ALBANY, New York, June 9, 2016 /PRNewswire/ --
Transparency Market Research has published a new market report titled, "Patient Handling Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024" According to the report, the global patient handling equipment market was valued at US$ 9.5 Bn in 2015 and is anticipated to expand at a CAGR of 10.2% from 2016 to 2024 to reach US$ 22.4 Bn in 2024.
The patient handling equipment market is witnessing various new opportunities such as rental provisions emerging as a market trend among patients who require slings and lifts for short duration (i.e. for four months to six months) in healthcare settings. Moreover, provision for flexible rental payments enables rental providers in effectively managing cash flow throughout the year. These factors would further propel the growth of this market. The major drivers for the market growth include need for prevention of musculoskeletal injuries to both care providers as well as patients due to manual lifting of patients. In such cases, these equipment are considered the right option to lift patients in a proper manner. Secondly, the cost savings on labor will be directed to purchase equipment such as patient lifts, medical beds with assistive technology, and other such equipment, eventually minimizing the role of caregivers in assisting patients. The high benefit to cost ratio for investment made by health care settings will incentivize their adoption rates for patient handling equipment in developed economies.
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The research report analyzes the current and future prospects of the patient handling equipment market across the globe during the forecast period from 2016 to 2024. Based on product type, the patient handling equipment market has been categorized into lifting slings, wheelchairs, medical beds, ambulatory aids, shower, bath and toileting equipment, and others comprising patient lifts, transfer assists, lateral and repositioning devices, patient turners, leg lifters, and transfer poles. The report provides market size in terms of US$ Mn, volume (No. of Units), and compound annual growth rate (CAGR %) for each product segment during the forecast period from 2016 to 2024, considering 2014 and 2015 as base years. The report also analyses the patient handling equipment market from an end users perspective, for segments such as Hospital, Nursing Home, Assisted Living Facility, Home Healthcare, and Others (Trauma, paramedical and rehabilitation centers).
Medical bed segment accounted for the largest market share of the global patient handling equipment market in 2015. Considering that medical beds are a mandatory capital investment, for clinical settings, the product segment is expected to witness consistent demand from end users. In addition, an increasing number of high-end super-specialty hospitals are willing to make substantial capital investment for technologically advanced and ergonomically designed medical beds considering the long-term advantages. Patient care often necessitates lifting or providing body movements to perform daily activities such as walking, toileting, and bathing. Such tasks involve handling of patients with proper care. Patient handling equipment are devices used in hospitals and nursing homes to transfer patients with restricted mobility.
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Low awareness and apprehensions on return to investment by end-users for expensive technologically advanced equipment are likely to hamper the growth of the market. Developing countries such as India, Sri Lanka etc. are devoid of legal and regulatory protocols pertaining to patient handling for patients as well as caregivers. As a result, the health care system in these regions is fragmented, with presence of small and medium scale end-users devoid of foresighted benefits of patient handling equipment. However, due to political pressures from international bodies aiming to improve health care services across the globe, various countries will be rolling out new policies for developing a patient centered health care system. These government initiatives for improving the quality of patient care and decent work culture for caregivers employed in health care settings is likely to augment the market, especially in Asia Pacific.
The major companies operating in the global patient handling equipment market are ArjoHuntleigh (Getinge Group), DJO Global, V.Guldmann A/S, Hill-Rom Holdings, Inc., Etac AB, Invacare Corporation, Joerns Healthcare LLC, Patterson Medical Holdings, Inc., Permobil AB, Prism Medical, Stiegelmeyer & Co. GMBH, and Stryker Corporation, Sunrise Medical LLC. ArjoHuntleigh (Getinge Group) was identified as the leading player in the global patient handling equipment market in 2015.
The global patient handling equipment market has been segmented as follows:
Patient Handling Equipment Market, by Product Type
- Lifting Slings
- Medical Beds
- Ambulatory Aids
- Shower, Bath and Toileting Equipment
Patient Handling Equipment Market, by End User
- Nursing Home
- Assisted Living Facility
- Home Healthcare
- Others (Trauma, Rehabilitation & Paramedical Centers)
Patient Handling Equipment Market, by Geography
- North America
- Rest of the World
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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SOURCE Transparency Market Research