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Electro-medical and Electrotherapeutic Apparatus Market Trends, Top Companies, Share, Growth And Forecast 2033
Electro-medical and Electrotherapeutic Apparatus Market
The Business Research Company presents an extensive market research report on the Electro-medical and Electrotherapeutic Apparatus Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The electro-medical and electrotherapeutic apparatus market size has grown strongly in recent years. It will grow from $55.89 billion in 2023 to $60.16 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to sports injuries, improving overall healthcare infrastructure, growing demand for technologically sophisticated device, growing focus on less invasive and non-surgical treatments, rapidly developing home healthcare infrastructure.
The electro-medical and electrotherapeutic apparatus market size is expected to see strong growth in the next few years. It will grow to $77.23 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to growing aging population, driving demand for innovative medical devices, impact of domestic tariffs and trade routes on the market, growth in healthcare infrastructure, rise in home healthcare. Major trends in the forecast period include technological advancements in therapeutic device, technologically sophisticated devices, increasing adoption of electromedical devices, research and development investments, collaborations and partnerships.
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Key Market Players:
Major companies operating in the electro-medical and electrotherapeutic apparatus market report are Johnson & Johnson Services Inc., Abbott Laboratories, Medtronic plc, Siemens Healthineers AG, Fresenius Medical Care AG And Co. KGaA, Koninklijke Philips N.V., Stryker Corporation, General Electric Company (GE) Healthcare, Baxter International Inc., Boston Scientific Inc., Zimmer Biomet, Olympus Corporation, Cerner Corporation, Hologic Inc., Mindray Medical International Limited, Shimadzu Corporation, Varian Medical System, Biotronik AG, ZOLL Medical Corporation, Elekta AB, Natus Medical Incorporated, Cardinal Health, Siare Engineering International Group, Electro-Medical Equipment Inc.
Market Drivers:
The increasing prevalence of chronic diseases is expected to propel the growth of the electro-medical and electrotherapeutic apparatus market going forward. Chronic diseases, or non-communicable diseases (NCDs), are medical conditions characterized by long-lasting and persistent effects that typically develop over an extended period. Electro-medical and electrotherapeutic apparatus are used in the management of chronic diseases to provide symptomatic relief, improve functional outcomes, and support long-term disease management. For instance, in January 2023, according to the National Library of Medicine, a US-based medical library, an estimated 99.5% of the population would have chronic illness by 2050, rising from 71.522 million in 2020 to 142.66 million. Therefore, the increasing prevalence of chronic diseases is driving the growth of the electro-medical and electrotherapeutic apparatus markets.
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The electro-medical and electrotherapeutic apparatus market covered in this report is segmented -
1) By Product: Diagnostic Equipment, Therapeutic Equipment, Surgical Devices, Patient Assistive Devices, Other Products
2) By Distribution Channel: Direct Tender, Retail Sales
3) By Application: Cardiology, Neurology, Oncology, Orthopedics, Gynecology, Urology, Other Applications
4) By End-User: Hospitals, Ambulatory Surgical Centers, Specialty Clinics, Diagnostic Centers, Homecare Settings
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