According to Emergen Research, the global ambulatory device market size was USD 5.86 billion in 2020 and is expected to reach USD 17.57 billion in 2028 and register a revenue CAGR of 15.6% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Ambulatory Device Market, By Product Type (Infusion Systems, Monitoring Devices, Records, Others), By Application (Drug Delivery, ECG Monitoring, Blood Glucose Monitoring, Blood Pressure Monitoring, EEG Monitoring, Others), By End-use (Hospitals & Clinics, Ambulatory Surgical Centers, Others), and By Region Forecast to 2028”
According to Emergen Research, the global ambulatory device market size was USD 5.86 billion in 2020 and is expected to reach USD 17.57 billion in 2028 and register a revenue CAGR of 15.6% during the forecast period, 2021-2028.
Market Dynamics:
Revenue growth of the global ambulatory device market is primarily attributed to factors such as rising prevalence of chronic and acute diseases across the globe, growing demand for cost-effective medical supplies and ambulatory devices, rising preference for outpatient or ambulatory care due to advantages such as immediate availability of care and shorter hospital stays, and increasing government initiatives to advances the healthcare infrastructure. Rapid adoption of telehealth and telemedicine technologies and technological advances in ambulatory devices, such as Bluetooth connectivity, installed tracking systems, and various other innovative features are among the other factors expected to drive the global ambulatory device market revenue growth.
Ambulatory devices refer to orthotic devices that facilitate patient mobility and provide enahnced stability. These devices generally include canes, crutches, and walkers, which improve the balance and weight-bearing capacity of the patient. Ambulatory devices are mostly used by geriatric patients with neurological disorders, musculoskeletal impairments, and other health conditions. Hence, growing geriatric population and rising awareness of the numerous benefits of ambulatory devices are expected to further drive market revenue growth.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Monitoring Devices Segment Accounted for Largest Revenue Share in 2020:
Based on product type, the global ambulatory device market is segmented into Infusion Systems, Monitoring Devices, Records, and Others. The monitoring devices segment dominated other segments in terms largest revenue share in the global market in 2020. Rapid integration of advanced remote monitoring technologies in smartphones, wearables, and other mobile gadgets, growing use of remote monitoring devices in home health care settings during the COVID-19 pandemic, and rising demand for ambulatory wireless EEG recorders are key factors contributing to this segment’s revenue growth.
Blood Pressure Monitoring Segment to Account for Fastest Revenue CAGR:
Based on product type, the global ambulatory device market is segmented into Drug Delivery, ECG Monitoring, Blood Glucose Monitoring, Blood Pressure Monitoring, EEG Monitoring, and Others. The blood pressure monitoring segment is expected to register the fastest revenue CAGR in the global market over the forecast period. Growing geriatric population, rising prevalence of lifestyle diseases including high blood pressure worldwide, increasing awareness of regular health checkups, and rising healthcare expenditure of individuals are major factors driving revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
The North America ambulatory device market dominated other regional markets in terms of largest revenue share in the global market in 2020. Major factors boosting revenue growth of the North America market are growing geriatric population, increasing prevalence of chronic diseases including cardiovascular and neurological diseases, rapid adoption of telemedicine, and presence of highly advanced healthcare infrastructure and key market players such as Boston Scientific Corporation and Becton, Dickinson and Company in the region.
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Major Companies in the Global Ambulatory Device Market Include:
- Baxter International Inc.
- Abbott Laboratories
- BioTelemetry, Inc.
- Becton, Dickinson and Company
- Boston Scientific Corporation
- CamNtech Ltd.
- Cadwell Industries, Inc.
- Compumedics Limited
- Cardiovascular Systems, Inc.
- General Electric Company
For the purpose of this report, Emergen Research has segmented the global ambulatory device market based on product type, application, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Infusion Systems
- Monitoring Devices
- Records
- Others
Application Outlook (Revenue, USD Billion; 2018-2028)
- Drug Delivery
- ECG Monitoring
- Blood Glucose Monitoring
- Blood Pressure Monitoring
- EEG Monitoring
- Others
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Others
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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