from Sweden to France. This move was aimed at offering better wheelchair optimization in France and simultaneously focusing on the production of medical beds for its Nordic markets.
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