Patient Handling Equipment Market 2019 | Industry Developments, Outlook, Current Trends by 2024
Prominent industries involved in patient handling equipment market are: Besco Medical Co., Ltd, Getinge AB, Hill-Rom Holdings, Inc., Invacare Corporation, Malvestio S.P.A., Medline Industries, Inc., Paramount Bed Co., Ltd., Span-America Medical Systems, Inc. and Stryker. These prominent business players focus on strategies such as mergers, new product launch and acquisitions to strengthen market position. For instance, in July 2015, Stryker announced acquisition of Muka Metal, A.S., a developer of medical beds, stretcher and other equipment. This acquisition will enable the company to expand its geographic outreach and broaden its product portfolio for long-term growth in future.
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.
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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.
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.
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1.2. Market definitions
1.3. Forecast parameters
1.4. Data Sources
Chapter 2.Executive Summary
2.1. Patient handling equipment industry 3600 synopsis, 2013 - 2024
Chapter 3.Patient Handling Equipment Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry impact forces
188.8.131.52.Rising geriatric population
184.108.40.206.Escalating incidence of disabilities
220.127.116.11.Risk of injuries to caregivers during manual handling of patients
18.104.22.168.Implementation of regulations ensuring safety of healthcare personnel against manual lifting of patients
3.3.2. Industry pitfalls & challenges
22.214.171.124.Insufficient training provided to caregivers to operate patient handling equipment
126.96.36.199.Difficulties in manual handling of bariatric patients
3.4. Growth potential analysis
3.5. Regulatory landscape
3.6. Porter's analysis
3.7. Competitive landscape, 2017
3.8. PESTEL analysis
More Insightful Info: https://www.marketwatch.com/press-release/patient-handling-equipment-market-size-2019-outlook-opportunity-and-demand-analysis-report-by-2025-2019-09-12
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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