Market Research Report
Patient Handling Equipment Market: Current Analysis and Forecast (2021-2027)
|Patient Handling Equipment Market: Current Analysis and Forecast (2021-2027)|
Published: June 1, 2022
UnivDatos Market Insights Pvt Ltd
Content info: 203 Pages
Delivery time: 1-2 business days
Global patient handling equipment market is anticipated to grow with an elevated CAGR of around 6% over the forecast period (2021-2027). Patient handling equipment includes a wide variety of various healthcare products like slings, wheelchairs, movable beds, adjustable chairs, walkers, and others. these devices are user-friendly and allow patients and caretakers to monitor them electronically and reduce the risk of injury.
The rapid advancement in technology and rising geriatric population along with a rising number of permanent disabilities, raise the demand for better healthcare facilities to manage an increasing number of cases. Furthermore, with the rising awareness among the target population regarding the at-home monitoring solutions, many industry players are focusing on expanding their portfolio by launching new services and products in the market, thus, supporting market growth. For example, In November 2021, Able Innovations announced its ALTA Platform built to assist healthcare workers transfer patients easily and efficiently. The ALTA Platform™ automates the routine healthcare task of patient transfer; moving a patient between surfaces such as a bed to a stretcher, which contributes greatly to the overexertion of healthcare workers. Furthermore, the demand for Patient Handling Equipment is increasing with the rising prevalence of numerous chronic diseases across the globe.
Arjo, Hill-Rom Holdings Inc., Invacare Corporation, Stryker, Drive divibliss healthcare, Inc., ETAC AB, GF Health Products, Inc., Guldmann, Inc., Handicare group AB, and Joerns Healthcare LLC, are some of the prominent players operating in the Patient Handling Equipment market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of patient handling equipment devices.
Based on product type, the patient handling equipment market is segmented into wheelchairs and scooters, medical beds, mechanical and nonmechanical equipment, ambulatory aids, and others. The wheelchairs and scooters segment accounted for a significant market share in 2020 and it is estimated that it will exhibit a higher CAGR during the forecast period. The growth of this segment is mainly due to the increasing number of chronic diseases globally. Furthermore, the demand for wheelchairs and scooters is on the rise owing to the growing geriatric population and increasing number of patients with permanent disorders.
Based on end-users, the patient handling equipment market is divided into hospitals, home-care settings, and others. The hospital grabbed a significant market share in 2020 and is anticipated to grow at a rapid rate in the upcoming years owing to the rapidly increasing geriatric population and rising prevalence of various chronic diseases among them. For instance, as per the WHO, between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. Also, 1 in 6 people in the world will be aged 60 years or over by 2030.
For a better understanding of the market dynamics of the patient handling equipment market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. In 2020, Europe dominated the patient handling equipment industry. This can be mainly due to the increasing healthcare expenditure of the APAC nations as well as the presence of emerging economies in the region such as China and India. For instance, the per capita healthcare expenditure of China was US$ 880 in 2019 which was US$ 658 in 2016. Furthermore, the presence of well-established market players and frequent product launches in the region.
The global patient handling equipment market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.