Global Life Support Equipment Market, By Type (Continuous Positive Airways Pressure Devices, Enteral Feeding Pump, External Heart Pump, Haemodialysis Machine, Intermittent Peritoneal Dialysis Machine, Nebulizer, Oxygen Concentrators, Phototherapy Equipment, Power Wheelchairs For Quadriplegics, Total Parental Nutrition, and Ventilators), Patient (Paediatric and Neonates, Adult, and Geriatric), End User (Hospitals, Clinics, Trauma Centres, Ambulatory Surgical Centres, and Others) – Industry Trends and Forecast to 2030.
Life Support Equipment Market Analysis and Size
Factors such as technological advancements, increasing healthcare expenditure, the prevalence of chronic diseases, and the aging population are driving market growth.
Data Bridge Market Research analyzes that the global life support equipment market, which was USD 4,250.50 million in 2022, would rocket up to USD 6,957.40 million by 2030, and is expected to undergo a CAGR of 7.20% during the forecast period. “Hospitals” dominates the end user segment of the market owing to the growing demand for life support equipment for various chronic diseases.
In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Life Support Equipment Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Year
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Type (Continuous Positive Airways Pressure Devices, Enteral Feeding Pump, External Heart Pump, Haemodialysis Machine, Intermittent Peritoneal Dialysis Machine, Nebulizer, Oxygen Concentrators, Phototherapy Equipment, Power Wheelchairs For Quadriplegics, Total Parental Nutrition, and Ventilators), Patient (Paediatric and Neonates, Adult, and Geriatric), End User (Hospitals, Clinics, Trauma Centres, Ambulatory Surgical Centres, and Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America
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Market Players Covered
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Skanray Technologies Ltd. (India), Patten co., Inc. (U.S.), SKF Motion Technologies (Sweden), Life Support Systems. (U.S.), Medicop (Slovenia), BD (U.S.), Baxter. (U.S.), BPL Medical Technologies (India), Getinge AB (Sweden), Drägerwerk AG & Co. KGaA (Germany), GENERAL ELECTRIC COMPANY (U.S.), Hamilton Medical (Switzerland), Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), Nihon Kohden Corporation (Japan), Narang Medical Limited (India), DEMCON Macawi Medical Systems B.V. (Netherlands), Teleflex Incorporated (U.S.), Omron Healthcare, Inc. (U.S.) and Hologic, Inc. (U.S.) among others
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Market Opportunities
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Market Definition
From the name itself, it is clear that life support equipment is medical machinery used to support the functioning of important organs in the human body. The life support equipment is used to measure and support the health of the patient by keeping in account the brain fluid pressure, blood oxygen saturation, and respiration level.
Global Life Support Equipment Market Dynamics
Drivers
- Increasing prevalence of chronic diseases
The increase in chronic diseases worldwide is a major factor in the market for life support devices. Cardiovascular disease, respiratory disease, diabetes, and kidney disease require life support devices for effective management and treatment. As the prevalence of these chronic diseases continues to increase, the demand for life-saving equipment, including ventilators, dialysis machines, and cardiac support equipment, will increase.
- Technological advancements
Continuous technological advancement plays a key role in driving market growth. Innovations such as miniaturization, wireless connectivity, remote monitoring capabilities, and the integration of artificial intelligence have greatly improved the effectiveness, efficiency, and ease of life support devices. These advances will improve patient care, improve outcomes, and promote the adoption of advanced life support devices.
- Research and development proficiencies
Rising expenditure for R&D proficiencies, especially in the developed and developing economies pertaining to medical instruments and devices, will further create lucrative market growth opportunities. R&D being conducted to develop the life support equipment is also bolstering the market growth rate.
- Growing investment in healthcare facilities
Surging focus on improving the condition of healthcare facilities and improving the overall healthcare infrastructure is another important factor fostering market growth. The rising number of partnerships and strategic collaborations between the public and private players pertaining to funding and application of new and improved technology further creates lucrative market opportunities.
Opportunities
- Emerging markets and untapped regions
There are huge untapped markets and emerging economies that offer significant opportunities for market growth. Developing countries, especially in Asia, Latin America, and Africa, are experiencing rapid urbanization, middle-class growth, and improvements in health infrastructure. These factors increase healthcare spending and increase demand for advanced life support devices. Companies that can establish themselves in these markets and respond to the specific needs of these regions have significant growth potential.
