Hospital Stretchers Market - Growth, Trends, and Forecast (2020 - 2025)
NEW YORK, July 2, 2020 /PRNewswire/ -- The global hospital stretchers market is expected to witness a CAGR of 5.8% over the forecast period. The primary driving factors for the growth of the market are technological advancements in hospital stretchers coupled with the increasing prevalence of chronic diseases and hospitalization. According to World Population Ageing - the United Nations, the global population aged more than 60 and above were estimated 962 million in 2017 and it is more than twice compared to 1980. The rapid increasing older population around the world is increasing the demand for more number of hospital and hospital equipment further increasing the demand for hospital stretchers. Increasing investment in infrastructure in healthcare systems by the government and healthcare providers in developing and developed countries anticipated to fuel the market growth over the forecast period. Moreover, technological advancements and the advent of specialized stretchers for better healthcare is expected to boost the market growth. However, the high cost of specialized stretchers and increasing demand for home healthcare is expected to impede the market growth.
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Key Market Trends
Bariatric Stretchers to Grow at Significant Rate
- Bariatric stretchers are used in the transportation of patients in difficult areas. These stretchers have wider frames, oversized wheels, winch attachments and pull and push handles for safe transportation. These type of stretchers are used mostly for the transportation of obese patients.
- Increasing prevalence of obesity and chronic diseases leading to hospitalization is increasing the demand for bariatric stretchers. According to the World Health Organization's 2016 report, approximately 13% of the world's population can be characterized as obese. Moreover, predictions state that these numbers are likely to increase exponentially in the near future.
- Motorized stretchers are projected to have ample growth rate owing to the increasing investment in hospital infrastructure and advancements in motorized stretchers to improve patient care in hospitals.
- Moreover, the growing number of hospitals and healthcare providers around the world due to the increasing disease burden is anticipated to boost the overall market growth over the forecast period.
North America is Expected to have Significant Market Share
North America region is anticipated to have significant market share owing to well established healthcare infrastructure, a growing number of obese people and high investments in hospital infrastructure. The increasing prevalence of the chronic disease, favourable healthcare policies in the region are fueling the regional growth. The Asia Pacific region is expected to grow at notable growth rate owing to developing healthcare infrastructure couple with a growing prevalence of chronic diseases in the region. There is a significant gap in underdeveloped and developing countries of the region where market players are interested in expanding to gain the market advantage.
Competitive Landscape
Global hospital stretchers market is moderately fragmented and competitive with local and international players. Market players are focusing on product innovations, new product launches and regional expansions to increase their market share. The key market players operating in the market include Stryker Corporation, Hill Rom Holdings, Gendron Inc., Invacare Corporation and Medline Industries Inc. among others.
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