Patient Handling Equipment Market Outlook, Scope & Overview:
Industry reports indicate that the global patient handling equipment market was valued at USD 10.94 billion in 2023 and is projected to reach USD 17.85 billion by 2031, growing at a CAGR of 6.3% over the forecast period 2024-2031.
Technological Advancements to Drive Growth of Global Patient Handling Equipment Market
The adoption of advanced patient handling equipment will continue to influence global market revenues. Healthcare providers are increasingly utilizing patient handling equipment to improve patient safety, reduce the risk of caregiver injuries, and enhance the quality of care provided.
As a product segment, mobility assistance devices currently hold a significant share of the global patient handling equipment market. This segment is anticipated to grow at a year-over-year rate of 6.3% in 2024 over 2023 and reach USD 17.85 billion in revenues by 2031. The increasing need for safe and efficient patient transfers, especially in long-term care facilities and hospitals, is expected to drive market growth.
Patient Handling Equipment Solutions – Market Dynamics
Drivers:
Patient handling equipment solutions are witnessing significant growth in the global market due to their ability to improve patient mobility, enhance caregiver safety, and reduce the risk of musculoskeletal injuries. The growing aging population, increasing prevalence of chronic diseases, and rising demand for home healthcare services are key factors driving the adoption of patient handling equipment worldwide. Additionally, regulatory guidelines and safety standards emphasizing the importance of safe patient handling are further propelling market growth.
Restraints:
Despite the growth potential, challenges such as high costs associated with advanced patient handling equipment, budget constraints in healthcare facilities, and the need for regular maintenance and training are hindering the widespread adoption of patient handling solutions. Moreover, resistance to change from traditional patient handling methods and the need for significant investment in infrastructure pose additional challenges to market expansion.
Patient Handling Equipment Solutions – Market Outlook
The proven benefits of patient handling equipment solutions in improving patient care, reducing caregiver injuries, and ensuring compliance with safety regulations have contributed to the market's growth. Patient handling equipment solutions are expected to witness increased adoption across major healthcare markets, including North America, Europe, and Asia Pacific, driven by advancements in technology and the growing focus on patient safety and quality of care.
Global Patient Handling Equipment Market
The rise in demand for patient handling equipment solutions in developed and emerging markets is expected to drive market growth over the forecast period. North America currently holds a significant market share in the global patient handling equipment market, with the US being a key contributor to market revenues. Europe and Asia Pacific regions are also experiencing rapid adoption of patient handling solutions, supported by favorable regulatory frameworks and increasing investments in healthcare infrastructure.
Key Players in the Patient Handling Equipment Solutions Market
Leading companies in the patient handling equipment solutions market include Hill-Rom Holdings, Inc., Arjo, Invacare Corporation, and Stryker Corporation. These companies are at the forefront of developing and commercializing advanced patient handling equipment for various healthcare applications, including patient lifts, slings, transfer chairs, and mobility aids.
In conclusion, the global patient handling equipment market is poised for steady growth over the forecast period, driven by technological advancements, increasing awareness of patient safety, and the expanding adoption of advanced equipment in healthcare settings to enhance patient care and caregiver safety.
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