Healthcare

Global Human-Powered Medical Equipment Market

March 8, 2022
ID: SR/HC-195
Format:Pdf
Pages:220

Global Human-Powered Medical Equipment Market By Type (Thermoelectric and Motion-Based), By Device Type (Implanted Devices and Wearable), By End-User (Hospitality, Specialty Clinics and Laboratories), By Region (North America, Europe, Asia-Pacific, South America and The Middle East & Africa)-Global Forecast to 2028.

Description

The human-Powered Medical Equipment Market size was valued at USD 87.10 Billion in 2021 and is projected to reach USD 142.08 Billion by 2028, growing at a CAGR of 6.52% from 2022 to 2028. The market’s development can be attributed to the increasing demand for medical equipment for treatment, accompanied by the growing global patient pool. Medical equipment run on disposable batteries, which create effective land pollution. Moreover, these batteries need minerals, depleting rapidly, increasing the need for battery-free medical equipment. Human-powered devices operate to heat or move the body to generate static energy, transformed into electricity. The growing adoption of medical equipment is estimated to assist the market growth. Moreover, advancements in technology and increasing healthcare expense are cast to promote the market’s growth.

What is Human-Powered Medical Equipment?

The idea of using the human-powered body as an alternative power generator has come into general scientific thinking over the last decade. The team behind Start Now plans to build on their research on wearable medical equipment systems, extending it to other devices such as a charging belt and charging bracelet, and even to those that could be implanted into the human body. In medical product development, one of the most significant challenges involves satisfying the power necessities of devices. It is particularly so with implantable devices, where replacing batteries demands a medical procedure. Several intriguing technologies are being researched to see if the human body’s systems can provide power to drive medical devices. With the large amount of power consumed in electricity generation placed as one of the highest causes of global warming, solutions such as this could become more commonplace.

Growth Drivers

Healthcare Infrastructure growth and New Technology Penetration

The emergence of innovative human-powered medical products with enhanced implementation and effortless operative systems is anticipated to sustain the market’s growth rate during the forecast period. Clear government guidelines are likely to present several possibilities to the new and well-established manufacturers in the market. The rising majority of cardiovascular diseases and increasing demand for active implantable devices, especially in developing countries, is another good factor in helping the market reach new heights in growth. Furthermore, increasing medical research activities to create advanced and ergonomically enhanced technologies due to an expanding number of various diseases offer lucrative growth opportunities and push the limits of the global active implantable medical devices market worldwide.

Opportunities

Increasing Customer Preference for Wearable Devices is a Prominent Trend

Despite the constraints of wearable medical devices, such as security problems, and concerns related to data privacy, there is always an extremely high preference for fitness trackers and activity monitors. The growing priority on fitness among adults globally and the increasing emphasis of local and national healthcare agencies towards monitoring and diagnosis retain been pivotal in increasing demand for fitness trackers. According to different independent surveys performed in the US and evaluated, 24.0% of the adult population in the country held a fitness tracker in 2020. This market has been further fueled by the outbreak of covid-19 and the opening of developed models by market players, with new components, at competitive pricing, which has attracted customers. It introduces a tremendous growth opportunity for new entrants and selected players to focus on this segment and find new wearable devices to cater to these devices’ growing demand.

Restraints

Increased Cost of Human-Powered Medical Equipment to Determine the Market Growth

The Human-Powered Medical Equipment industry has witnessed noteworthy developments regarding new technologies being implemented and new design modifications in the past decade. However, these devices’ high cost includes a comparatively higher purchase cost, and observing maintenance costs raise device cost and ownership. Some advanced devices are associated with other components such as chips, batteries, sensors, and other accessories demanding a periodic replacement.

Pre-Covid-19 Impact on Global Human-Powered Medical Equipment

Before the covid-19 outbreak, Elements such as growth in the aging population, rising majority of cardiovascular and neurological illnesses, investments and funds to develop technologically refined products, extended applications of neurostimulators, and favorable reimbursement scenarios for ENT methods in developed countries were the primary growth drivers for the human-powered medical equipment market. Active human-powered medical equipment is widely used in the medical field for diagnostic and therapeutic objectives, and they are implanted totally or partly in the human body. The widget will be implanted in the patient’s body and remain there forever.

Covid-19 Impact on Global Human-Powered Medical Equipment

During the covid-19 outbreak, Due to its immediate spread through human interchanges, all nations globally had announced a stringent lockdown; the lockdown is the primary culprit for the destruction of the global economy. The functional human-powered medical equipment market has been affected negatively during the pandemic. Due to lockdown, all the transportation services stopped, and the supply chain was concerned. Moreover, all the hospitals prioritized COVID-19 case-patients, where all the other treatment processes were withdrawn or delayed. The non-essential patients have been neglected and postponed their appointments, which hindered the market during the pandemic.

