The per-encounter medical market covers a wide range of products that are used during home healthcare visits or ambulatory care visits. This includes products like wheelchairs, mobility scooters, medical beds, lift chairs and commode chairs that help patients with limited mobility. The growing geriatric population globally has increased the demand for home healthcare services. With more patients preferring home recovery over hospital stays, the need for per-encounter medical products has grown substantially.
The global Per-Encounter Medical Market is estimated to be valued at Us$ 133.64 Bn in 2024 and is expected to exhibit a CAGR Of 11% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends spurring growth in the per-encounter medical market is the increasing adoption of lightweight and portable medical equipment. With more people requiring mobility assistance devices for short-term needs during ambulatory or home care, the demand for lightweight wheelchairs, scooters and lift chairs has risen significantly. Manufacturers are focusing on developing compact and foldable products that are easy to transport and store. They are using advanced lightweight materials like aluminum and carbon fiber instead of conventional steel to reduce the weight of products without compromising on durability. The increased availability of innovative lightweight per-encounter medical equipment is expected to support the expansion of this market during the forecast period.
Strength: The per-encounter medical market offers highly customizable and specialized products suited for individual mobility needs and disabilities. This helps patients achieve better mobility and independence.
Weakness: High costs associated with per-encounter medical devices limits their adoption. Ongoing research and development pressures providers to constantly upgrade offerings, raising costs.
Opportunity: Growing geriatric population prone to limited mobility increases the potential patient pool. Rising healthcare expenditure in developing nations boosts market growth.
Threats: Stringent regulations delay product approval and market entry. Intense competition from local players reduces profit margins.
The Global Per-Encounter Medical Market Demand is expected to witness high growth over the forecast period of 2024 to 2031.
North America dominates currently due to high demand and healthcare expenditure. Asia Pacific will be the fastest growing region supported by improving access to healthcare and increasing income levels.
Key players operating in the per-encounter medical market are Invacare Corporation, Sunrise Medical (US) LLC, Permobil Inc., Pride Mobility Products Corporation, Drive Devilbiss Healthcare, Hoveround Corporation, Ottobock Healthcare, 21st Century Scientific, Inc., Meyra GmbH, LEVO AG, Merits Co. Ltd., Segway Inc., Scewo, GF Health Products Inc., Karman Healthcare, Inc., KYMCO Healthcare, SOWECARE B.V, and Nanjing Jin Bai He Medical Apparatus Co., Ltd.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it