Global Patient Handling Equipment Market: Snapshot
The global market for patient handling equipment is expected to witness a significant growth in the next few years. The rising awareness among caregivers regarding the advantages of using these equipment to ensure safety is predicted to encourage the overall growth of the market in the next few years. In addition, technological advancements and rising focus on the development of new products are projected to accelerate the growth of the patient handling equipment market.
According to the research study, in 2015, the global market for patient handling equipment was valued at US$9.5 bn. The market is projected to reach a value of US$22.4 bn by the end of 2024, registering a progressive 10.20% CAGR between 2016 and 2024.
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Increasing Programs for Advanced Nursing to Encourage Market Growth
A tremendous rise in geriatric population worldwide and the rising incidence of several disabilities due to non-communicable diseases are some of the vital factors that are projected to fuel the growth of the global patient handling equipment market. In addition, the rising risks of injuries to caregivers while handling patients is predicted to boost the demand for patient handling equipment in the coming years.
On the flip side, the lack of training that is to be provided to caregivers in order to ensure efficient operation of patient handling equipment is likely to restrict the growth of the overall market in the coming years. Moreover, several issues related to the handling of bariatric patients are anticipated to hamper the market’s growth in the near future. Nonetheless, the emergence of private institutional nursing and the entry of several prominent players are predicted to accelerate the growth of the patient handling equipment market in the next few years.
Developing Medical Tourism Sector to Generate Promising Opportunities in Asia Pacific
From a geographical perspective, in the last few years, Europe led the global patient handling equipment market and accounted for a large share. This region is likely to retain its leading position throughout the forecast period. However, the Asia Pacific market for patient handling equipment is estimated to register a robust growth rate in the next few years. The rising popularity of medical tourism and the growing pool of patients are the key factors that are estimated to encourage the growth of this segment in the next few years.
Furthermore, the patient handling equipment market is expected to experience a healthy growth throughout the forecast period in the Middle East and Africa and Latin America. The improving lifestyle of consumers and the rising preference of consumers to spend on healthcare are some of the major factors that are predicted to encourage the growth of these two regions in the next few years. However, the high cost of equipment is considered to act as a key challenge, especially in developing and under-developed economies.
Introduction of New Products to Create Lucrative Opportunities
The key players in the global patient handling equipment market are emphasizing on innovations in order to attract a large number of consumers worldwide. Wheelchairs, bath, shower, and toileting equipment, lifting slings, ambulatory aids, and medical beds are some of the leading products of the market. The expansion of the application base is predicted to generate promising growth opportunities over the forecast period. This is expected to benefit the market players in enhancing their presence and gain a competitive advantage in the coming years.
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Some of the leading players operating in the patient handling equipment market around the world are Continental Manufacturing Chemist, Inc., Bayer AG, Vallée S.A., Nicosia International, Merial, M.B.D. Marketing (S) Pte Ltd., Indian Immunologicals Ltd., Elanco Animal Health, Inc., Merck Animal Health, and Zoetis, Inc.
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