Global Patient Handling Equipment Market Awaits a Bright Future: Projected to Grow at a CAGR of 8.3% in the Forecast Period
Published | 16 August 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global patient handling equipment market was worth USD 10.3 billion in the year 2020. The data generated by the study further reveals that the market is estimated to grow at a CAGR of 8.3%, earning revenue of around USD 17.9 billion by the end of 2027. The need for patient handling equipment to provide physical assistance to the geriatric population, patients suffering from chronic illnesses, or those taking medication drives the growth of the global patient handling equipment market. However, the high cost of such equipment may restrict its market growth especially in developing and low-income countries.
Increasing Adoption of Patient Handling Equipment in Home-Care Settings Driving the Global Patient Handling Equipment Market
Since long-term illness and/or surgeries are very expensive, the home-care setting has become increasingly popular. A large proportion of the patient pool, especially geriatric patients with chronic diseases and other medical conditions, needs home-care setting treatment, as it is also financially viable. Transferring, lifting, turning, bathing and dressing patients are among the tasks involved in patient handling. As a result, the demand for patient handling equipment is flourishing across the globe as patients need the assistance of such devices to perform daily basic activities.
Increasing Hospitalization Rates Estimated to Boost the Global Patient Handling Equipment Market in The Forecast Period
The increasing prevalence of various chronic and infectious diseases has led to a sharp increase in hospitalization rates and longer hospital stays. The rising incidence of road accidents and other severe injuries also contributes to the increase in hospitalizations. This has led to a sharp increase in the demand for patient handling equipment. Additionally, the burden of physical inactivity in chronic patients has also led to the increasing demand for patient lateral transfers. Furthermore, the high risk of musculoskeletal injuries suffered by caregivers while manual handling the patients is also propelling the growth of the overall global market.
Global Patient Handling Equipment Market - By End-User
Based on end-users, the global patient handling equipment market is segmented into hospitals, home care settings, and other end-users. Among these, the hospital segment accounts for the largest market share because of its wide application in the management of critical as well as geriatric patients. Healthcare organizations are also investing in the adoption of advanced healthcare equipment, which is proliferating the patient handling equipment market as well.The home care settings segment, on the other hand, is also gaining significant traction and is expected to grow at the highest CAGR during the forecast period.
Global Patient Handling Equipment Market - Regional Insights
Geographically, the global patient handling equipment market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, North America dominates the market. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period as a result of the increased geriatric population and healthcare development in APAC countries. It has been estimated that the Asia-Pacific region will have around 226 million elderly people aged 65 or more by 2025. As a result, the demand for patient handling equipment for the better care of this age group is expected to drive the market in this region.
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Impact of COVID-19 on Global Patient Handling Equipment Market
The global patient handling equipment market flourished significantly after the COVID-19 outbreak. This is because a large proportion of COVID-19 patients aged 65 or older were hospitalized as a result of an increase in hospitalization rates. A majority of this age group requires external assistance even for daily routine activities and small tasks. As a result, healthcare facilities began to invest in patient handling equipment to minimize the risk of physical injury and transmission of the virus in the community.
The leadingplayers in the global Patient Handling Equipment market are Joerns Healthcare LLC, Gainsborough Healthcare Group, HoverTech International, Medline Industries Inc., ARJO, Guldmann Inc., Handicare Group AB, Sunrise Medical Inc., Getinge, Hill Rom Holding Inc., Stryker Corporation, Invacare Corporation, Antano Group, Drive Medical, Mangar International Inc., Stiegelmeyer, Joerns Healthcare Inc., Prism Medical, LINET, and other prominent players.
The market is highly competitive and consolidated with the presence of several global and regional players. Leading industry players are expanding their penetration in emerging economies by improving their distribution channels and expanding their product portfolios and services. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, collaborations, etc. are also very prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global patient handling equipment market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global patient handling equipment market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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