Medical Drone Market Worth USD 1,410.9 Million, in At a CAGR of 27.70% Share, Size, Analysis, Key Growth Drivers Trends, Segments, Opportunity and Forecast by 2029
Posted on Feb 23 2023 7:29 AM
"Key companies segment covered in medical drone market are Zipline Inc. (San Francisco, The U.S.),Volocopter GmbH (Bruchsal, Germany),Volansi Inc. (San Francisco, United States),Matternet Inc. (Mountain View, The U.S.),Manna Drone Delivery Inc. (Dublin, Ireland),Flytrex Aviation Ltd. (Tel Aviv, Israel),Flirtey Holdings Inc. (Reno, The U.S.),Vayu Inc. (Ypsilanti, The U.S.),Skyports Ltd. (Billericay, The U.K) and others companies. "
The global medical drone market size is expected to gain momentum by reaching USD 1,410.9 million by 2028 from USD 254.7 million in 2021 while exhibiting an impressive CAGR of 27.70% between 2021 to 2028. In its report titled, “Medical Drone Market, 2021-2028,” Fortune Business Insights™ mentions that the market stood at USD 194.7 million in 2020.
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Therefore, advantages that this technology facilitates in the COVID-19 context are on-demand just-in-time delivery, minimal physical contact, last-mile delivery to remote locations with an extended logistical network, and low viral or pathological transmission risk. Thus various such applications in this current situation are expected to fuel the market growth.
What does the Report Provide?
The market report for medical drone provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the growth of this market.
List of Key Players Profiled in Medical Drone Industry Report
- Zipline Inc. (San Francisco, United States)
- Volocopter GmbH (Bruchsal, Germany)
- Volansi Inc. (San Francisco,United States)
- Matternet Inc. (Mountain View, United States)
- Manna Drone Delivery Inc. (Dublin, Ireland)
- Flytrex Aviation Ltd. (Tel Aviv, Israel)
- Flirtey Holdings Inc. (Reno, United States)
- Vayu Inc. (Ypsilanti, United States)
- Skyports Ltd. (Billericay, United Kingdom)
- Ebre Drone LLC (Tarragona, Spain)
- Swoop Aero Pty. Ltd. (Docklands, Australia)
- Skyfarer Ltd. (Coventry, United Kingdom)
High Demand for Drones in Healthcare Applications to Propel Market Growth
The increasing demand for monitoring and surveillance of public areas and the advent of new logistical alternatives than the conventional supply chain modes is propelling governments worldwide to invest in medical drone technology. Moreover, in this pandemic situation, human contact has been suspected to be a vehicle of viral transmission. Thus drone technology is a clear winner in this situation. Thus, there has emerged an urgent need for contactless and efficient technology. For instance, in October 2019, the UPS Flight Forward Inc. has received U.S. government approval with the Federal Aviation Administration's and standard certification to exercise drone airline operations. In response, the company launched its first drone delivery flight at WakeMed Hospital in Raleigh, NC, by using a quadcopter Matternet M2. These factors are driving the medical drone market growth.
Key Players to Focus on Partnerships to Strengthen Their Market Positions
This market is consolidated by major companies striving to maintain their position by focusing on new launches, partnerships, and agreements. For instance, in February 2021, the Government of Kaduna State, in Nigeria, signed a medical delivery agreement with Zipline for airdropped COVID-19 Vaccine shipment as it would have reduced the dependency of the state to invest in the cold chain storage. Furthermore, this agreement is expected to pave the way for enhanced services such as on-demand blood products, medications, and other vaccines.
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By type, the market is segmented into fixed-wing, rotary-wing, and hybrid. Technology is divided into fully autonomous, semi-autonomous, and remotely operated. By the package size, it is trifurcated into <2 KG, 2-5 KG, and 5 KG <. On the basis of its service, it is divided into hospital-based, independent, and government. Based on its logistical application, it is divided into emergency blood logistics, medicinal drugs logistics, medical equipment logistics, surgical equipment logistics, vaccine logistics, emergency organ logistics, and emergency ambulatory support. By End-user, it is segmented into emergency medical services, blood banks, hospitals, and others.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, and the Middle East & Africa.
Key Industry Development
May 2021 – Draganfly Inc., a Canadian UAV hardware and software manufacturer partnered with Coldchain Delivery Systems, a vaccine and medical SCM (supply chain management) company to the US Government. The partnership is expected to start vaccination for COVID-19 in rural and remote regions of Texas using drone delivery through a five-phase rollout.
North America to Dominate Backed by Increasing Number of Registered Drones
- North America is expected to remain at the forefront and hold the highest position in this market during the forecast period owing to a large number of drones, i.e., around 872,694 drones that are registered for use under Federal Aviation Administration (FAA,) in 2021. The region’s market stood at USD 79.88 million in 2020.
- Asia Pacific is expected to showcase significant medical drone market share during the forecast period owing to the high adoption rate and investment by OEMs and governments. Furthermore, the presence of the OEMs in the region, such as DJI, and global players such as Zipline.
- The Middle East is anticipated to be the fastest-growing region during the forecast period. The regional market growth results from high investment by regional governments such as Ghana, Rwanda, Nigeria, and others for various medical drone applications.
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