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What Is the Forecast for the Patient Handling Equipment Market from 2024 to 2025?
The market size for patient handling equipment has seen significant expansion in recent times. This market is projected to escalate from a value of $19.18 billion in 2024 to $23.07 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 20.3%. Key drivers for this growth during the historic period include factors such as the rise in the elderly population, escalated spending in healthcare, growing instances of chronic diseases, robust economic development in nascent markets, and regulatory policies supporting environments that are friendly to individuals with disabilities.
What Is the Projected Market Size of the Patient Handling Equipment Market?
The projection for the patient handling equipment market indicates robust expansion in the coming years, with the market value reaching $31.24 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.9%. Factors contributing to this anticipated growth span improvements in healthcare infrastructure, an increase in healthcare expenditure, and fast-paced expansion of the elderly populace. Notable trends for the forecast period encompass the incorporation of sensors and intelligence in wheelchairs to minimize dependence on human intervention, sizeable investment in research and development to create efficient and inventive treatments, strategic partnerships to stimulate innovation, products and services aimed at establishing category leadership, and the assimilation of RFID technology to amplify patient experience.
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Who are the Major Competitors in the Patient Handling Equipment Market Outlook?
Major companies operating in the patient handling equipment market include Invacare Corporation, Hill-Rom Holdings Inc., ArjoHuntleigh Inc., Joerns Healthcare LLC, Handicare Group AB, Drive Divilbiss Healthcare Inc., ETAC AB, Gf Health Products Inc., Prism Medical UK, Guldmann Inc., Etac Limited, Arjo, Handicare (Xiamen) Co. Ltd., Linet Inc., Stryker Corporation, V. Guldmann A/S, Hill-Rom India Private Limited, Ottobock SE & Co, LINET, Malvestio, Ossenberg, Antano Group, Stiegelmeyer, Mangar Health, Lojer Oy, KNESTEL Technologie & Elektronik GmbH, Imaxdi, Karma, Reac Poland Sp.Zoo, Paramount Bed Holdings, Umano Medical, MEDITEK, AGA Sanitätsartikel GmbH, Drive DeVilbiss Healthcare, Brumaba GmbH & Co. KG, medifa-hesse GmbH & Co. KG, UFSK-International OSYS GmbH, Stiegelmeyer GmbH & Co. Kg, OpeMed Ltd., DJO LLC, Hill-Rom Services Inc, Getinge AB, Sunrise Medical LLC, Benmor Medical Limited, Paramount Bed Co. Ltd., Drive DeVilbiss Sidhil Ltd., Medline Industries Inc.
What Is Fueling Growth in the Patient Handling Equipment Market?
The patient handling equipment market is experiencing growth due to the rising elderly population in many countries. Since older individuals are more likely to be admitted to hospitals because of a higher vulnerability to chronic diseases, there is an increased demand for patient handling equipment. As noted by the World Health Organization, there will be an estimated 1.4 billion people aged 65 and above by 2030, and 2.1 billion by 2050. It is expected that this increasing geriatric demographic will further augment the requirement for patient handling equipment in the forecast period.
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Which Patient Handling Equipment Market Segments Are Growing the Fastest?
The patient handling equipment market covered in this report is segmented –
1) By Product Type: Wheelchairs, Mobility Scooters, Medical Beds, Patient Transfer Equipment, Other Product Types
2) By Care Type: Critical Care, Fall Prevention, Bariatric Care, Wound Care, Other Care Types
3) By End-User: Homecare, Hospitals, Other End-Users
Subsegments:
1) By Wheelchairs: Manual Wheelchairs, Powered Wheelchairs, Lightweight Wheelchairs
2) By Mobility Scooters: 3-Wheel Mobility Scooters, 4-Wheel Mobility Scooters, Heavy-Duty Mobility Scooters
3) By Medical Beds: Manual Hospital Beds, Electric Hospital Beds, Bariatric Beds
4) By Patient Transfer Equipment: Patient Slings, Transfer Boards, Patient Lifts
5) By Other Product Types: Walkers and Rollators, Bedside Commodes, Gait Trainers
Which Industry Trends Are Shaping the Future of the Patient Handling Equipment Market?
The advancement of intelligent wheelchairs is a prominent trend emerging in the market for patient handling equipment. These power wheelchairs are equipped with sensors, cameras, and computer-based systems for the execution of complex tasks. Notable companies and researchers are focusing on enhancing these intelligent wheelchairs using sensors and smart features to minimize the requirement for human intervention. For example, Golden Technologies LLC, an American firm specializing in the production of mobility and healthcare goods such as wheelchairs, introduced two new lightweight foldable power wheelchairs in March 2023: the GP301 Stride aluminum folding power wheelchair, and the GP302 Cricket carbon fiber folding power wheelchair. Designed for adaptability and ease of transport, these wheelchairs are ideally suited for individuals in need of mobility assistance.
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Which Countries Are Leading the Patient Handling Equipment Market?
North America was the largest region in the patient handling equipment market in 2024. Western Europe was the second largest region in the global patient handling equipment market report. The regions covered in the patient handling equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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This Report Delivers Insight On:
1. How big is the patient handling equipment market, and how is it changing globally?
2. Who are the major companies in the patient handling equipment market, and how are they performing?
3. What are the key opportunities and risks in the patient handling equipment market right now?
4. Which products or customer segments are growing the most in the patient handling equipment market?
5. What factors are helping or slowing down the growth of the patient handling equipment market?
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