According to a new study by Transparency Market Research (TMR), the rivalry between Stryker Corp., Hill-Rom Holdings Inc., and Anetic Aid characterizes the competitive landscape of the market for hospital stretchers at the global level. However, regionally, these companies face intense competition from local participants in their respective markets. The price differentiations, brought in by local vendors, especially in emerging economies, may deepen the competition within the market over the next few years.
As per the report, the opportunity in the global hospital stretchers market is likely to expand at a CAGR of 3.90% during the period from 2013 to 2019 and increase to US$1.7 bn by the end of the forecast period. Currently, fixed-height stretchers enjoy the most prominent demand among all types of stretchers available across the world. However, the demand for adjustable stretchers is likely to increase significantly over the forecast period at a CAGR of 4.90%.
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Ongoing Trend of Replacing Traditional Stretchers with Newer Ones to Provide Grounds for Growth to North America
The study also presents a geographical analysis of the worldwide market for hospital stretchers. Europe, North America, Asia Pacific, and the Rest of the World have been identified as the predominant geographical segments of this market in this research report. Thanks to the presence of a state-of-art medical and healthcare infrastructure, North America has been leading the global market. With the ongoing trend of replacing traditional stretchers with newer and advanced ones, this regional market is likely to remain on the top over the forecast period.
On similar lines, Asia Pacific is also expected to witness steady growth in its market size over the next few years and the swift rise of medical tourism is anticipated to act as the key growth driver. Apart from this, the continual increase in the geriatric population base is also anticipated to boost this regional market considerably in the years to come, notes the research study.
Growing Prevalence of Chronic Diseases to Have a Far-reaching Impact on Demand for Hospital Stretchers
“The growing prevalence of chronic diseases is having a far-reaching impact on the demand for hospital stretchers across the world,” states the author of the study. The Heart Foundation in Australia states that nearly 480,000 people were hospitalized in Australia due to cardiovascular diseases between 2009 and 2010. In the U.S., around 15% of the overall hospitalization was held by people suffering from respiratory and circulatory disorders in 2010.
All these data points towards a high rate of hospitalization due to chronic diseases, which as a result, reflects greatly on the demand for hospital stretchers. With no sign of near-future decline in this rate, the global market for hospital stretchers is anticipated to remain witnessing strong growth during the forecast period. The High cost of specialized stretchers, however, may impede the adoption of these stretchers to some extent in the coming years, states the report.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Hospital Stretchers Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013–2019.”
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