LONDON, Sept. 26, 2016 /PRNewswire/ -- The patient handling equipment market is expected to reach USD 23.4 billion by 2024, according to a new report by Grand View Research, Inc. The upsurge in the demand for products, such as slings, lifts, powered electric wheelchair, due to high risk of physical injuries in manual lifting of heavy loads is a key growth driver of patient handling equipment market. In addition, growing prevalence of injuries, such as lower back pain, musculoskeletal disorders (MSDs), etc., is expected to boost growth in this sector. These injuries are avoidable by practicing safe patient handling guidelines and using equipment for the same.
Associated advantages and availability of improved products such as prime Transport Chairs (TC), temperature management systems, and patient transfer solutions, which offer safe, comfortable, and dignified transfer are the factors anticipated to provide lucrative growth to this sector in the near future.
Increasing incidences of Non-communicable Diseases (NCD), such as diabetes, asthma, cancer, stroke, etc., requiring patient handling equipment in homecare settings, hospitals, and intensive care units are further expected to boost market growth over the forecast period.
Further key findings from the study suggest:
The mechanical and nonmechanical equipment segment is expected to grow at a lucrative CAGR of above 12.0% owing to high penetration of hospital furniture, stretchers, evacuation equipment, ambulatory aids, and accessories in healthcare settings
On the other hand, medical beds dominated this industry in terms of revenue share in 2015, due to high adoption rate by hospitals and long-term acute care centers. Moreover, introduction of technologically enhanced products and comfort offered by them are the factors attributing to its dominant share
Critical care segment is anticipated to grow lucratively during the forecast period, due to rising treatment rates and adoption of equipment to curb increasing prevalence of critical conditions and reduction in mishaps that occur during patient handling. Moreover, the critical care nursing and intensive care units requiring stable and safe handling practices for cardiothoracic, coronary, trauma, and surgical units supporting patients' health are expected to widen the consumer base for these devices
Home care setting is anticipated to grow lucratively as a consequence of increasing patient preference to reduce hospital stay and cost for the treatment. In addition, the increasing preference of home care facilities by elderly patients' are expected to intensify demand for patient handling equipment over the forecast period. Moreover, increasing applications of long-term care programs, home health agency, and homecare services are expected to propel market growth during the forecast period
Some key players in this market include Stryker Corporation; Hill-Rom Holdings, Inc.; Invacare Corporation; Getinge Group; Guldmann, Inc.; Stiegelmeyer, Inc.; Benmor Medical Ltd.: Sidhil Ltd.; ArjoHuntleigh, Inc.; Etac Ltd.; Joerns Healthcare; Handicare, Inc.; Mangar International Ltd.; Linet Americas, Inc; and Prism Medical Ltd.
These players are adopting strategies such as technological innovation, new product launch, and strategic collaborations, including mergers and acquisitions to capitalize their industry share. For instance, in March 2016, Prism Medical Ltd. acquired lifts and elevating business of Shoppers Home Health Care in a probe to expand its business capabilities and strengthen its services portfolio. Similarly, in November 2014, Stiegelmeyer, Inc. introduced new technology "e-help," an intelligent sensor technology for homecare and in-patient services enabling deeper market penetration.
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