Emergency Medical Supplies: Introduction
Emergency medical supplies are an integral part of a health care system. These comprise specialized equipment and products to aid in the provision of emergency care. Severe physical injuries such as trauma and medical emergencies such as cardiac arrest are life threatening and require quick medical attention.
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Coronavirus (COVID-19) is arguably a preventable disease, which has increased the demand for therapeutic respiratory devices, diagnostic & monitoring equipment, patient handling equipment, infection control products, personal protection equipment, and other types of emergency medical supplies among the general public and health care professionals. The outbreak of coronavirus (COVID-19) has compromised several companies in the emergency medical supplies market of their supply chain demands. There is an unprecedented rise in the demand for emergency medical supplies, especially in health care facilities in the U.S. and Europe. A significant gap between demand and supply of facemasks has resulted in the shortage of emergency medical supplies across the world. Hence, companies in the emergency medical supplies market are placing their best foot forward to contain the spread of COVID-19.
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Key Drivers and Restraints of Global Emergency Medical Supplies Market
Strategic alliances between small players and major players in emerging markets are projected to play a pivotal role in the growth of the global market. Important aspects of strategic alliances are strong distribution reach, manufacturing expertise, and technological collaboration.
Established players can get easy access to emerging markets with a strong distribution agreement. Increase in manufacturing expertise by entering into contract manufacturing agreement with domestic players enables companies to provide products at low cost. Technology transfer is an important factor contributing to the growth of the health care industry. Technological collaboration of domestic companies with multinational companies is expected to provide access to technology. This, in turn, provides high quality products at economical prices.
Increase in government expenditure on health care enables access to affordable health care services to citizens. This is a crucial factor boosting the emergency medical supplies industry in emerging economies.
Technological advancements have provided ways to minimize the distress caused to patients suffering from respiratory disorders and, more importantly, reduce morbidity in them. For example, Philips V60 system is an adaptive support ventilation system, which automatically adapts to the physiological needs of ICU patients and adjusts the oxygenation and ventilation settings. The system helps in reducing workloads, improves patient-ventilator synchrony, and encourages the patient to breathe spontaneously (Quick Wean). Additionally, it helps to prevent dead space ventilation, tachypnea, apnea, and unreasonable large breaths, and enhances safety of the patients.
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Asia Pacific to Lead Global Emergency Medical Supplies Market
In terms of region, the global emergency medical supplies market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are likely to account for major share of the global emergency medical supplies market during the forecast period, owing to developed health care infrastructure, large patient population, and increase in technological developments.
Increase in government intervention in emerging markets such as Asia Pacific and Latin America has led to a surge in awareness about diseases and improvement in health care infrastructure. These factors contribute to the overall increase in spending capacity of the population.
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Key Players Operating in Global Emergency Medical Supplies Market
The global emergency medical supplies market is fragmented, with presence of large number of small-scale and large-scale companies. Acquisition of product portfolio of emerging players is a key strategy adopted by leading players for business expansion. Companies acquire R&D units of emerging players, aiming to co-develop innovative technologies. Mergers & acquisitions offer significant opportunities to companies in terms of financial advantage for production and commercialization of products.
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