Published Date : May 28, 2018
ALBANY, New York, May 28, 2018: The latest report added to the growing repository of MarketResearchReports.biz is titled, “Patient Handling Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2024.” As per the report, the market will likely register a 10.4% CAGR over the course of the forecast period beginning in 2017 and ending in 2024. Rising at this pace, the said market’s worth is expected to become around US$ 22.4 bn in 2024 from US$11.2 bn in 2017.
The report finds that the market for patient handling equipment is being mainly stoked by the increasing number of caregivers of injury, a large pool of elderly, and also chances of musculoskeletal injury among patients and caregivers while trying to lift the former. Apart from that, increasing instances of disabilities and rules and regulations associated with safety and security of the healthcare facilities is benefitting the market too. One of the trends that is favorably impacting the market is the provision of rental, particularly among those that need slings and lifts temporarily. What has made the rentals so popular is the flexi payments options.
Yet another major factor boosting uptake of patient handling equipment is the cost savings it facilitates. This is because it eliminates the need for manual labor. With the saved amount patient lifts, assistive technology, and many other type of equipment could be bought. Those further help to do away with caregivers.
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Having thrown light on the growth drivers stoking the market for patient handling equipment, the report goes on to segment it based on different parameters. Depending upon devices, the report segments it into rotational devices, laser devices, orbital devices, and directional devices. Product-wise, it divides the market into wheelchairs, lifting slings, ambulatory aids, medical aids, and shower, bath, and toileting equipment, among others. Some of the key end users in the market that have been studied in the report are nursing home, hospitals, assisted living facility, and home healthcare, among others.
From a geographical standpoint, the report states that Europe is one of the key regions in the market for patient handling equipment. This is because of the superior healthcare system in the region and the thrust on technologically advanced equipment for various medical purposes. While at present, the market is Asia Pacific is relatively under-tapped, going forward it is predicted to open up new growth avenues. This is because of the emerging economies of India, Sri Lanka, and China. The market in Asia Pacific at present consists of medium and small scale end-users.
Coming to competitive landscape, the overall market for patient handling equipment is at present somewhat fragmented with savvy players focused on mergers and acquisitions and partnerships to grow their shares. ArjoHuntleigh (Getinge Group), Invacare Corporation, DJO Global, Patterson Medical, Joerns Healthcare LLC, Stryker Corporation, and Hill-Rom Holdings are to name a few of the key companies operating in the market.
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