CHICAGO, March 10, 2023 /PRNewswire/ -- The global patient handling equipment industry is expected to witness significant growth in the near future, mainly due to the increasing demand for safe and comfortable patient handling solutions. The increasing focus on patient safety and comfort, government initiatives for the provision of healthcare services, and rising awareness about the benefits of patient handling equipment are the key factors anticipated to propel the growth of the industry. Additionally, the rising demand for technologically advanced patient handling solutions and the introduction of new products with advanced features are further expected to drive the growth of the industry. Moreover, the increasing prevalence of chronic diseases, such as arthritis and osteoporosis, is anticipated to drive the demand for patient handling equipment.
Patient Handling Equipment Market in terms of revenue was estimated to be worth $10.4 billion in 2022 and is poised to reach $14.0 billion by 2027, growing at a CAGR of 6.2% from 2022 to 2027 according to a new report by MarketsandMarkets. The growth of this market is primarily fuelled by the growing number of obese and geriatric populations, high risk of injuries to healthcare providers during the manual handling of patients, rising number of patient admissions in hospitals, and the implementation of regulations and guidelines ensuring the safety of healthcare workers during the manual lifting. However, improper training provided to caregivers for the efficient operation of patient handling equipment is a major factor hampering the market growth.
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Browse in-depth TOC on "Patient Handling Equipment Market"
272 - Tables
42 - Figures
291 - Pages
Patient Handling Equipment Market Scope:
Report Coverage | Details |
Market Revenue in 2022 | $10.4 billion |
Estimated Value by 2027 | $14.0 billion |
Growth Rate | Poised to grow at a CAGR of 6.2% |
Market Size Available for | 2020-2027 |
Forecast Period | 2022-2027 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type and End User |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Increasing demand for home healthcare services |
Key Market Drivers | Growing number of geriatric and obese populations |
Patient transfer devices segment is expected to register the highest CAGR during the forecast period.
By type, the patient handling equipment market is segmented into medical beds, patient transfer devices, mobility devices, bathroom & toilet assist equipment, and stretchers & transport chairs. In 2021, the patient transfer devices is expected to register highest growth during the forecast period. The high share of this segment can primarily considered to the rising installation of ceiling lifts in hospitals and the rising adoption of patient lifts for bariatric patient handling.
Hospital segment accounted for the largest share in the patient handling equipment market in 2021
By end users, the patient handling equipment market is segmented into home care settings, hospitals, and other end users. In 2021, the hospitals segment accounted for the largest share of the patient handling equipment market. Growth can be attributed due to the rising number of patient population, rising number of disabled people, growing number of geriatric populations, and the increasing number of injuries caused during the patient handling.
Europe accounted for the largest share of the patient handling equipment market in 2021.
By region, patient handling equipment market is segmented into North America, Europe, Asia Pacific, Latin America and Middleeast and Africa. In 2021, Europe accounted for the largest share of the global patient handling equipment market. The large share of this market can be attributed due to the presence of large number of patient handling equipment manufacturers in Europe and the increasing number of government and non-government initiatives to adopt safe patient handling equipment. The Asia Pacific patient handling equipment market is expected to grow at the highest CAGR during the forecast period of 2022-2027. The Asia Pacific market growth is attributed to the increasing number of healthcare facilities in Asian countries.
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Patient Handling Equipment Market Dynamics:
Drivers:
- Increasing number of geriatric and obese people
- High risk of injuries to caregivers during manual handling of patients
- Implementation of regulations for ensuring safety of healthcare personnel
- Rising number of patient admissions in hospitals
Restraints:
- Lack of training caregivers for efficient operation of patient handling equipment
Opportunities:
- Rising demand for home healthcare services
Challenges:
- Persistent difficulties in handling bariatric patients
- Improper architectural designs of healthcare facilities
Key Market Players:
The key players operating in the patient handling equipment market include include Arjo (Sweden), Baxter International Inc. (US), Savaria (Canada), Invacare Corporation (US), Stryker (US), Drive DeVilbiss Healthcare (US), Etac AB (Sweden), GF Health Products, Inc. (US), V. Guldmann A/S (Denmark), Joerns Healthcare LLC (US), Medline Industries, Inc. (US), Prism Medical UK Ltd. (UK), LINET (Czech Republic), Stiegelmeyer GmbH & Co. KG (Germany), Benmor Medical (UK), Malvetio Spa (Italy), EZ Way, Inc. (US), Ossenberg GmbH (Germany), Antano Group (Italy), Winncare (UK), Getinge AB (Sweden).
Recent Developments
- In September 2022, Handicare offers an expanded portfolio, including the Garaventa Lift range of wheelchair platform lifts, as well as new and improved products, such as the 4000 curved stairlifts.
- In May 2022, Invacare launched Birdie Evo XPLUS, an innovative patient lift solution for post-acute care settings. With its sleek and modern design, it provides innovative technology that helps maximize comfort and security when lifting or transferring a patient to or from a bed, chair or floor.
- In March 2022, Stryker launched the Multi-Position MATS Mobile Air Transfer System, that prevents patients from sliding during tilt procedures and protect nurses during pre- and post-surgical lateral transfers.
- In May 2021, Hill-Rom participated in the fire-side chat in the UBS Global Healthcare Virtual Conference to support its healthcare business.
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Patient Handling Equipment Market Advantages:
- Patient handling equipment helps in transferring the patient from one place to another.
- They allow for secure and safe transfer of the patient and reduce the chances of accidents.
- The equipment helps reduce the risk of injury to the caregiver who is transferring the patient.
- The equipment is designed to be lightweight and easy to maneuver.
- It helps reduce the physical strain on the caregiver as well as the patient.
- The equipment is available in different sizes, shapes, and configurations to suit different patient needs.
- The equipment helps reduce the risk of infections as it is easy to clean and sanitize.
- The equipment is cost-effective and helps reduce the overall cost of healthcare.
Patient Handling Equipment Market- Report Highlights:
Refinements in the segments of the patient handling equipment market:
- The current edition of the report consists of an updated market overview, along with updated market assessments across all segments from 2020 to 2027. Also, the updated industry trends, technology analysis, pricing analysis, and patent analysis have been provided in the market overview chapter.
- The current edition of the report consists of the impact of the recession on the market in the geographic analysis section.
- The competitive landscape chapter has been updated with the company evaluation quadrant for major players as well as for start-ups/SMEs. The competitive landscape also includes the revenue share analysis of the top players, market share analysis, and competitive scenarios of the global market.
- The current edition of the report considers an ongoing economic recession and provides an impact of the same in market sizing. Detailed qualitative insights for recession impact by region have been provided across the regional analysis section.
Updated financial information/product portfolio of players:
- The new edition of the report provides updated financial information until 2022 for each listed company in a single diagram (instead of multiple tables). This will easily help analyze the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating regions/countries, business segment focus in terms of the highest revenue-generating segments, and investments in R&D.
Updated market developments of profiled players:
- Recent developments are important to understand the market trends and growth strategies adopted by players in the market. The current edition of this report provides updated developments of profiled players from January 2020 to February 2023, indicating a continuation from the previous version. Acquisitions and product launches & approvals are the principal growth strategies adopted by market players during this period.
Coverage of new market players in the patient handling equipment market:
- The new edition of the report includes profile for Benmor Medical (UK) and Baxter International, Inc. (US).
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