Patient Handling Equipment Market size to exceed $40 Bn by 2026

Patient Handling Equipment Market size is predicted to surpass USD 40 billion by 2026; according to a new research report by Global Market Insights Inc.  
 

The rising elderly population will boost the demand for patient handling equipment globally. Moreover, increasing cases of disabilities will further augment the industry growth in the forthcoming years.
 

Rising geriatric population will remain a key growth driver

The rising geriatric population globally will drive the patient handling equipment market growth over the forecast period. According to the World Population Ageing, in 2017, there was about 382 million elderly population globally. Moreover, the number is expected to double by reaching around 2.1 billion in 2050. Fall injuries are common among the elderly population resulting in pain, and disability. Similarly, fall injuries such as spinal cord damage and fractures have increased by 131% in the last three decades. Thus, the growing need for patient handling equipment among the elderly population will upsurge the market growth.
 

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Furthermore, the novel coronavirus pandemic and its management are constantly changing and evolving throughout the globe. Patient handling equipment market is going to witness an exponential growth in the forthcoming days owing to the emerging outbreaks and rising number of positive cases of COVID-19 infection, worldwide. The growing need for patient handling equipment such as medical beds and ambulatory aids will keep boosting the market growth over the projected timeline. Moreover, the market encompasses several growth opportunities owing to the government initiatives and favorable regulatory landscape for medical beds industry participants.
 

Browse key industry insights spread across 360 pages with 326 market data tables & 16 figures & charts from the report, “Patient Handling Equipment Market Size Product (Wheelchairs and Scooters, {Manual Wheelchair [Folding Frame Manual Wheelchairs, Rigid Frame Manual Wheelchairs], Powered Wheelchair, Mobility Scooters}, Medical Beds {Acute Care Beds, Long Term Care Beds, Bariatrics Beds} Mechanical Lifting & Transfer Equipment, Ambulatory Aid Devices, Bathroom Safety Supplies), By Application (Acute & Critical Care, Long Term Care, Mobility Assistance, Fall Prevention), By End-use (Hospitals, Home Care Settings, Elderly Care Facilities), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/patient-handling-equipment-market
 

Increasing use of smart medical beds for clinical use will favor the segmental growth

Medical beds include acute care beds, long term care beds, bariatric beds, and others. Medical beds segment will witness around 2.2% CAGR over the forecast period. The demand for acute care beds is increasing with the rising geriatric population and disabled individuals. Growing prevalence of obesity, rise in bariatric surgical procedures such as stomach reduction and gastric bypass, and unhealthy lifestyles will further fuel the segmental growth.
 

Mobility assistance segment will offer lucrative patient handling equipment market opportunity

The mobility assistance segment holds around 25% market share in 2019. This is majorly due to the technological advancements in patient handling equipment and rising patient pool requiring mobility support.
 

Additionally, the growing patient pool suffering from various disabilities along with rising bariatric population will drive the segmental growth. Similarly, according to the World Health Organization (WHO), in 2016, about 1.9 billion adults were overweight, among them around 650 million were obese. Rising cases of obesity will upsurge the demand for patient handling equipment to assist mobility, thus enhancing the market growth.
 

Home care settings segment is expected to show a substantial growth trajectory

The patient handling equipment market from home care settings segment was valued over USD 9 billion in 2019. This is majorly due to the growing demand for cost-effective treatments that enable shorter hospital stays and quality procedures. Generally, geriatric population mostly prefer home care treatments that are quite cheaper as compared to hospitals. Thus, the growing demand for patient handling equipment at home care settings will drive the segmental growth. Furthermore, increasing number of well-trained home healthcare workers will further foster segmental growth. Well-trained healthcare workers can efficiently handle ill patients and provide them better healthcare services that will significantly augment segmental growth.
 

Asia pacific is set to proceed quickly due to developments in reimbursement scenario

Asia Pacific patient handling equipment market is anticipated to witness around 3.5% over 2020 to 2026. The growth is majorly due to the rapid growth of healthcare industry in India and China. Also, developments in reimbursement scenario will further augment the industry growth. Moreover, the availability of reimbursement for a variety of surgical procedures has further augmented the business growth during the forecast timeframe. Additionally, increasing disability and rising geriatric population in India and China will impel the industry growth.
 

Adoption of inorganic strategies by market players will drive the business expansion

Presence of large number of healthcare facilities coupled with increasing demand for better services will augment market expansion. Few of the prominent players operating in patient handling equipment market share are Getinge AB, Hill Rom Services, Stryker, Invacare, Guldmann, Handicare, Joerns Healthcare, LINET, HoverTech International, Stiegelmeyer, Prism Medical, Ossenberg, Drive Medical, Antano Group, and ORTHOS XXI.
 

Market players are engaged into several strategic alliances such as collaboration, acquisitions, and product expansion to gain considerable revenue shares. For instance, in October 2018, Joerns healthcare launched new bed systems, namely, PCX personal bed and BCX bariatric bed. This product launch enhanced the portfolio of the company, thereby expanding the industry growth significantly.