Rising incidence of disabilities among the geriatric population will augment the product demand in the patient handling equipment market over the coming years. Additionally, the increasing benefits associated with the patient handling equipment are also slated to boost their penetration among the disabled population.
The rising risk of injuries to caregivers while manual handling of patients will further rise the demand for the patient handling equipment across the world. MSDs (Musculoskeletal disorders) are one of the most common kind of injuries that occur among caregivers and can be caused during repositioning, lifting, or manually moving the patient from one place to another.
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Furthermore, the risk of caregivers developing MSDs can be effectively lessened by facilitating hospitals with specialized equipment and tools that ensure better patient care. These factors will thereby prove to be helpful for overall business growth. Additionally, the stress being put on caregivers due to the ongoing COVID-19 pandemic has further increased the use of patient handling equipment, thereby driving the overall business growth.
As per a research report by GMI, Inc., patient handling equipment market is estimated to surpass $40 billion valuation by 2026.
In addition, considering the existing demand, key industry players are increasingly focusing on consolidating their position in the market through several tried-and-tested methods such as new product launches, partnerships, mergers, and acquisitions among others. Citing an instance, on 2nd August 2019, Hill-Rom, one of the leading providers of medical technologies and equipment, announced the acquisition of Breathe Technologies, Inc., a leading developer and manufacturer of a patented wearable, non-invasive ventilation technology supporting enhanced patient mobility.
In terms of product, the overall market landscape is categorized into bathroom safety supplies, ambulatory aid devices, mechanical lifting & transfer equipment, medical beds, wheelchairs and scooters, and others. Among these the mechanical lifting and transfer equipment segment represented more than 12.0% of the overall market share in 2019.
These products are commonly utilized in healthcare centers like rehabilitation centers and hospitals for comfortable as well as easy patient movement. In addition, rising cases of disability across the world is creating an immense need for mechanical and transfer equipment, which will fuel the segmental growth. Likewise, increasing number of obesity cases will also stimulate market growth.
Based on application, the overall market landscape is classified into fall prevention, mobility assistance, long term care, acute & critical care, and others. Among these, the fall prevention segment held a $3.5 billion valuation in 2019. Rising incidences of falls among the elderly and increasing geriatric population is likely to boost the segment growth.
Furthermore, ongoing technological advancements, which includes fall prevention equipment as well as tracking devices that are capable of tracking daily movements of the patient will boost the patient handling equipment market growth.
In terms of end-use, the overall market landscape is segmented into elderly care facilities, home care settings, hospitals, and others. Among these, the elderly care facilities accounted for more than 16% of the market share in the year 2019. The increasing number of care management services being offered to the elderly, which includes nursing homes, professionally provided and family-provided elderly care facilities, will drive the business growth.
Various benefits over home care and hospital settings will further stimulate the demand for elderly care facilities. Additionally, these centers use better and technically advanced care facilities along with a round-the-clock supervision, which will significantly encourage the segmental growth.
The anticipated growth of patient handling equipment looks promising with the ongoing technological advancements, upgradation of existing equipment, and the use of Radio Frequency Identification (RFID). RFID helps maintain high standards for hospitals, enhances patient handling experiences, and relieves nurses of high-exertion tasks as well.
This in turn would lead to growth of patient handling equipment. The elderly populations in countries like Italy, Canada, the U.S., and Japan are straining existing resources of the healthcare infrastructure. The subsequenly growing need for patient handling equipment in response to this novel societal trend would stimulate industry expansion.
On the geographical front, the patient handling equipment market of the U.S. is likely to grow at an impressive CAGR of more than 2.0% over the forecast time period. Rising elderly population base and surging prevalence of disabilities are the primary factors that will drive the business growth. Furthermore, the U.S., in terms of economy as well as technologies, is one of the developed countries, which will greatly favor the patient handling equipment market growth.
Antano Group, Handicare, Getinge, Ossenberg, Antano Group, HoverTech International, Hill Rom Services, Invacare, Stiegelmeyer, Prism Medical, LINET, Stryker, Joerns Healthcare, ORTHOS XXI, Guldmann, and Drive Medical among many others are some of the key players operating in the market today.
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Partial Chapter of the Table of Content
Chapter 5. Patient Handling Equipment Market, By Application
5.1. Key segment trends
5.2. Acute & critical care
5.2.1. Market size, by region, 2015 – 2026 (USD Million)
5.3. Long term care
5.3.1. Market size, by region, 2015 – 2026 (USD Million)
5.4. Mobility assistance
5.4.1. Market size, by region, 2015 – 2026 (USD Million)
5.5.1. Market size, by region, 2015 – 2026 (USD Million)
Chapter 6. Patient Handling Equipment Market, By End-use
6.1. Key segment trends
6.2.1. Market size, by region, 2015 – 2026 (USD Million)
6.3. Home care settings
6.3.1. Market size, by region, 2015 – 2026 (USD Million)
6.4. Elderly care settings
6.4.1. Market size, by region, 2015 – 2026 (USD Million)
6.5.1. Market size, by region, 2015 – 2026 (USD Million)