The global patient handling equipment market registered a revenue of nearly $8.8 billion in 2019, and is anticipated to grow at 8.5% CAGR, surpassing $17.1 billion by 2027.
The patient handling equipment market is predicted to have a positive impact of the pandemic. Increasing cases of geriatric population across the globe is predicted to drive the market in the forecast period. On the other hand, lack of skilled labor is predicted to hinder the market in the forecast period.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|7.8%||8.5%||71||USD 9.4 Billion||USD 9.7 Billion|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Patient handling equipment is a newer and safer method of transferring patient from one place to another. There has been increasing demand of patient handling equipment in various health care institutions as it increases the safety while shifting and prevents unnecessary injuries. These features of the equipment are predicted to boost the overall patient handling equipment market in the estimated timeframe. Moreover, the patient handling equipment are used majorly for geriatric population as elderly people face movement difficulties due to several issues. Increasing geriatric population is predicted to drive the market in the estimated period.
Lack of skilled labor to operate the patient handling equipment is predicted to be the biggest restraint for the market in the estimated period. Moreover, the initial cost of these equipment high and the maintenance is also expensive. Due to higher expenses most of the healthcare institutions cannot afford sufficient patient handling equipment as per requirement, which is predicted to hinder the market growth in the forecast period.
COVID-19 outbreak has increased the demand for the patient handling equipment drastically across the globe. Government of various countries are forced to get patient handling equipment in various healthcare institutions for coronavirus infected patients. The patient handling equipment are used to provide safety and reduce the risk of accidents while handling patients. Advantages like increased safety, correct shifting method and lifting of patients in a correct posture are predicted to be the major driving factors for the growth of patient handling equipment market at the time of pandemic.
Majority of the companies are planning to increase the production of beds with advanced technology as the demand for beds is high due to the outbreak of Covid-19. For instance, in July 2020, in India, Defense institute of advanced technology developed medical bed isolation system 'Aashray' to combat Covid-19. Aashray focused on the medical bed isolation system at a very low cost as a reusable solution to maintain proper isolation of coronavirus infected patients. The product is flexible and movable in design which is suitable for different requirements.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The patient handling equipment market is predicted to grow enormously in the estimated timeframe. Increasing incidents of physical disabilities and rise in the geriatric population is predicted to be the major driving factor for patient handling equipment market in the estimated timeframe. According to World Health Organization (WHO), around 15% of the world population lives with some form of disability. Out of which 2–4% experience significant difficulties in functioning. It is expected that the number is going to surge by 2 billion within 2050.
On the other hand, lack of skilled labor and unavailability of training facilities to the health care professionals for operating the patient handling equipment is predicted to hinder the market growth in the forecast period. Moreover, technological advancement in these beds and increase in the private nursing care in various region across the globe is predicted to create more growth opportunity for the investors in the estimated period.
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Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Patient Handling Equipment Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity