What's driving the Patient Handling Equipment Market Size? | 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 Healthcare

Over the recent years, patient handling equipment market has accrued quite some momentum, inherently influenced by the unprecedented advancements in the medical devices business space. A transformational change has been observed in the healthcare fraternity with regards to value chain, from volume to an outcome-based, patient centric approach. The advent of new technologies, presence of strong regulatory framework, and subsequent emergence of an intense competitive arena has brought forth a slew of complexities for patient handling equipment industry players. Amidst the fierce share battle, product innovation is claimed to be one of the major growth strategies defining the sustainability quotient of the industry.

Patient Handling Equipment Market size was valued at USD 11.0 billion in 2017 and is expected to witness growth of around 11.2% CAGR from 2018 to 2024.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Stryker Corporation
2. Hill-Rom Holdings, Inc.
3. Invacare Corporation
4. Prism Medical Ltd
5. Getinge Group
6. Guldmann Inc.
7. Linet Spol. S.R.O
8. Stiegelmeyer & Co. GmbH
9. Handicare
10. Joerns Healthcare

Citing a recent instance, HoverTech International, a leading giant in patient handling equipment market has recently extended its product line of highly breathable HoverMatt Single-Patient Use, specifically designed for pressure injury prevention. Reportedly, this advanced fabric technology infused air transfer mattresses protect patient skin by minimizing moisture buildup and heat transfer. Allegedly, with HoverMatt SPU, the caregivers can very smoothly turn, transfer, and position patients without much straining or lifting, given the fact there is a cushion of air beneath the inflated device which claims to reduce the pressure required to move the patient by almost 80% -90%. Experts have been already raving about the new product claiming that it to disrupt the conventional patient handling equipment industry.

Speaking along the similar lines, mobility assistance, unquestionably, is one of the lucrative application arenas of patient handling equipment market. The growing percentage of the geriatric and disabled population, who are constantly in need of walking assistance such as wheelchairs, crutches, is bound to considerably boost the market demand in the coming years. As per a report put forth by Center for Disease Control and Prevention, in U.S., almost one out of five adults are challenged with a physical disability. The study further depicted that the most common type of functional disability is mobility limitation- which is reported to be found in almost one in eight adults. The shocking prevalence of mobility disorders has prompted manufacturers to come up with advanced systems, which by extension is creating lucrative growth avenues for patient handling equipment industry. As per estimates, patient handling equipment market share from mobility assistance was valued at USD 3,123.8 million in 2017. In tandem with the technological advancements, favorable reimbursement policies for these equipment would complement the business growth in coming years.

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One of the major reasons for U.S. to become the favorite spot for patient handling equipment market investors is the rising mobility disability in the region. Add to this, the nation has been rigorously participating in patient handling programs that constitutes minimal lift policy. The University of Iowa Hospitals and Clinics, for instance, has implemented a safe patient handling program, resulting in reducing the workers’ compensation cost as well as recovering the initial investment on equipment. Considering the efforts that are being continuously undertaken by the U.S. government to reduce the equipment cost, U.S. patient handling equipment market is expected to witness a healthy growth over 2018-2024.
As per estimates, U.S. dominated the North America patient handling industry in 2017, having held a valuation of USD 3,264.8 million. Driven by the enforcement of myriad laws related to safe patient handling and the rising geriatric patient base, U.S. patient handling equipment market is likely to amass extensive returns by 2024.

The overall patient handling equipment industry, as claimed by Global Market Insights, Inc., will exceed a valuation of USD 23 billion by 2024. The figure is reportedly more than double the market valuation of USD 11 billion attained in 2017. However, one of the major constraints that can hamper the growth of this business space over the ensuing years is the lack of proper training provision for the nursing staffs. Companies, nonetheless, have been increasingly undertaking significant initiatives such as patient handling programs to combat the challenge. Driven by the increasing takeover of technology in equipment design, in tandem with its diversified application matrix, patient handling equipment industry is sure to gain remarkable proceeds in the coming years.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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