Albany, NY -- (SBWIRE) -- 03/07/2018 -- The demand in the global patient handling equipment market is projected to increment at a robust CAGR of 10.20% during the forecast period of 2016 to 2024, gaining traction from a number of factors such as rising geriatric population, high risk of injuries to caregivers as well as the patients during manual handling, increasing incidence of disabilities, and implementation of regulations pertaining to the safety at the healthcare facilities. On the other hand, the lack of skilled professionals to handle these equipment is hindering the market from attaining its true potential. Nevertheless, the vendors operating in the global patient handling equipment market are expected to gain new opportunities from private institutional nursing and the entry of several major players in domestic markets.
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As per the estimations of the report, the global patient handling equipment market will be worth US$22.4 bn by the end of 2024, significantly up from its evaluated valuation of US$9.5 bn in 2015. The healthcare industry is currently flourishing in a number of developed and emerging economies, and if the vendors operating in this market can formulate a way to train professionals to operate these equipment, the demand will be ideally met.
Medical Bed Segment Remains Most Prominent
Based on product-type, the market for patient handling equipment has been segment into wheelchairs, lifting slings, medical beds, ambulatory aids, and shower, bath, and toileting equipment. In 2015, medical bed segment was most profitable, and considering they are mandatory equipment for the caregivers and are readily invested on by the hospitals, the segment is expected to remain the most important throughout the forecast period. Moreover, a number of high-end super-specialty healthcare facilities are coming up, which are willing to invest on the latest products that enable their patients in bathing, walking, and toileting. Financially equipped patients in the urban parts of the world are also driven towards hospitals with modern facility, and thereby providing traction to the medical bed segment of the global patient handling equipment market. Curative care beds, long-term care beds, and psychiatric care beds are some of the sub-segments of the medical beds that are gaining demand across the world.
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Europe Remains Highly Profitable Region
From geographical perspective, some of the most important regions for the patient handling equipment market are North America, Europe, and Asia Pacific. Among these, Europe held the leading position in 2015, and is likely to retain its top position throughout the forecast period, owing to robust healthcare infrastructure and government regulations in respective countries. On the other hand, the region of Asia Pacific, which resides some of the most promising emerging economies such as India, China, and Japan, are expected to turn into highly lucrative region towards the end of the forecast period. Growing popularity of medical tourism is also expected to favor the added demand for patient handling equipment from Asia Pacific.
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ArjoHuntleigh (Getinge Group) is identified as the most prominent company currently operating in the global patient handling equipment market, although the report also picks out a few other notable players, such as V.Guldmann A/S, DJO Global, Hill-Rom Holdings, Inc., Invacare Corporation, Etac AB, Joerns Healthcare LLC, Permobil AB, Prism Medical, Stiegelmeyer & Co. GMBH, Stryker Corporation, Patterson Medical Holdings, Inc., and Sunrise Medical LLC.