Patient Handling Equipment Market Worth $14,227.1 Million by 2019
DALLAS, September 3, 2014 /PRNewswire/ --
According to the new research report "Patient Handling Equipment Market by Product (Wheelchair, Scooter, Beds, Bathroom Safety, Mechanical, Ambulatory), Type of Care (Bariatric, Fall, Critical, Wound), Accessories (Lifting, Transfer) & End User (Home Care, Hospital) - Global Forecast to 2019" published by MarketsandMarkets, the global Patient Handling Equipment Market will reach $14,227.1 Million by 2019 growing at a 10.7% CAGR during the forecast period (2014-2019).
Browse 41 market data tables and 51 figures spread through 150 pages and in-depth TOC on "Patient Handling Equipment Market"
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The Patient Handling Equipment Market is segmented by product, by type of care, by end user and by accessories. The driving factors of the Patient Handling Equipment Market include growing population size of the elderly, rising incidences of unhealthy lifestyle leading to increase in the number of individuals with disabilities, and technological developments. However factors restraining the market include lack of trained professional to leverage the benefits of safe patient handling and limited availability of patients handling equipment in health care institutions.
According to type of products, the market is further segregated into wheelchair and scooters, medical beds, bathroom safety supplies, mechanical equipment, non-mechanical equipment, ambulatory aids and others. The largest market share was accounted by medical beds whereas non mechanical was the fastest growing products with a double digit CAGR.
Based on type of care, the Patient Handling Equipment Market is further segmented into bariatric care, fall prevention, critical care, wound care and others such as acute care and & long term care. Wound care is expected to account for the largest share in 2014, followed by fall prevention and critical care. Critical care will be the highest growing segment due to the awareness of risks that are associated with critical care. The care givers such as the nurses are at high risk for development of work-related musculoskeletal disorders (WMSDs). The use of patient handling equipment has resulted in decrease in the WMSDs which has boosted the market growth.
The Patient Handling Equipment Market by end users is segmented into, home care, hospitals, elderly care homes and others (emergency medical services, long-term acute care, trauma centers and nursing homes). Hospitals will account for the largest market share in 2014. However home care segment is expected to grow at the highest rate. Rising concern for reduction of healthcare expenditure is exerting pressure on healthcare industry to minimize the cost of care and homecare fulfill this need in greater extent as it is much more affordable as compared to hospital stay.
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Geographic analysis reveals that Europe occupied the largest share in 2014. However, the growth of this region is expected to be lower than North America in the forecast period. The factors restraining the European market growth are saturation of the market thus rendering less scope for expansion of the market.
North America will account for the second largest market share in 2014. The North American region will grow at a high growth rate which can be attributed to the presence of huge market scope for expansion. Also North America has rising aging population and lifestyle diseases that are further adding to the overall prevalence of disabilities which will further add to the growth of the market. Asia-Pacific region will grow with the healthy CAGR in forecast period. High population base and enhanced purchasing power of the middle class will be the major driving force of this market. Moreover, the economic instability in the western countries has been the driving force for the companies to focus on the APAC region in order to meet their revenue targets.
The key players in this market include Stryker Inc, Hill-Rom Inc.(U.S.), ArjoHuntleighInc(Sweden), Guldmann Inc.(Denmark), Invacare Corporation(U.S.), Linet Inc.(Czech republic), Stiegelmeyer Inc. (Germany), Joerns healthcare(U.S.), Handicare Inc.(Norway) and Prism Medical (U.S.)
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