Patient Handling Equipment Market - Hospital Care End-use Holds Promise

Awareness about mobility aids is constantly increasing and several government organizations are known to offer subsidies, grants, and funding, while various public and private insurance players are provide insurance coverage. Increase in reimbursement for mobility and assistive devices by both private and government insurance players are likely to provide growth opportunities in the patient handling equipment market.

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Organizations such as the Occupational Safety and Health Administration (OSHA) and the American Nurse Association (ANA) recommend that manual lifting of patients must be minimized and eliminated. For instance, a study conducted by OSHA in 2013 concluded that musculoskeletal disorders such as strains and sprains were one of the leading causes of injury to health care workers while manually moving, shifting, and lifting patients. These developments would drive the demand for these globally.

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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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.

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