The healthcare actuator market is projected to grow from US$ 981.10 million in 2019 to US$ 1,578.60 million by 2027, reflecting a compound annual growth rate (CAGR) of 6.2% from 2020 to 2027.
This expansion in the healthcare actuator sector is primarily driven by the increasing number of healthcare facilities and the growing elderly population. Nevertheless, the high costs associated with medical devices pose a challenge to market growth.
Actuators play a crucial role in various medical devices, such as hospital beds and wheelchairs, which are predominantly utilized by older adults. For example, medical beds are essential for elderly patients, offering enhanced comfort, improved positioning, safety, and easier access for caregivers. Osteoporosis, a significant health concern among the aging demographic, often leads to various chronic bone-related issues. The prevalence of bone disorders is on the rise due to longer life expectancies, lifestyle-related diseases, and widespread calcium deficiencies. Medical beds facilitate regular health assessments and provide greater flexibility, empowering elderly individuals to maintain more control over their daily lives.
According to a report from the United Nations, in 2017, there were over 962 million individuals aged 60 and above, representing approximately 13% of the global population. The UN projects that the population aged 60 and older is increasing at an annual rate of about 3%. Furthermore, it is anticipated that the number of individuals aged 80 and above will triple by the year 2050.
The healthcare actuator market is categorized by actuation type into electrical, pneumatic, and hydraulic segments. In 2019, the electrical segment dominated the market and is expected to exhibit the highest CAGR during the forecast period. Additionally, the market is divided by type into linear and rotary actuators, with the linear segment holding a larger market share in 2019 and expected to achieve a higher CAGR in the coming years.
Key sources for this report include the World Health Organization, National Health Service, Centers for Disease Control and Prevention, Centers for Medicare & Medicaid Services, International Medical Travel Journal, and various company websites.