Patient Handling Equipment Market Overview
The global patient handling equipment market size is projected to reach $19.1 billion by 2022, growing at a CAGR of 10.5% during the forecast period. The is driven by several factors such as growing geriatric population, increasing incidence of disability, increasing incidence of chronic and lifestyle associated diseases.
GLOBAL PATIENT HANDLING EQUIPMENT MARKET, BY END USER, $M (2012-2022)
Based on end user, the patient handling equipment market has been segmented into hospital, home healthcare, elderly care and others. The hospital segment accounted for the major share in the global market in the historical period and it is expected to hold a market share of over 50% by 2022.
Geographically, Europe accounted the largest share in the global patient handling equipment market in the historical period and it is projected to be the largest market for patient handling throughout the forecast period. The market is growing due to presence of large number of healthcare facilities, trained professionals and demand for better services along with supportive regulations for patient safety. In addition, increasing prevalence of chronic and lifestyle associated diseases and increasing demand for home healthcare are also driving the growth of the market.
Patient Handling Equipment Market Dynamics
The increasing demand and penetration of patient handling equipment in emerging economies would offer enormous growth opportunities for the global patient handling equipment market. Although the global patient handling equipment market is growing at a considerable rate in the emerging economies, there is still massive unexplored market in different countries. With the high economic growth and increasing government initiatives in Asia, the major manufacturers of the patient handling equipment are penetrating the untapped market in the region.
The countries such as China and India have a huge market potential. The healthcare industry is witnessing significant growth in these countries. The large population base and improving healthcare infrastructure are attracting medical devices manufacturers to develop their manufacturing sites in these countries. Moreover, manufacturing medical devices products in the developing regions tend to decrease the overall cost of manufacturing, thus reducing the cost of the product without altering quality. Governments in different countries are moving towards universal healthcare coverage. Therefore, the increase in healthcare access in these countries creates ample growth opportunities for growth of the global patient handling equipment market.
Increasing incidences of disabilities is a major growth driver of the patient handling equipment market. Disability is complex condition which interacts between individual’s health condition personal and environmental factor. It is a collective term for impairment, participation restriction and activity limitations. According to the World Health Organization (WHO), approximately 15% of the world’s population have some form of disability.
People with disability cope with various barriers in services such as healthcare, education, employment and social services. People with disabilities have less access to healthcare services therefore experience unmet healthcare needs. The number of disabilities is increasing due to increase in chronic diseases, fall, violence, injuries, accidents and aging. In order, to improve mobility and transfer of disable patient the demand of patient handling equipment market is increasing.
The educator teaching outdated techniques and lack of proper use of lifting equipment are hindering the growth of the global market. As there are numerous myths regarding patient handling, such as patients are not comfortable with the mechanical lifting, and it takes less time to manually lift a patient than to use lift equipment. Thus, lack of training due to myths and out-dated techniques limits the use of the patient handling equipment, which further hinders the growth of the patient handling equipment market.
Patient Handling Equipment Market Competitive Landscape
Some of the key players operating in patient handling equipment market include Hill-Rom Holdings Inc., Stryker Corporation, Getinge Group, Invacare Corporation, Guldmann Inc., Prism Medical Ltd., Joerns Healthcare LLC, LINET Group SE, Handicare and Stiegelmeyer-Group.