The global patient handling equipment market is projected to reach USD 14.0 billion by 2027 from USD 10.4 billion in 2022, at a CAGR of 6.2%
The global patient handling equipment market is projected to experience robust growth in the coming years, driven by several key factors. According to recent estimates, this market was valued at $10.4 billion in 2022 and is expected to reach $14.0 billion by 2027, registering a compound annual growth rate (CAGR) of 6.2% during this period.
The latest report on this market provides an updated overview, including assessments across all segments from 2020 to 2027. It also offers insights into industry trends, technology analysis, pricing analysis, and patent analysis. Additionally, the report considers the impact of the ongoing economic recession on market sizing and provides qualitative insights on its regional impact.
Download a PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=186358368
Fueling the growth of this market is a combination of factors, such as the growing number of geriatric and obese populations, the high risk of injuries to caregivers during manual patient handling, the rising number of patient admissions in hospitals, and the implementation of regulations and guidelines ensuring the safety of healthcare providers during manual lifting processes. However, the lack of proper training for caregivers in the efficient use of patient handling equipment remains a significant challenge hampering market growth.
Key Drivers and Opportunities
One of the primary drivers of this market is the growing number of geriatric and obese populations worldwide. The elderly population is more prone to fall-related injuries, leading to functional disabilities and a greater reliance on mobility equipment. Additionally, the increasing demand for home healthcare services is presenting a significant opportunity for market growth. Government regulations and guidelines aimed at reducing the duration and cost of healthcare treatments are promoting the shift towards nursing homes and home healthcare, which is more affordable than facility-based care.
Segmentation Insights
The patient transfer devices segment is expected to register the highest CAGR during the forecast period, attributed to the increased incidence of lifestyle diseases like obesity, the growing preference for home care among the obese population, and the rising adoption of ceiling lifts in bariatric patient handling practices. Additionally, the hospital segment accounted for the largest share of the market in 2021, driven by factors such as the rise in the geriatric population, the increase in the patient population, the rise in the number of injuries caused during patient handling processes, and the surge in the number of disabled people.
Regional Landscape
North America accounted for the second-largest share of the patient handling equipment market in 2021, owing to the growing number of elderly care facilities, the increasing number of hospitals and ambulatory centers, the rising geriatric population in the US and Canada, and high healthcare expenditure.
Competitive Landscape
The patient handling equipment market is dominated by several globally established players, including Arjo (Sweden), Baxter International Inc. (US), Savaria (Canada), Invacare Corporation (US), Stryker (US), Drive DeVilbiss Healthcare (US), Etac AB (Sweden), GF Health Products, Inc. (US), V. Guldmann A/S (Denmark), Joerns Healthcare LLC (US), Medline Industries, Inc. (US), Prism Medical UK Ltd. (UK), LINET (Czech Republic), Stiegelmeyer GmbH & Co. KG (Germany), Benmor Medical (UK), Malvetio Spa (Italy), and EZ Way, Inc. (US).
© 2024 Crivva - Business Promotion. All rights reserved.