The global patient handling equipment market is fragmented in nature owing to the presence of many leading companies including Getinge Group, Hill-Rom Holdings, Inc., Stryker Corporation, Invacare Corporation, and Patterson Medical. Prism Medical, Getinge, and Patterson Medical collectively held 55.7% of the global patient handling equipment market in 2015. The rest of the share was collectively captured by a wide number of multinational and regional companies. Customization of patient handling equipment is predicted to be the rising trend among the key companies operating in this global market. Transparency Market Research (TMR), in its new report on the global patient handling equipment market, says that the entry of new companies is predicted to affect the market positively.
The global patient handling equipment market is predicted to reach US$22,495.8 mn by 2024. Based on product, the global patient handling equipment market was dominated by the medical bed segment. This segment is predicted to maintain its dominance by 2024. The medical bed product segment is expected to reach US$8,435.9 mn by 2024. Technology advancements have boosted many global markets and the global patient handling equipment market is not an exception. Rising technological changes and innovations in medical equipment coupled with the rising healthcare infrastructure have propelled the global patient handling equipment market in the recent years.
Hospitals to Drive Demand for Patient Handling Equipment
The number of hospitals has increased in many emerging nations. The advent of technology has helped many hospitals to use advanced and innovative medical equipment, surgical devices, and patient handling devices. The rising number of hospitals can be credited to be the biggest factor expected to contribute towards the growth of the global patient handling equipment market. By end user, the others segment is expected to grow at a considerable rate. “By geography, Asia Pacific will lead the global demand for patient handling equipment,” says a TMR analyst. The Asia Pacific patient handling equipment market is expected to grow at a 15.10% CAGR during the period between 2015 and 2024.
Government Initiatives to Contribute towards Market’s Growth
Governments of many nations are taking efforts to invest more towards the development of new patient handling equipment. Favorable government initiatives and the rising funding from governments for the discovery of new medical equipment will propel the global patient handling equipment market. The launch of new advanced products will also benefit the global market in the years to come. The high benefit-cost ratio of spending in patient handling equipment is another factor expected to drive the global patient handling equipment market.
Lack of Technical Expertise in Developing Nations Still a Key Concern
Hospitals and medical care institutes in many developing nations still lack technical expertise in handling patient-care equipment. This is the biggest challenge for the key companies operating in the global market. Small and medium-scale end-use industries are facing problems to invest in new patient handling equipment due to lack of capital. This is another factor of concern for the key companies.
Rental Provision to Change Trends in Global Market
The trend of rental patient handling equipment services is emerging at a considerable rate. This will give new growth opportunities for the global market, says a TMR analyst.
This information is based on the findings of a report published by Transparency Market Research titled “Patient Handling Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024.”
The global patient handling equipment market is segmented as follows:
Patient Handling Equipment Market, by Product Type
- Lifting Slings
- Medical Beds
- Ambulatory Aids
- Shower, Bath and Toileting Equipment
Patient Handling Equipment Market, by End User
- Nursing Home
- Assisted Living Facility
- Home Healthcare
- Others (Trauma, Rehabilitation & Paramedical Centers)
Patient Handling Equipment Market, by Geography
- North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of the World
- Latin America
- Middle East & Africa
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