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The global pharmaceutical equipment market is undergoing major growth as incidences of chronic diseases are rising globally. These diseases including cancer, type-2 diabetes, cardiovascular diseases, continue to drive growth for surgical instruments, as well as, healthcare medical equipment. According to World Health Organization, in 2002, these diseases contributed to 60% all deaths, and 43% global burden of disease. Moreover, the WHO predicted that these diseases will contribute to over 73% all deaths, and 60% global burden of disease by 2020. Furthermore, according to the national cancer institute, the illness will lead to 606,520 deaths in United States in 2020. Moreover, the disease will result in 1,806,590 cases in 2020. The projections for growth in cancer, cardiovascular diseases remain extremely high, as forces like sedentary lifestyle, fast-food culture, and worsening environmental conditions continue to aid abetment of health conditions globally. Hence, the global pharmaceutical equipment market will likely witness tremendous growth with a CAGR of 7.5% during 2020-2025, with evaluation expected to reach $11 bn.
Medicare Expansion to Promise Major Growth for Surgical Instrument Segment
According to a new provision in the Affordable Care Act, or ACA, the Medicaid, a medical-assistance program for the needy has received a major expansion. According to the new amendment in the act, the Medicaid eligibility has been increased to include incomes groups of over 138 percent above the poverty line. Moreover, it would also be extended to adults up to age 64. Earlier, it catered to people below poverty line in most states, and adults above age-limit 65. This remained a major barrier to expansion of healthcare sector. For example, in 2019, nearly 30 million young people or precisely, the non-elderly were uninsured. The number has gone down significantly, since 2010, before the affordable care act. Moreover, despite the continued glitches in coverage, the rising awareness about health-conditions, elderly population, and political movements surrounding healthcare, health coverage will likely expand to more individuals in the near future. Today, about 33 states have accepted the amendment to Medicaid. The amendment will likely be expanded to 17 more states in the near future, as rising movements surrounding the healthcare continue to demand more access to healthcare. Thanks to rising growth of healthcare coverage, incidences of chronic illnesses, and rising elderly population, the global pharmaceutical equipment market will witness robust growth in the near future.
Covid-19 Impact Promises to Drive Major Growth in Key Markets
The covid-19 pandemic remains a major driver of growth in the global pharmaceutical equipment market. The pandemic has plagued major markets like United States, wherein the government has built makeshift hospitals to care for thousands of individuals. The coronavirus has also spread rather quickly in European market, wherein quality care remains affordable to most, thanks to equal access to every individual. Countries like Spain, UK, Italy, France, and Germany witness a major spread of the disease, along with countries in Asia Pacific like India, China, among others. The major risk to elderly individuals, and growing demand for surgeries to treat elderly patients will drive robust growth for the pharmaceutical equipment market during 2020-2025.
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