Key Factors Impacting The Market Developments:
- Rising Geriatric and Obese Populations
- High Risk of Injuries to Caregivers During the Manual Handling of Patients
- Implementation of Regulations Ensuring the Safety of Healthcare Personnel During the Manual Lifting Process
- Rising Demand for Home Healthcare Services
- Persistent Difficulties in Handling Bariatric Patients
Expected Revenue Growth:The Patient Handling Devices Market is projected to reach USD 12.6 billion by 2024 from USD 8.9 billion in 2019, at a CAGR of 7.2% during the forecast period.
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Leading Players and Growth Strategies Adopted by Them in Global Patient Handling Equipment Market:
The major players in the patient handling equipment market include Arjo (Sweden), Hill-Rom Holdings (US), and Invacare (US). Various growth strategies have been adopted by these players, such as product launches, expansions, partnerships, and acquisitions, to increase their presence in the global patient handling equipment market.
Arjo is the leading player in the patient handling equipment market. The company offers a broad range of patient handling equipment that ensures safe, comfortable, and dignified patient transfer. The company is expected to grow at a high rate in the patient handling market during the forecast period, owing to a strong geographic presence, product innovation, robust brand image, wide distribution network, and continuous expansions in developed and developing regions. Arjo focuses on expanding its presence in the patient handling equipment market with the adoption of organic and inorganic growth strategies.
Hill-Rom Holdings provides a wide range of patient handling equipment, such as patient lifts, medical beds, stretchers, and accessories. The company majorly focuses on significant R&D investments for the continuous development and upgradation of its products. Hill-Rom invested USD 0.14 billion in its R&D activities in 2018. The company’s constant focus on innovation helps it in enhancing its product offerings and marking its presence in the patient handling equipment market.
The patient transfer devices segment is expected to account for the largest share of the market. The large share of this segment can primarily be attributed to factors such as the increasing installation of ceiling lifts in hospitals and the growing adoption of patient lifts for bariatric patient handling.
The hospitals segment is expected to account for the largest share of the market. The large share of this segment is attributed to the growing patient population, increasing geriatric population, rising number of disabled people, increasing number of injuries caused during the patient handling process, and the increasing preference for patient handling equipment over manual handling in hospitals.
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Regional Development Analysis:
The APAC market is estimated to grow at the highest CAGR during the forecast period. Factors such as the increasing incidence of MSD-caused injuries to caregivers, growth in the elderly population, healthcare infrastructure improvements, and the increasing prevalence of chronic diseases are the major factors driving market growth in the Asia Pacific.