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Exponential Growth in Patient Handling Equipment Market: Driven by Geriatric Population, Technological Advancements, and Increased Healthcare Expenditure
Patient Handling Equipment Market Size
What Is The Projected Market Size Of The Global Patient Handling Equipment Market And Its Growth Rate?
• The market is expected to grow from $19.18 billion in 2024 to $23.07 billion in 2025 at a CAGR of 20.3%.
• By 2029, the market is projected to reach $31.24 billion growing at a CAGR of 7.9%.
• This growth can be attributed to increased healthcare expenditure, increasing prevalence of chronic diseases, strong economic growth in emerging markets, and regulations favoring disabled friendly places.
What Is Driving The Growth In The Patient Handling Equipment Market?
The growing geriatric population constitutes a major factor driving the growth in the patient handling equipment market. The elderly population, being at a higher risk of chronic diseases, leads to increased demand for patient handling equipment. Along with this, improving healthcare infrastructure and rising healthcare expenditure contribute significantly to the market growth. Considering the predicted rise of the geriatric population to 1.4 billion by 2030 and 2.1 billion 2050, the demand for patient handling equipment is expected to continue its upward trajectory.
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Who Are the Key Players Driving Patient Handling Equipment Market Growth?
Some key players operating in the patient handling equipment market are:
• Invacare Corporation
• Hill-Rom Holdings Inc.
• ArjoHuntleigh Inc.
• Joerns Healthcare LLC
• Handicare Group AB
• Drive Divilbiss Healthcare Inc.
What Are The Key Trends In The Patient Handling Equipment Market?
The market has witnessed several new trends such as:
• Incorporation of sensors and intelligence in wheelchairs to reduce the need for human interaction.
• Increased investment in R&D activities for the development of effective and innovative treatments.
• Strategic collaborations to boost innovations, products and services.
• Adoption of RFID technology to enhance patient experience.
What Are The Segments Of The Global Patient Handling Equipment Market?
The market is segmented by:
• Product Type: Wheelchairs, Mobility Scooters, Medical Beds, Patient Transfer Equipment.
• Care Type: Critical Care, Fall Prevention, Bariatric Care, Wound Care.
• End-User: Homecare, Hospitals.
Which Region Leads The Patient Handling Equipment Market?
North America led the patient handling equipment market in 2024, followed by Western Europe which was the second largest region. The market report covers the following regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The Patient Handling Equipment Market Global Market Report?
- Market Size Analysis: Analyze the Patient Handling Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Patient Handling Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Patient Handling Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Patient Handling Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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