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U.S. patient handling equipment market to observe a remarkable push over 2018-2024

Author : Rahul Sankrityayan | Published Date : 2019-04-16 

Global Patient Handling Equipment Market set to exceed USD 23 billion by 2024; according to a new research report by Global Market Insights. Expanding geriatric population across the globe will stimulate the market growth in upcoming years. Older population contributes to higher percentage of hospital admissions and re-admissions. Aging population is also highly associated with reduced mobility. According to Merck Sharp & Dohme (MSD), about half of the adult population that occupies hospital beds are aged above 65 years of age. Thus, rising elderly population coupled with high risk of acquiring chronic diseases will surge the demand for patient handling equipment in foreseeable future.
Rising number of regulations and guidelines to ensure safety of healthcare workforce against manual lifting will offer lucrative patient handling business growth. New York State's Safe Patient Handling Law identifies that manual patient lifting may cause injuries to the caregiver as well as patient and safe patient handling program can decrease its risk and improve quality of care. Such guidelines prevent healthcare staff from affecting from injuries as a result of manual handling, thereby majorly impacting patient handling equipment market growth.

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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.

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 market. 

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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Few of the key industry players operating in global patient handling equipment Hill-Rom Holdings, Getinge Group, Invacare Corporation, Medline Industries, Paramount Bed & Stryker Corporation. Firms are implementing strategic initiatives such as collaborations and partnerships along with innovative product introductions to capture significant share in the market. For instance, in January 2015, Stryker acquired CHG Hospital Beds, Inc., a Canada based manufacture of hospital beds. The acquisition helped Stryker to extend its offerings in medical bed market.

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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