Patient Handling Equipment Market:
The global patient handling equipment market is expected to grow from $12.4 billion in 2019 to $15.11 billion in 2020 at a compound annual growth rate (CAGR) of 22.15%. The growth is mainly due to the COVID-19 pandemic that has affected millions across the globe with a significant increase in the number of patients across hospitals and other care facilities, increasing the demand for the patient handling equipment in 2020. The market is then expected to stabilize and reach $19.49 billion in 2023 at a CAGR of 8.85%.
The patient handling equipment market consists of sales of patient handling equipment and related services by entities (organizations, sole traders and partnerships) that manufacture patient handling equipment. They are used for specific lifting, transfer and movement of patients. Patient handling equipment is an assistive device that helps home care and hospital settings for transferring patients between chairs, beds, and other places.
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North America was the largest region in the patient handling equipment market in 2019. Asia Pacific is expected to be the fastest-growing region in the forecast period.
In July 2019, Etac AB, a global company engaged in developing and providing ergonomic assistive devices and patient handling equipment, acquired 70% of shares in HoverTech International, a USA-based company, for an undisclosed amount. This acquisition is expected to strengthen Etac AB’s global position in the moving and handling equipment industry. HoverTech International was established in 1997 and is a manufacturer of air-assisted patient handling technologies.
The patient handling equipment market covered in this report is segmented by product type into wheelchairs; mobility scooters; medical beds; patient transfer equipment; others. It is also segmented by care type into critical care; fall prevention; bariatric care and by end-user into homecare; hospitals; others.
Inconvenience caused by wheelchairs and other patient handling equipment is likely to act as a major restraint for patient handling equipment’s market growth. Physical barriers associated with wheelchairs include inaccessible surroundings, lack of pavements, and climate and physical terrain. For instance, according to the American Nurses Association (ANA), the physical environment can lead to restrictions on the movement and positioning of the patients. This scenario is projected to impact the growth of the patient handling equipment market.
Increasing geriatric population profile of most countries contribute to the growth of the patient handling equipment market. The older population accounts for a higher percentage of hospital admissions owing to the high risk of acquiring chronic and other diseases, thereby generating a higher need for patient handling equipment. According to United Nations, Department of Economic and Social Affairs, 1 in 11 people in the world were over the age of 65 in 2019 and this number is expected to increase to 1 in 6 people by the end of 2050. Moreover, the number of people globally over the age of 65 is expected to increase from 703 million in 2019 (constituting 9% of the world population) to 1.5 billion by the end of 2050. Therefore, an increase in the size of the geriatric population is anticipated to boost the demand for the patient handling equipment market during the forecast period.
Major players in the patient handling equipment market are ArjoHuntleigh Inc., Hill-Rom Holdings Inc., Invacare Corporation, Stryker Corporation, Drive Divilbiss Healthcare Inc., ETAC AB, Gf Health Products Inc., Guldmann, Inc., Handicare Group AB, and Joerns Healthcare LLC.
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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