- Personalized medicine and precision healthcare
The concept of personalized medicine and precision medicine is gaining momentum and offers opportunities for manufacturers of life-saving devices. As healthcare becomes more focused on individual patient needs and tailored treatments, there is a need for personalized life support devices that can be tailored to a patient's specific needs. Companies that invest in the development of customizable, adaptable, and precisely targeted life support devices can position themselves at the forefront of this evolving healthcare paradigm.
Restraints
- High cost of life support equipment
One of the significant restraints in the market is the high cost associated with life support equipment. Advanced and technologically sophisticated devices often come with a hefty price tag, making them unaffordable for certain healthcare facilities, particularly in resource-constrained settings or developing regions. The high cost of equipment can limit their adoption and hinder market growth, especially in areas with limited healthcare budgets and reimbursement challenges.
- Stringent regulatory requirements
The respiratory care device market is subject to strict regulatory standards and requirements set by various regulatory bodies and healthcare institutions. Compliance with these regulations, such as safety certificates, quality standards, and product approvals, can be time-consuming and expensive for manufacturers. Complying with complex regulatory processes and obtaining the necessary certifications can act as a limitation, especially for small companies or new entrants, which is expected to restrain market growth.
Challenges
- Intense competition in the market
The market for respiratory care devices is highly competitive with many players vying for market share. Established companies and new entrants face fierce competition in product innovation, pricing, distribution networks, and market scale.
- Product safety and liability
Life support equipment plays a critical role in patient care and safety. Any malfunctions, defects, or failures in these devices can have severe consequences for patients, leading to injuries or even loss of life. Manufacturers face the challenge of ensuring their products' safety, reliability, and quality through rigorous testing, quality control processes, and post-market surveillance. In addition, the risk of product liability lawsuits can pose financial and reputational challenges for companies operating in this market.
The global life support equipment market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on this market, contact Data Bridge Market Research for an Analyst Brief. Our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In March 2022, Dozee’s contactless remote patient monitoring solutions to transform assisted living for patients announced a partnership with Priaashraya Healthcare Pvt. Ltd. The sensor in this device monitors the parameters and the readings are available in the mobile phone app
- In March 2022, the second-largest hospital chain Manipal Hospitals in India, Bangalore, plans to provide digital patient monitoring technologies once a patient is released from the hospital following a significant intervention, such as surgery
Global Life Support Equipment Market Scope
The global life support equipment market is segmented into three notable segments based on type, patient, and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Continuous Positive Airways Pressure Devices
- Enteral Feeding Pump
- External Heart Pump
- Haemodialysis Machine
- Intermittent Peritoneal Dialysis Machine
- Nebulizer
- Oxygen Concentrators
- Phototherapy equipment
- Power wheelchairs for quadriplegics
- Total parental nutrition and ventilators
Patient Type
- Paediatric and Neonates
- Adult
- Geriatric
End User
- Hospitals
- Trauma centers
- Ambulatory surgical clinics
- Clinics
- Others
Global Life Support Equipment Market Regional Analysis/Insights
The global life support equipment market is analyzed and market size insights and trends are provided by country, type, patient, and end user as referenced above.
The countries covered in this market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.
North America dominates the global life support equipment market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is because of the prevailing advanced healthcare technologies and the prevalence of favorable reimbursement policies.
Asia-Pacific is projected to exhibit the highest growth rate during the forecast period owing to the growth and expansion of the healthcare industry in this region and the ever-rising geriatric population.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, Porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The life support equipment market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for life support equipment market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the life support equipment market. The data is available for historic period 2010-2020.
Competitive Landscape and Global Life Support Equipment Market Share Analysis
The global life support equipment market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the global life support equipment market are:
- Skanray Technologies Ltd. (India)
- Patten co., Inc. (U.S.)
- SKF Motion Technologies (Sweden)
- Life Support Systems. (U.S.)
- Medicop (Slovenia)
- BD (U.S.)
- Baxter. (U.S.)
- BPL Medical Technologies (India)
- Getinge AB (Sweden)
- Drägerwerk AG & Co. KGaA (Germany)
- GENERAL ELECTRIC COMPANY (U.S.)
- Hamilton Medical (Switzerland)
- Koninklijke Philips N.V. (Netherlands)
- Medtronic (Ireland)
- Nihon Kohden Corporation (Japan)
- Narang Medical Limited (India)
- DEMCON Macawi Medical Systems B.V. (Netherlands)
- Teleflex Incorporated (U.S.)
- Omron Healthcare, Inc. (U.S.)
- Hologic, Inc. (U.S.)
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