Global Patient Handling Equipment Market: Snapshot
The demand in the global patient handling equipment market is projected to increment at a robust CAGR of 10.20% during the forecast period of 2016 to 2024, gaining traction from a number of factors such as rising geriatric population, high risk of injuries to caregivers as well as the patients during manual handling, increasing incidence of disabilities, and implementation of regulations pertaining to the safety at the healthcare facilities. On the other hand, the lack of skilled professionals to handle these equipment is hindering the market from attaining its true potential. Nevertheless, the vendors operating in the global patient handling equipment market are expected to gain new opportunities from private institutional nursing and the entry of several major players in domestic markets.
As per the estimations of the report, the global patient handling equipment market will be worth US$22.4 bn by the end of 2024, significantly up from its evaluated valuation of US$9.5 bn in 2015. The healthcare industry is currently flourishing in a number of developed and emerging economies, and if the vendors operating in this market can formulate a way to train professionals to operate these equipment, the demand will be ideally met.
Medical Bed Segment Remains Most Prominent
Based on product-type, the market for patient handling equipment has been segment into wheelchairs, lifting slings, medical beds, ambulatory aids, and shower, bath, and toileting equipment. In 2015, medical bed segment was most profitable, and considering they are mandatory equipment for the caregivers and are readily invested on by the hospitals, the segment is expected to remain the most important throughout the forecast period. Moreover, a number of high-end super-specialty healthcare facilities are coming up, which are willing to invest on the latest products that enable their patients in bathing, walking, and toileting. Financially equipped patients in the urban parts of the world are also driven towards hospitals with modern facility, and thereby providing traction to the medical bed segment of the global patient handling equipment market. Curative care beds, long-term care beds, and psychiatric care beds are some of the sub-segments of the medical beds that are gaining demand across the world.
Europe Remains Highly Profitable Region
From geographical perspective, some of the most important regions for the patient handling equipment market are North America, Europe, and Asia Pacific. Among these, Europe held the leading position in 2015, and is likely to retain its top position throughout the forecast period, owing to robust healthcare infrastructure and government regulations in respective countries. On the other hand, the region of Asia Pacific, which resides some of the most promising emerging economies such as India, China, and Japan, are expected to turn into highly lucrative region towards the end of the forecast period. Growing popularity of medical tourism is also expected to favor the added demand for patient handling equipment from Asia Pacific.
ArjoHuntleigh (Getinge Group) is identified as the most prominent company currently operating in the global patient handling equipment market, although the report also picks out a few other notable players, such as V.Guldmann A/S, DJO Global, Hill-Rom Holdings, Inc., Invacare Corporation, Etac AB, Joerns Healthcare LLC, Permobil AB, Prism Medical, Stiegelmeyer & Co. GMBH, Stryker Corporation, Patterson Medical Holdings, Inc., and Sunrise Medical LLC.
Patient Handling Equipment Market: Overview
The international market for patient handling equipment market has been prophesized to rise at a robust CAGR rate of 10.20% over the forecast timeframe that extends from 2016 to 2024. Such a growth of the market for patient handling equipment market is primarily due to the rising risk of caregivers’ injury, increasing geriatric population, and also the risk of injury to the patients while handling them manually. Apart from that, other factors such as rising incidences of disabilities, implementation of rules and regulations that pertain to the safety and security at many of the healthcare facilities.
As the report on global patient handling equipment estimates, the said market would be worth around US$ 22.4 bn towards the end of forecast period, i.e. by 2024. The estimated amount at the end of 2024 has substantially risen from an evaluated market valuation of US$ 9.5 bn in the year 2015. The industry of healthcare is at present thriving in many a number of emerging and developed economies.
Taking vendor landscape into consideration, the market for patient handling equipment can be regarded as moderately fragmented and the market players has been focusing on strategically important moves like partnerships, mergers and acquisitions so as to reinforce their hold on the said market.
Patient Handling Equipment Market: Trends and Opportunities
The international market for patient handling equipment is experiencing many new favorable market options such as the provision of rental that is coming up as a trend in the market amongst those patients who need lifts and slings for a short period of time in the settings of healthcare system. In addition to that, the arrangement for flexible payment option of rent makes providers of rent to manage flow of cash all the year around. These various factors are anticipated to further spearhead the growth of the said market. The drivers that are primarily responsible for the growth of the market include factors such the soaring need for aversion of musculoskeletal injuries that could happen both to the patients and to the care givers owing to physical actions like manual uplifting of patients. In those cases, the said patient handling equipments are regarded as the apt choice to uplift patients in the right way. In addition to that, the savings on manual labor could now be utilized for the procurement of equipment like medical beds that come with assistive technology, patient lifts, and many such types of equipment. Such patient handling equipment eventually diminishes the role that caregivers play in helping patients.
Patient Handling Equipment Market: Geography
The market research study on patient handling equipment also comes with regional analysis and segmentations of the said market. In accordance with the said study, the market spreads across the regions of the Middle East and Africa (MEA), North America, Europe, Latin America and Asia Pacific (APAC). Emerging economies such as Sri Lanka, India, and China lack regulatory and legal protocols associated with handling of caregivers and patients. As such, the system of healthcare in these parts of the world can be considered moderately fragmented. The market is marked with the presence of medium and small scale end-users that are devoid of the benefits arising out of patient handling equipment.
However, owing to the political pressures coming out of international bodies that pressurize on improving services of the healthcare segment worldwide, it is prophesized that many countries would now be coming out with new rules and regulations for the progress of healthcare system that centers on patients. These initiatives by various governments are meant for the improvement the standard and quality of patient care and as such the same are anticipated to bolster market growth.
Patient Handling Equipment Market: Company Profiling
The prominent market players that are operating in the world market for patient handling equipment are ArjoHuntleigh (Getinge Group), DJO Global, Invacare Corporation, Patterson Medical , Stryker Corporation, Joerns Healthcare LLC, and Hill-Rom Holdings. The company, ArjoHuntleigh (Getinge Group), is considered as the leading market player in the international market for patient handling equipment in the year 2015.
For the purpose of this study, the market has been segmented as follows:
- Global Patient Handling Equipment Market, by Devices
- Laser devices
- Rotational devices
- Orbital devices
- Directional devices
- 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
- North America