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Patient Handling Equipment Market to Exhibit A Lucrative Growth Of 11.2% CAGR

Author : Rahul Sankrityayan | Published Date : 2019-03-26 

Global Patient Handling Equipment Market set to exceed USD 23 billion by 2024; according to a new research report by Global Market Insights. Rising patient pool suffering from disabilities should impel patient handling equipment growth in forthcoming period. According to Disabled World data, approximately 650 million of global population suffers from some kind of disability, especially females. Number of people with disabilities is accelerating due to some form of chronic illness or age. ‘Americans with Disabilities Act’ states that use of safe patient handling and mobility (SPHM) equipment must be deployed for improving accessibility for disabled patients. Above factors should drive patient handling equipment size in recent years.

The competitive spectrum of patient handling equipment market has lately been undergoing a massive change with regards to product differentiation, subject to the fact that these biggies have been making appreciative efforts to provide a considerably better experience for caregivers and medical personnel. The deployment of technology advancements in emergency medical services for improving the quality of patient care is thus likely to enhance healthcare infrastructure, which would, by extension, have a commendable impact on patient handling equipment industry.

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Mobility assistance segment was valued at USD 3,123.8 million in 2017. With rapidly growing number of patient admissions affected with some form of chronic illness or mobility impairment, mobility assistance segment should witness substantial growth in patient handling equipment market. In addition, escalating handling problems by caregivers will boost mobility assistance equipment adoption rate. According to American Nurses Association, 62% nurses reported development of disabling musculoskeletal disorders (MSD). Aforementioned factors will primary impact segmental size in forecast timeframe.
Long term care segment is estimated to grow at 12.5% CAGR during the projected period. There is increasing patient burden suffering from age-associated disabilities. Increasing population affected with disabilities will demand for long term care facilities that will in turn positively impact the market for better patient care. Moreover, risk of sprains and strains in long term facilities is elevated that will result into high adoption rate of patient handling equipment, thus spurring segmental growth.

Recently, one of the major ambulance manufacturers, Crestline Coach made it to the headlines for implementing different design aspects to develop a smart ambulance. The deployment of real-time instruments in ambulances will help improve hospital efficiency by meticulously serving the patients in emergency cases. The utilization of technology among medical equipment manufacturers is thus one of the driving factors of employee safety enhancement and patients care, which will stimulate patient handling equipment industry share over the years ahead. Moreover, for enhancing the mobility of patients, renowned players in patient handling equipment market are maximizing the functionality of hoists and lifts as well. For instance, the England based medical equipment manufacturer, Innova care Concepts has created an innovative hoist tracking system to transfer patients from one room to other – a product that may have a considerable impact on patient handling equipment market.
In order to encourage the research community and manufacturers in patient handling equipment market, most of the regional governments have been observed to have undertaken significant initiatives. For instance, the Director General of the Ghana Health Service, Dr. Anthony Nsiah Asare has challenged engineers in the biomedical sector to innovate new products and repair equipment to reduce wastage in the healthcare sector, which would have a considerable impact on the regional patient handling equipment market share. The Ghana government is also looking forward to deploying regulatory norms to promote biomedical engineering practices over the coming years, which will further drive patient handling equipment industry outlook.
The rise in the population of patients suffering from mobility issues has had a positive impact on the product demand. For instance, one of the medical surveys carried out across United States in 2014 claimed that more than 30% people suffered from obesity problems then. The U.S. Census has also reported that one out of every five people may be disabled due to communicative, mental, and physical impairment. In addition, the exponentially growing elderly population across U.S. is also likely to boost the regional patient handling equipment industry size. According to Global Market Insights, Inc., the U.S. dominated the overall North America patient handling equipment industry in 2017, with a valuation of USD 3,264.8 million.

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With the increasing deployment of advanced technologies such as GPS tracking, electronic health records, smart alarms, and alert systems in hospitals and healthcare institutions, it goes without saying that nurses and caregivers would need to educate themselves regarding the working of these technologies for efficient work output. In this regard, some of the prominent players in patient handling equipment market including Getinge Group, Stryker Corporation, and Hill-Rom are organizing training programs to ensure the safety of both patients and caregivers. Trained caregivers will help enhance patient care resulting in effective treatment facilities and a greater proportion of saved lives. Moreover, the Occupational Safety and Health Administration has also published guidelines for nurses to educate them about lifting devices and mechanical equipment. The growing implementation of several technical updates in medical equipment is thus forecast to boost patient handling equipment market size, which will surpass a revenue collection of more than USD 23 billion by the end of 2024.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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