The patient handling equipment market is witnessing various new opportunities such as rental provisions emerging as a market trend among patients who require slings and lifts for short duration (i.e. for four months to six months) in healthcare settings. Moreover, provision for flexible rental payments enables rental providers in effectively managing cash flow throughout the year. These factors would further propel the growth of this market. The major drivers for the market growth include need for prevention of musculoskeletal injuries to both care providers as well as patients due to manual lifting of patients. In such cases, these equipment are considered the right option to lift patients in a proper manner. Secondly, the cost savings on labor will be directed to purchase equipment such as patient lifts, medical beds with assistive technology, and other such equipment, eventually minimizing the role of caregivers in assisting patients. The high benefit to cost ratio for investment made by health care settings will incentivize their adoption rates for patient handling equipment in developed economies.
Transparency Market Research has published a new market report titled, “Patient Handling Equipment Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024” According to the report, the global patient handling equipment market was valued at US$ 9.5 Bn in 2015 and is anticipated to expand at a CAGR of 10.2% from 2016 to 2024 to reach US$ 22.4 Bn in 2024.
The research report on patient handling equipment market includes in-depth analysis of the product types, end-user, and geography. Base on product type, the market has been segmented into lifting slings, wheelchair, medical beds, ambulatory aids, shower, bath and toileting equipment, and others. In terms of end-user, the market has been divided into hospitals, home health care, nursing homes, assisted living facility, and others. The scope of this study analyzes each segment in terms of revenue (US$ Mn) and covers exhaustive information on the global volume trends of product equipment.
In 2015, medical beds product segment accounted for a lion’s share in the global patient handling equipment market. The hospital end user segment accounted for the largest market share compared to other end user segments in 2015. This end user segment is expected to maintain its dominance in the market; however, other end users such as rehabilitation centers, trauma centers are expected to witness the highest growth during the forecast period from 2016 to 2024. The global patient handling equipment market was analyzed across four geographies: North America, Europe, Asia Pacific, and Rest of the World.
The key market players in this market have launched new products with technologically advanced and ergonomical design features in this market. In May 2015, Getinge Group introduced new Citadel Patient Care System, which is a medical bed with therapeutic mattresses for provision of improved care and support while handling high dependency patients. Technological advancements such as introduction of automated patient lifting and transfer techniques also act as a potential driver of the patient handling equipment market. These innovative products would sharply reduce the average time and number of caregivers that are deployed per patient in a health care setting. Therefore, advancements in assistive technology and improved product design coupled with government subventions are expected to contribute to market growth in the near future.
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Geographically, Europe was the largest market for patient handling equipment in terms of revenue in 2015. The patient handling equipment market in Asia Pacific is anticipated to expand at the fastest growth rate during the forecast period from 2016 to 2024. Other emerging markets in rest of the world such as Latin America, and the Middle East & Africa are also expected to witness a steady growth during the forecast period. Increasing patient base, medical tourism, and rising income levels are also expected to propel the market. Highly priced equipment’s have a minuscule consumer base in under- developed and developing regions due to the high cost of technologically advanced equipment which are unaffordable for small and medium size healthcare settings. In addition, apart from these factors the lower labor cost of caregivers in developing economies could further restrain the market growth in emerging economies.
Key players profiled in this report include Bayer AG, Continental Manufacturing Chemist, Inc., Elanco Animal Health, Inc., Indian Immunologicals Ltd., M.B.D. Marketing (S) Pte Ltd., Merck Animal Health, Merial, Nicosia International, Vallée S.A., and Zoetis, Inc.
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