Vancouver, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The global market size of patient handling equipment attained USD 10.40 Billion in 2022, and it is projected to exhibit a revenue Compound Annual Growth Rate (CAGR) of 6.2% throughout the forecast period, as per the latest analysis conducted by Emergen Research. The escalating prevalence of various diseases, the expanding elderly population, and augmented governmental investments in healthcare constitute the principal drivers underpinning the revenue upsurge in the worldwide patient handling equipment market. Moreover, the progression in medical technology stands as an additional catalyst fostering the expansion of this market.
An additional influential factor propelling revenue expansion in this domain encompasses the amplified governmental funding and endorsements for healthcare initiatives. For example, on August 5, 2020, the Food and Drug Administration (FDA) endorsed the incorporation of Artificial Intelligence (AI) within healthcare facilities. This AI, defined as "the science and engineering of creating intelligent machines," has progressively found utility within healthcare organizations for an increasing array of clinical, administrative, and research applications. By way of illustration, this AI software can facilitate healthcare providers in ailment diagnosis, patient health monitoring, and streamlining routine tasks such as patient scheduling. It demonstrates versatility in automating functions, identifying data trends, and amalgamating insights from diverse sources.
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The advancement of medical science technology stands as an additional catalyst propelling the expansion of the market. Diverse leading enterprises are introducing various patient handling equipment, thereby contributing to the market's growth. For instance, on January 19, 2022, the Sleep Company, recognized as a pioneer in Asia's SmartGRID technology and an advocate for advancements in sleep technology, introduced its latest groundbreaking innovations – the 'Elev8 Smart Adjustable Bed Frame' and the 'Smart Ortho Hybrid Pocketed Spring Mattress.'
However, it is worth noting that intensive care entails substantial costs and demands a highly skilled medical workforce, thereby posing a constraint on the growth of the market. A shortage of proficient healthcare professionals and staff further compounds this limitation. Collaborative efforts within Intensive Care Units (ICUs), such as the Electronic Intensive Care Unit (eICU), aim to optimize the effective utilization of existing personnel and facilities, simultaneously playing a pivotal role in upholding the quality and continuity of intensive care services. Hence, the presence of inadequately trained healthcare personnel presents an additional factor that can impede the expansion of the market.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 10.40 Billion |
| CAGR (2023–2032) | 6.2% |
| Revenue forecast to 2032 | USD 18.98 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019–2020 |
| Forecast period | 2022–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2022 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product type, Care, End-use and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Medtronic, Stryker, Joerns Healthcare LLC., Handicare Inc., Prism Medical Products, LLC, Stiegelmeyer GmbH & Co. KG, GF Health Products, Inc., Etac AB., Arjo, Lepu Medical Technology (Beijing) Co., Ltd. |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global patient handling equipment market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective patient handling equipment solutions. Some major players included in the global patient handling equipment market report are:
- Medtronic
- Stryker
- Joerns Healthcare LLC
- Handicare Inc
- Prism Medical Products, LLC
- Stiegelmeyer GmbH & Co. KG
- GF Health Products, Inc.
- Etac AB.
- Arjo
- Lepu Medical Technology (Beijing)Co., Ltd.
Strategic Development
- On 19 October 2021, Joerns Healthcare, which is a healthcare technology and equipment services company, announced the addition of the MolecuLight i:X and DX wound imaging operating systems to its wound management portfolio as part of an agreement with MolecuLight Corp. to provide MolecuLight's fluorescence imaging technology for point-of-care detection of bacterial burden in wounds.
- On 11 February 2021, Invacare Corporation launched the Invacare AVIVA STORM RX power wheelchair, and established a new standard for rear-wheel drive electric mobility. The flared front end, with its sleek base, supports the use of the center mount foot platform for overall turning radius reduction, allows the legs to be put under the chair up to 7 degrees, allows a user to get connected to their environment, and enables easier stand pivot transfers.
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Some Key Highlights From the Report
- Wound care segment accounted for the largest revenue share in 2021. According to the National Center for Biotechnology Information, one to two million individuals across Europe have acute or chronic wounds. According to prevalence studies conducted in the United Kingdom and Denmark, three to four citizens out of every thousand have one or more wounds. Based on that, it is estimated that 3,500 people out of a population of 1 million will be living with a wound, 525 of whom will have had it for more than a year. Hospitals, non-acute healthcare facilities, and community care settings manage these wounds for this purpose.
- Ambulatory services segment accounted for a significant revenue share in 2022. Ambulatory Surgical Centers (ASC) are becoming more popular as outpatients who do not need to be admitted to the hospital for an extended period of time can avail faster treatment. Doctors have more control over their work in ASCs, and as a result, can provide better pre-and post-operative care to patients because they are more approachable. Furthermore, outpatient surgery centers are typically more accessible geographically. ASC is the best option for patients, particularly those looking for joint replacement surgeries, as well as their families.
- Patient handling equipment market in Europe accounted for largest revenue share in 2022 due to the increasing aging population in countries in this region. Italy had the highest proportion of elderly individuals across Europe in 2021. According to the research, 23.5 percent of the total population was 65 years or older. Furthermore, Finland, Greece, and Portugal were ranked higher in elderly population. Europe has the world's oldest population, which is approximately one billion individuals in the world who are 60 years or older. As a result, rising elderly population is expected to continue to drive growth of the market in this region.
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Emergen Research has segmented the global patient handling equipment market on the basis of product type, care, end-use, and region:
- Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Ambulatory aids
- Patient lifts
- Stretchers and wheelchairs
- Medical beds
- Slings
- Others
- Care Outlook (Revenue, USD Billion; 2019-2032)
- Accessory
- Lifting
- Transfer
- Wound care
- Critical care
- Others
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Hospitals and clinics
- Ambulatory services
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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