The global patient handling equipment market has been anticipated in a report by Transparency Market Research (TMR) to bear a highly competitive landscape for the next few years. The analysts authoring the report profile some of the leading players of the market such as Etac AB, Hill-Rom Holdings, Inc., V. Guldmann A/S, DJO Global, and ArjoHuntleigh. Important players of the market have been predicted to focus on a variety of strategies including technological development, acquisition, new product launch, and tactical collaboration. One of the finest instances to follow could be the new specialist pediatric bed launched by Sidhil Ltd. in 2016. The launch had been made with the expectation of further improving the company’s sales and as an extension to its current offerings.
TMR has prognosticated the global patient handling equipment market to rise at a 10.4% CAGR during the completion of the forecast tenure 2017-2024. By the end of 2024, the market could touch revenue earnings worth a US$22.4 bn. In terms of product-wise segmentation, it has been foreseen to witness the dominance of medical beds that took a colossal share in the recent past. By region, Europe had stayed at the top of the market in the recent years. However, even until the end of the forecast period, the region has been projected to take the lead in the market.
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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 equipment 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.
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 2017, 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.
- Opportunities in the global patient handling equipment market to breach US$22.0 billion valuation by 2024
- Improving healthcare infrastructure across emerging economies promises well for the future of the market
- Cost of the equipment is moderately obstructing the market from excelling
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