The growth of patient handling equipment market is largely driven by factors such as the rising geriatric population, high risk of injuries to caregivers during the manual handling of patients, and the implementation of regulations ensuring the safety of healthcare personnel during manual lifting processes. However, the persistent difficulties in handling bariatric patients are expected to limit market growth to a certain extent.
According to the latest research by MarketsandMarkets, “The patient handling equipment market is projected to reach USD 12.6 billion by 2024 from USD 8.9 billion in 2019, at a CAGR of 7.2% during the forecast period.”
Current Market Opportunities:
1. Rising Demand for Home Healthcare Services
2. Rising Geriatric and Obese Populations
3. Emerging Economies
Market Size Estimation:
The study involved two major activities in estimating the current market size of the patient handling equipment market. A detailed market estimation approach was followed to estimate and validate the value of the global patient handling equipment industry and other dependent submarkets, as mentioned below:
1. The market value of the patient transfer devices segment has been extracted from the MNM repository and validated through secondary and primary research.
2. The market share of the patient lifts and slings segment in the market was derived from secondary and validated through primary research.
3. The market share of the patient lifts and slings segment was extrapolated to estimate the global market value.
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Based on type, the patient handling equipment market is segmented into mobility devices, medical beds, bathroom & toilet assist equipment, patient transfer devices, and stretchers & transport chairs. In 2019, the patient transfer devices segment is expected to account for the largest share of the market. The large share of this segment can primarily be attributed to factors such as the increasing installation of ceiling lifts in hospitals and the growing adoption of patient lifts for bariatric patient handling.
Based on end user, the patient handling equipment market is segmented into hospitals, home care settings, and other end users (elderly care facilities, emergency medical services, long-term acute care centers, trauma centers, and nursing homes). The hospitals segment is expected to account for the largest share of the market.
Key Questioned Answered in Report:
# Who are the key players in the market and which strategies have they pursued?
# What does the competitive landscape in this market look like?
# What is the strategic analysis of different geographical regions?
# What are the different market opportunities for stakeholders?
Geographical Growth Analysis of Patient Handling Equipment Market:
The APAC market is estimated to grow at the highest CAGR during the forecast period. Factors such as the increasing incidence of MSD-caused injuries to caregivers, growth in the elderly population, healthcare infrastructure improvements, and the increasing prevalence of chronic diseases are the major factors driving patient handling equipment market growth in the Asia Pacific.
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The major companies in the patient handling equipment market include Arjo (Sweden), Invacare (US), and Hill-Rom Holdings (US).
Arjo (Sweden) has a broad range of patient handling equipment, which ensures safe and comfortable patient handling. With its strong geographical presence, brand image, and wide distribution network, the company is expected to hold a significant position in the market. Approximately 44% of Arjo’s total sales attributed to its patient lift, slings, stretchers, and medical bed portfolio. The company’s main customers are private and public institutions, providing acute and long-term care.