The healthcare actuator market size was estimated to be US$ 1.10 billion in 2021 and US$ XX billion in 2023 and is expected to reach US$ 2.02 billion by 2031. It is estimated to record a CAGR of 6.2% till 2031. Increasing healthcare facilities, a rising geriatric population, and a rising trend of public and private partnerships are likely to remain key healthcare actuator market trends.
Health actuator is a term that refers to a device or system that helps to initiate or facilitate a specific health-related action or behavior that improves healthcare outcomes and overall care. Healthcare actuators are used in medical beds, patient lifts, wheelchairs, treatment couches, dental chairs, and medical carts. Thus, an increasing number of healthcare facilities is likely to drive the healthcare actuator market. For instance, in December 2022, there were about 117,000 Ayushman Bharath Health and Wellness Centers (AB-HWCs) across India. Over 217,000 public health facilities were reported in India as of the financial year 2022. Over 1.4 billion services were performed by outpatient departments across India. Thus, an increase in hospitals will likely drive the market during the forecast period.
key driving factors such as the increasing number of healthcare facilities and increasing geriatric population support the market's growth. However, the high cost of medical devices is anticipated to hinder the market's growth. In terms of region, North America dominated the global healthcare actuators market. The US holds the largest market for healthcare actuators in the North American region. Surging chronic disease patients and technological advancements by key players in the healthcare actuator market are the major considerations driving the market's growth in the US. The Asia Pacific region is studied to hold the fastest growth in the healthcare actuator market. In China and India, the market is predicted to grow owing to the development of healthcare systems and the proliferation of medical tourism.
Actuators are used in medical equipment, including medical beds and wheelchairs. The elderly population mostly uses this equipment. For instance, the medical bed is one of the most important requirements for old patients as it provides maximum comfort, better positioning, safety, and easy access to caregivers. For instance, osteoporosis is a major health issue in an aging population that later leads to various bone-related chronic complications. The number of aging people with bone disorders is increasing due to increased lifespan, lifestyle diseases, and calcium deficiency worldwide. As per WHO 2050, more than 80% of the old population will live in low- and middle-income countries. Furthermore, Between 2015 and 2050, the percentage of the world's population over 60 years will nearly double from 12% to 24%. Thus, the increasing geriatric population is projected to drive the healthcare actuator market.
The developing markets in emerging countries are providing better opportunities for the major players to expand their business in the healthcare actuator market. Most market players focus on emerging markets, such as Asia Pacific, due to an increase in the dominance of chronic diseases, such as diabetes, and rising medical tourism in the region. In India, medical science has spread rapidly and has made big steps forward in the healthcare domain over the past few decades. Several Asian countries, including India, Thailand, and Singapore, are becoming the destinations for medical tourists. Poland is steadily growing as one of Europe's favorite medical tourism destinations.
For instance, in countries like Poland, the cost of medical therapies is often 60–80% less compared to the same benefits in the rest of the European Union countries. Such consideration is the major reason for promoting tourism, which is Poland's recognition and acceptance of the EU.
Rising medical tourism in developing countries is anticipated to provide significant growth opportunities to the players operating in the healthcare actuator market during the forecast period.
Key segments that contributed to the derivation of the healthcare actuator market analysis are actuation type, type, application, and end user.
The geographic scope of the healthcare actuator market report is mainly divided into five regions: Europe, North America, Asia Pacific, Middle East & Africa, and South & Central America. North America has dominated the healthcare actuator market. The market is mostly driven by the budding incidence of chronic diseases, and the existence of well-known manufacturers in the US will accelerate the growth of this market in this country. As per the American Diabetes Association, In 2021, 38.4 million Americans, or 11.6% of the population, had diabetes. 2 million Americans have type 1 diabetes, including about 304,000 children and adolescents. Thus, an inclination toward technically advanced products and the presence of global market players are factors contributing to the dominance of the North American healthcare actuator market. Meanwhile, Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
The regional trends and factors influencing the Healthcare Actuator Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Healthcare Actuator Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1.10 Billion |
| Market Size by 2031 | US$ 2.02 Billion |
| Global CAGR (2023 - 2031) | 6.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Actuation
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Healthcare Actuator Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Healthcare Actuator Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The healthcare actuator market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for healthcare actuator market and strategies:
The “Healthcare Actuator Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: