Patient Handling Equipment Market: Current Analysis and Forecast (2021-2027)
Emphasis on Product Type (Wheelchairs And Scooters, Medical Beds, Mechanical and Nonmechanical Equipment, and Ambulatory Aids); End-users (Hospitals, Home-Care Settings, and Others); Region/Country
Global patient handling equipment market is anticipated to grow with an elevated CAGR of around 6% over the forecast period (2021-2027). Patient handling equipment includes a wide variety of various healthcare products like slings, wheelchairs, movable beds, adjustable chairs, walkers, and others. these devices are user-friendly and allow patients and caretakers to monitor them electronically and reduce the risk of injury.
The rapid advancement in technology and rising geriatric population along with a rising number of permanent disabilities, raise the demand for better healthcare facilities to manage an increasing number of cases. Furthermore, with the rising awareness among the target population regarding the at-home monitoring solutions, many industry players are focusing on expanding their portfolio by launching new services and products in the market, thus, supporting market growth. For example, In November 2021, Able Innovations announced its ALTA Platform built to assist healthcare workers transfer patients easily and efficiently. The ALTA Platform™ automates the routine healthcare task of patient transfer; moving a patient between surfaces such as a bed to a stretcher, which contributes greatly to the overexertion of healthcare workers. Furthermore, the demand for Patient Handling Equipment is increasing with the rising prevalence of numerous chronic diseases across the globe.
Arjo, Hill-Rom Holdings Inc., Invacare Corporation, Stryker, Drive divibliss healthcare, Inc., ETAC AB, GF Health Products, Inc., Guldmann, Inc., Handicare group AB, and Joerns Healthcare LLC, are some of the prominent players operating in the Patient Handling Equipment market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of patient handling equipment devices.
Insights Presented in the Report
“Amongst product type, wheelchairs and scooters segment holds the major share”
Based on product type, the patient handling equipment market is segmented into wheelchairs and scooters, medical beds, mechanical and nonmechanical equipment, ambulatory aids, and others. The wheelchairs and scooters segment accounted for a significant market share in 2020 and it is estimated that it will exhibit a higher CAGR during the forecast period. The growth of this segment is mainly due to the increasing number of chronic diseases globally. Furthermore, the demand for wheelchairs and scooters is on the rise owing to the growing geriatric population and increasing number of patients with permanent disorders.
“Amongst end-users, hospital segment holds the major share”
Based on end-users, the patient handling equipment market is divided into hospitals, home-care settings, and others. The hospital grabbed a significant market share in 2020 and is anticipated to grow at a rapid rate in the upcoming years owing to the rapidly increasing geriatric population and rising prevalence of various chronic diseases among them. For instance, as per the WHO, between 2015 and 2050, the proportion of the world’s population over 60 years will nearly double from 12% to 22%. Also, 1 in 6 people in the world will be aged 60 years or over by 2030.
“APAC represents one of the largest markets of patient handling equipment market”
For a better understanding of the market dynamics of the patient handling equipment market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. During the forecast period, APAC is expected to witness significant growth in the global market. This can be mainly due to the increasing healthcare expenditure of the APAC nations as well as the presence of emerging economies in the region such as China and India. For instance, the per capita healthcare expenditure of China was US$ 880 in 2019 which was US$ 658 in 2016. Furthermore, the presence of well-established market players and frequent product launches in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
The global patient handling equipment market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Patient Handling Equipment Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global patient handling equipment market were the three major steps undertaken to create and analyze the adoption of Patient Handling Equipment in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global patient handling equipment market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the patient handling equipment through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the patient handling equipment market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product type and end-users. Further country-level analyses were conducted to evaluate the overall adoption of Patient Handling Equipment across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the patient handling equipment. Further, we conducted factor analysis using dependent and independent variables such as the growing number of people with chronic diseases and the increasing elderly population all over the globe. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisition, business expansion, and product launches in the Patient Handling Equipment sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the patient handling equipment market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of patient handling equipment across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the patient handling equipment market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the patient handling equipment market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type and end-users of the patient handling equipment market.
The main objective of the Patient Handling Equipment Market Study
The current & future market trends of patient handling equipment were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of patient handling equipment in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product type and end-users
- Define and analysis of the regulatory framework for the patient handling equipment industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the patient handling equipment market for the major region
- Major regions studied in the report include North America, Europe, Asia-Pacific and the Rest of the world
- Company profiles of the patient handling equipment market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Related Reports
Customers who bought this item also bought
Antibiotic Resistance Market: Current Analysis and Forecast (2024-2032)
Emphasis on Disease Type (Urinary Tract Infections, Intra-Abdominal Infections, Blood Stream Infections, Clostridium Difficile Infections, And Others); Pathogen Type (Acinetobacter baumannii, Pseudomonas aeruginosa, Staphylococcus aureus, Streptococcus pneumoniae, and Others); Drug Class (Oxazolidinones, Lipoglycopeptides, Tetracyclines, and Others); and Region/Country
October 8, 2024
