Healthcare Actuator Market | 2031 Strategic Insights
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.
Healthcare Actuator Market Analysis
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.
Healthcare Actuator Market Overview
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.
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Healthcare Actuator Market: Strategic Insights
Market Size Value in US$ 981.10 Million in 2019 Market Size Value by US$ 1,578.60 Million by 2027 Growth rate CAGR of 6.2% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Healthcare Actuator Market: Strategic Insights
| Market Size Value in | US$ 981.10 Million in 2019 |
| Market Size Value by | US$ 1,578.60 Million by 2027 |
| Growth rate | CAGR of 6.2% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Healthcare Actuator Market Drivers and Opportunities
Rising Geriatric Population to Favor Market
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.
Rising Medical Tourism in Developing Countries – An Opportunity in 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.
Healthcare Actuator Market Report Segmentation Analysis
Key segments that contributed to the derivation of the healthcare actuator market analysis are actuation type, type, application, and end user.
- Based on actuation type, the healthcare actuator market is divided into electrical, pneumatic, and hydraulic. The electrical segment held the largest share of the market in 2023; also, the same segment is anticipated to register the highest CAGR % in the market during the forecast period.
- By type, the market is segmented into linear and rotary. The linear segment held the largest share of the market in 2023; also, the segment is expected to register the highest CAGR in the market during 2023–2031.
- In terms of application, the market is segmented into medical equipment manufacturers and research institutes. The medical equipment manufacturer segment held the largest share of the market in 2023; also, the segment is expected to register the highest CAGR in the market during 2023–2031.
Healthcare Actuator Market Share Analysis by Geography
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.
Healthcare Actuator Market Report Scope
Healthcare Actuator Market News and Recent Developments
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:
- In Nov 2020, Rockwell Automation, Inc. the world's largest original equipment manufacturer (OEM) partner programme, announced the next evolution of its global OEM partner programme. The enhanced offering offers reduced market access, simplification, and standardization for manufacturers, enabling them to fully leverage Rockwell Automation technology. (Source: Rockwell Automation, Inc.; Press Release)
Healthcare Actuator Market Report Coverage and Deliverables
The “Healthcare Actuator Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Actuation and Type and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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