According to Fact.MR, global emergency medical service products market is projected to register a CAGR of over 7% in terms of value over the forecast period, 2017 to 2026. Volume sales of emergency medical service products is estimated to reach roughly 99,000 units by 2026-end.
Uncertainty in Health Insurance can Impact EMS Organizations
Demand for emergency medical services (EMS) of operational as well as patient care data are likely to witness acceleration, with organizations tapping into this data for efficient operations. These organizations will also be able to demonstrate the value brought by them to the healthcare system and their communities.
Leveraging this data, organizations are likely to discover greater value in the integrated data, which incorporates information received from multiple sources including data associated with outcomes and patient demographic from hospitals. Such data can further help increase the performance of devices & equipment such as emergency medical service (EMS) products used in hospitals and other healthcare settings.
In addition, uncertainty in health insurance such as changes in Medicaid coverage, potential surges in uninsured patients, and higher deductibles are likely to have a major impact on EMS organizations, which are responsible for billing the patients’ insurance for services, particularly in terms of the way they are reimbursed, paid and the services they are paid.
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Although value-based purchasing is increasingly being implemented across hospitals, its foray into EMS is yet to be realized. However, the scrutiny peripheral to quality of care brought to hospitals by value-based purchasing is indirectly impacting demand for emergency medical services and thereby its products.
As hospitals seek ensuring maximum reimbursement for services provided, EMS is likely to be considered as an imperative partner for steering patients toward appropriate and the most effective care venue. With growing popularity of emergency medical services, demand for their products will witness a significant rise in the near future.
5 Key Takeaways from Fact.MR’s Report on Emergency Medical Service Products Market
- North America is expected to account for the largest revenue share of the market, followed by Europe and Asia-Pacific excluding Japan (APEJ). In terms of value, the emergency medical service products market in North America will record the highest CAGR through 2026, trailed by that in APEJ. In addition, the market in Europe will exhibit a steady expansion through the forecast period.
- In terms of revenues, ECG monitor is anticipated to remain the dominant product in the market, trailed by EEG monitors. However, sales of EEG monitors will exhibit a comparatively faster expansion than those of ECG monitors through 2026, in terms of value. In addition, revenues from sales of pulse oximeters and intracranial pressure monitors are projected to register nearly similar CAGRs through 2026. Pulse oximeters and transcranial dopplers will continue to be the least lucrative products in the market.
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- Hospitals are slated to remain the largest as well as the fastest growing end-users of emergency medical service products, in terms of revenues. Over US$ 19,000 Mn worth of emergency medical products are expected to be sold in hospitals by 2026-end. In addition, revenues from sales in hospitals will remain significantly higher than those from clinics and ambulatory surgical centers combined.
- Cardiac care will continue to be the most lucrative application of emergency medical service products, followed by trauma injuries. Sales of emergency medical service products for application in oncology will account for a major portion of the market’s revenue share by 2026-end.
- Key market players profiled by the report include Sourcemark LLC, QRS Diagnostic LLC, Norav Medical Ltd., Halyard Health, Inc., Dynarex Corporation, Cadwell Laboratories, Inc., Edan Instruments, Inc., Natus Medical, Inc., Smiths Medical (Subsidiary of Smiths Group PLC), Philips Healthcare, and GE Healthcare.