Medical Drones Market Scope
The medical drones’ market 2020 has offered some of the past decade’s best investment opportunities. Now, however, the prediction looks more promising as Market Research Future, in its study, has presented a high expected valuation of the market that is going be to USD 398 Million by 2025. This value of the market can be achieved after agreeing to rise at a CAGR of 24.4%, during the forecast period 2019 to2025.
Medical Drones Market: Overview
The market of medical drones has the potential to progress at a rapid pace as the medical industry is advancing to a great extent. Government and private medical providers are increasingly relying on machine learning and technology-oriented medical practices to analyze troves of effects as they seek new medical procedures for curing health issues more efficiently. With this, increasing government initiatives aimed at developing unarmed Arial vehicles has also encouraged technological innovations in a broader way that resulted in the progression of medical drones, which impacted the medical drones’ market.
A prominent case of point occurred in 2018, where the government of Tanzania and DHL partnered to launch a medical drone delivery program. It was aimed towards delivering and distribute blood, life-saving medications, and vaccines. The government’s main intention behind these initiatives was to save the lives of people by providing medications in the hour of need. Renowned industry players such as DHL, Embention, DJI, Matternet, Flirtey, Vayu, and Zipline are implementing strategies of expanding distributional channels in untouched locations, collaborations, and new product launched to garner a higher share of the market.
In 2019, a prominent industry player Zipline planned for expansion in medical drone delivery in Ghana location. The medical drones delivered vaccines to remote areas of the Africa region. All these activities encouraged the use of medical drones, thus resulting in a high expansion of medical drones market at a global level.
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Top Market Drivers & Key Challenges
The growth of the medical drones’ market is primarily correlated to the growing applications of drones in the healthcare sector. Medical drones have proved to be beneficial in this sector for its eminent growth. Drones cater to the urgent needs of patients in regards to medicines, blood products, vaccines, and other medical products in local areas. Such rapid delivery helps healthcare professionals to provide quick treatment and save a life. With this, the usage of a medical drone can assist in delivering medicine to the bedside of a patient resulting in less error in medication administration. This array of applications of medical drones will augment business growth is the assessment period.
Further, MRFR, in its study, opines that the growth of the global medical drones market is also driven by more factors such as low cost of equipment and increasing research and development activities by government bodies. Additionally, the increasing penetration of medical drones in the cases of emergency yet another factor boosting the market of medical drones substantially in the forecast period.
On the contrary, the factor of approval regulation for the product has hindered the commercialization of medical drones. This says that drones are not allowed to fly freely without the permission of the government is hampering the growth of the medical drones market for future prospects.
Medical Drones Market: Segmentation
The analysis of the global medical drones market has been carried out by MRFR experts. This segmentation includes primary segments of application and end-user.
The medical drones’ market, considering the segment of the application, includes blood transfer, pharmaceutical/drug transfer, and vaccines transfer. The blood transfer segment is proliferating due to the rising occurrence of severe bleeding deaths, thus boosting the demand for medical drones. The blood transfer segment is likely to present a growth rate of ~24% during the assessment period. In the MRFR analysis, experts studied that each year, approximately 60,000 Americans die from blood loss or hemorrhaging. Even, around 2 million people die across the globe due to unsuccessful reach of treatment on time. With this, the pharmaceutical/drug transfer segment is rising, with increasing focuses on essential medical drones and the development of medication delivery.
The medical drones’ market having a segment of end-user, includes emergency medical services and blood banks. Among these, the segment of emergency medical services occupied the largest market share back in 2018, owing to continuous advancements happening in technology. Whereas, the blood banks segment was valued more than USD 31 million in 2018. Medical drones usually transfer blood, plasma, and platelets from blood banks to hospitals and clinics in remote places.
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Medical Drones Market: Regional Outlook
In 2018, the Americas was noted as the largest regional market in 2018. The reason behind being the largest regional market was rising technology advancement. Even the governments in this region are also promoting the acceptance of medical drones, resulting as players are actively working to develop advanced drones. Back in October 2019, United Parcel Services (US) received an authority from the Federal Aviation Administration to deliver medical packages at hospitals in the entire country.
The European market also has a promising future to become the second-largest market in 2025. The market growth in this region is mainly attributing to government funding and support to the healthcare sector, coupled with rising research and development.
Asia-Pacific region is also becoming the fastest-growing region for the medical drones market due to the improving healthcare infrastructure, mounting investments in healthcare, and expansions by market players. The participating countries such as India and China are expected to be the fastest-growing as the focus of governments here is towards the adoption of new technologies and faster adoption of best treatment options for people suffering.
The Middle East & Africa region is projected to occupy the least share of the global market for having an underdeveloped healthcare sector.
Medical Drones Market Key Players