Post Covid-19 Impact on Global Human-Powered Medical Equipment

After the covid-19 period, though different market players decreased their production, the demand for human-powered medical equipment continued to increase steadily. Many market key players initiated developing new and advanced products to satisfy the increasing demand and requirements. The growing requirement to track health essentials due to the pandemic and the increasing adoption of such equipment by health-conscious people have significantly contributed to the market growth. The growing demand for human-powered medical equipment skilled in monitoring heart rate and SpO2 levels has also pushed market growth.

By Type Segmental Analysis

The market is segmented into thermoelectric and motion-based based on type segmental analysis. The thermoelectric segment has the highest share in Human-Powered Medical equipment. The medical initiative presents various individual thermal challenges, requiring the consideration of a wide range of thermal technologies. For example, surgical equipment may only require dissipating a couple of Watts. The sensors and features in these systems deliver better results when working at uniform temperatures to bordering elements.

By Device Type segmental Analysis

The market is segmented into Implanted Devices and Wearable Devices based on device type segmental analysis. Wearable devices are anticipated to account for the largest share of the human-powered medical equipment market during the forecast period. The growing usage of wearable devices to observe health and fitness parameters is significant in market growth. Moreover, the growth of miniaturized multifunctional ICs and developed sensor technologies has enabled cost-effective wearable devices for different consumer applications.

By End-User Segmental Analysis

Based on End-User segmental analysis, the market is segmented into Hospitality, Specialty Clinics and Laboratories. The hospital’s segment maintained a dominating share during the forecast period due to the increasing number of multispecialty and community hospitals, particularly in countries. Thus, these factors and the growing emphasis of healthcare agencies and government towards a common diagnosis of patients and their timely treatment have raised awareness among the general population and caused the market’s growth during the forecast period.

By Regional Segmental Analysis

The market is segmented into North America, Europe, Asia-Pacific, South America, and The Middle East & Africa based on regional segments. North America is ruling the market with the highest market share during the forecast period. The upgrade in the geriatric population and the surge in neurological diseases cause North America’s active human-powered medical equipment market. The United States is leading the North American market in market share. The increase in cardiovascular vascular illnesses and the accessibility to technological advances drive the US market.

Competitors Analysis

The companies include Cordant Health Solutions, Legacy Medical Services, Omega Laboratories, Inc., Thermos Fisher Scientific, Inc., Abbott Laboratories, Globus Medical, Inc., Boston Scientific Corporation, Integra Lifesciences Holding Corporation, Stryker Corporation and other prominent players in the global human-powered medical equipment market.

Key Stakeholders

Market research and consulting firms
Human-Powered Medical Equipment Associates
Local Governments
Regulatory bodies
Human-Powered Medical Equipment Market
Suppliers
Service Providers

Recent Developments

In June 2020: UCLA created wearable-tech gloves that can decode sign language into speech in real-time.
In May 2017: UCLA and University of Connecticut scientists created supercapacitors to make pacemakers battery-free. These pacemakers function using charged particles, or ions, from fluids in the human body.
In December 2016: Michigan State University engineering researchers have developed a new device, known as a nanogenerator, to harvest energy from human action. It is a film-like device that can be folded to develop more strength.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 87.10 Billion
The revenue forecast in 2028	USD 142.08 Billion
Growth Rate	CAGR of 6.52 % from 2022 to 2028.
Historical data	2017 – 2020
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include Cordant Health Solutions, Legacy Medical Services, Omega Laboratories, Inc., Thermos Fisher Scientific, Inc., Abbott Laboratories, Globus Medical, Inc., Boston Scientific Corporation, Integra Lifesciences Holding Corporation and Stryker Corporation are the key players.

Market Modelling

By Type

Thermoelectric
Motion-Based
Others

By Device Type

Implanted Devices
Wearable

By End-User

Hospital
Specialty Clinics
Laboratories
Others

By Region

North America
Europe
Asia-Pacific
South America
The Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What are the major factors driving the growth of the human-powered medical equipment market?

The increased adoption of innovative and improved technology in the healthcare sector is estimated to boost the human-powered medical equipment market.

Who are the major players dominating the human-powered medical equipment market?

The Companies include Cordant Health Solutions, Legacy Medical Services, Omega Laboratories, Inc., Thermos Fisher Scientific, Inc., Abbott Laboratories, Globus Medical, Inc., Boston Scientific Corporation, Integra Lifesciences Holding Corporation and Stryker Corporation are the key players.

What is the segment covered in the human-Powered medical equipment market?

The market is segmented by type, Device Type, End-User and region.

What are the challenges affecting the market growth?

The lack of awareness and the high initial cost of human-powered equipment hamper the market growth.

Which segment captures the largest market in type segment in the human-powered medical equipment market?

The thermoelectric segment is anticipated to hold the largest market and display significant growth opportunities during the forecast period.

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