As per the findings of a new study by Transparency Market Research (TMR), the nature of competition in the global patient handling equipment market is quit stiff, owing to the presence of large number of players as well as vast potential for product innovations. In the recent past, several new products have been launched and strategic collaborations have been announced, which has helped in tilting the dominance toward some companies, although the market largely remains fragmented. Some of the key companies identified by the TMR report in the global patient handing equipment market are Getinge Group, Stryker Corporation, Invacare Corporation, Etac Ltd., Hill-Rom Holdings, Inc., Guldmann, Inc., Benmor Medical Ltd., Stiegelmeyer, Inc., Sidhil, Ltd., Patterson Medical Holdings, Inc., Joerns Healthcare, Inc., Sunrise Medical LLC., Handicare, Inc., V.Guldmann A/S, Permobil AB, Mangar International Ltd., Linet Americas, Inc., and Prism Medical Ltd.
The TMR report has evaluated that the global patient handling equipment market was worth US$9.50 bn in 2015, and projects it to expand at a robust CAGR of 10.20% during the forecast period of 2016 to 2024, reaching an estimated valuation of US$22.4 bn by the end of 2024. Going forward, several more acquisition activities are expected by the leading players who aspire a larger share of the pie.
Medical Bed Most Lucrative Segment
Product-wise, the report segments the global patient handling equipment market into wheelchairs, ambulatory aids, lifting slings, medical beds, and shower, bath, and toileting equipment. Among these, the segment of medical bed was most profitable in 2015, which was a reflection of its essentiality for patient care. In the near future, medical bed segment is expected to remain the primary investment equipment in hospitals across the world, and the growing adoption of beds with advanced features are expected to further propel the demand for this segment during the forecast period. For proper patient care, lifting and proper body movements are necessary in order to perform activities such as bathing, toileting, and walking. Modern beds go a long way in aiding the patients to perform these tasks.
Until recently, North America and Europe were the two most lucrative regions for the vendors operating in the global patient handling equipment market, although Asia Pacific is projected for most robust growth rate during the forecast period. This is a reflection of improving healthcare infrastructure in several emerging economies in this region, availability of skilled labor at lower costs, and growing pool of patients. In addition to that, the escalating demand in Asia Pacific patient handling equipment market is also attributed to medical tourism, increasing disposable income, and growing awareness among the patients.
Rising Geriatric Population Augmenting Demand
Apart from the prevalence of several diseases, the increasing emphasis on regulations set for manual handling of patients by governments in several countries, and encouragement to follow safety guidelines are some of the key factors augmenting the demand in the global patient handling equipment market. Rising geriatric population and increasing prevalence of disabilities are some of the other factors favoring the market for patient handling equipment. According to the estimates by the WHO, 1.18 million patients will need help owing to various disabilities per year by 2021.
According to the author of the report, “Research and development of advanced products will pave the way forward for the key players. Products that are easy to use and protect the caregivers from infection in a highly contaminated environment will determine the market leader in the near future.”
The information presented in this review is based on a Transparency Market Research report, titled, “Patient Handling Equipment Market (Product Type - Lifting Slings, Wheelchairs, Medical Beds, Ambulatory Aids, Shower, Bath and Toileting Equipment; End-user - Hospital, Nursing Home, Assisted Living Facility, Home Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Key Segments of the Global Patient Handling Equipment Market
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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