Patient Handling Equipment Market : Exploration on Prominent Players | Stryker Corporation, Hill-Rom Holdings, Inc., Invacare Corporation, Prism Medical Ltd, Getinge Group, Guldmann Inc., Linet Spol. S.R.O., Stiegelmeyer & Co. GmbH, Handicare, Joerns Heal
Rising number of road accidents is the key factor driving the patient handling equipment market. Road accidents incur non-fatal injuries such as disability and spinal cord injuries that compel patients to use patient handling equipment due to their inability in functioning. As per World Health Organization, about 15% of the total world population suffers from disability and between 110 million and 190 million people suffer from difficulties in functioning. With increase in the number of road accidents, especially in low-income countries, demand for patient handling equipments will grow at a robust rate.
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Rising prevalence of chronic diseases such as arthritis, hypertension, cardiovascular disease, dyslipidemia and diabetes will serve to be another impact rendering factor driving the market growth. Such chronic disease lead to the impairment of the musculoskeletal system. As per WHO’s report in 2016, 1.9 billion adults of age 18 years or older were overweight while 41 million children under the age of 5 were obese. Increasing rate of obesity and musculoskeletal disorders are yet another paramount factor propelling the usage of patient handling equipment.
Demand for patient handling equipment is increasing among the elderly population owing to their functional limitationsresulting in impairments, sensory deficit like poor hearing and vision, progressing diseases that leads to restricted mobility. Significant rise in the geriatric population base around the globe will be one of the major market drivers of the patient handling equipment industry in the coming years.
Lack of skilled professionals to handle the equipment, limited availability of services and prohibitive costs will hamper the industry growth over the forecast period. The major factor leading to shortage of skilled professionals is the lack of vocational training and funding provided to the caregiver.
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Medical bed segment held the largest market share in 2016, owing to its benefits such as side rails, washable mattress and ability to move or adjust easily. Medical beds are essential equipments for the patients, and thus are voluntarily invested by the hospitals, thereby boosting the demand for medical beds in the market. Furthermore, increasing demand for long-term, psychiatric and curative care beds will propel the segment growth over the forecast period.
Rising demand for mobility assistance such as canes, crutch, walking frames, wheelchairs, scooters, and safety modifications will also drive the segment growth during the forthcoming years. Mobility assistance equipments aid people suffering from arthritis, cerebral palsy and disability by providing several high-end special healthcare servicesusing advanced technology. This helps patients in bathing and walking and thus more preferred pertaining to its low cost and comfort. All these factors attribute in boosting the growth of this segment.
Hospitals segment dominated the market in 2016 and is estimated to grow at a lucrative rate over the coming years. Significant growth in the number of hospitals owing to the increased number of patients requiring critical care will serve to be an impact rendering factor in the growth of the segment. In China, the number of hospitals increased from 18,700 in 2005 to over 27,600 hospitals in 2015. Aforementioned factors will promote the segment throughout the analysis period.
Germany accounted for the highest market share in Europe in 2016 and is expected to follow a similar trend in the future. Rising geriatric population, sophisticated healthcare infrastructure and favorable government regulations in Europe are the factors that stimulate the growth of the Germany market. In 2016, 19.2% of the total population constituted geriatric population. Favorable policies such as European Fund for Strategic Investments, EU cohesion policy, Horizon 2020 research program and Health Program that promote healthcare and support modern infrastructure will accelerate the growth of the German market.
Growing income levels, higher rate of road accidents, elderly population and growing awarenesstowards preventive healthcare will drive the market of emerging countries like India, China and Japan. Also, growing popularity of medical tourisms and initiative towards improved healthcare infrastructure will also attribute in its growth. According to IBEF, India is one of the fastest growing sectors and is likely to experience robust growth of 22.8% CAGR from 2015 to 2020. In September 2016, Indian healthcare sector registered 88 funding deals worth USD 397.41 million.
Some of the key industry players in the patient handling equipment market are Hill-Rom, Getinge Group, Paramount Bed Holdings Co., Bayer AG,DJO Global, Patterson Medical Holdings, Inc.,and Stryker Corporation. The industry players focus on innovative development of equipment andstrategic alliances to expand their business. For instance, Sidhil Ltd. in 2016 launched new specialist pediatric bed, thus broadening its product portfolio.
Chapter 1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
126.96.36.199. Paid sources
188.8.131.52. Unpaid sources
Chapter 2. Executive Summary
2.1. Patient handling industry 3600 synopsis, 2013 – 2024 (USD Million)
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. End-use tends
2.1.5. Regional trends
Chapter 3. Patient Handling Equipment Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry impact forces
3.3.1. Growth drivers
184.108.40.206. Escalating incidence of disabilities
220.127.116.11. Rising geriatric population
18.104.22.168. Risk of injuries to caregivers during manual handling of patients
22.214.171.124. Implementation of regulations ensuring safety of healthcare personnel against manual lifting of patients
3.3.2. Industry pitfalls & challenges
126.96.36.199. Insufficient training provided to caregivers to operate patient handling equipment
188.8.131.52. Difficulties in manual handling of bariatric patients
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By application
3.4.3. By end-use
3.5. Regulatory landscape
3.6. Porter’s analysis
3.7. Competitive landscape, 2017
3.7.1. Strategy dashboard
3.8. PESTEL analysis
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