Wednesday, August, 21, 2019 06:55:26

Patient Handling Equipment Market 2018: Evolving Technology, Trends and Industry Analysis to 2024

Patient Handling Equipment Market size was valued at USD 11.0 billion in 2017 and is expected to witness the growth of around 11.2% CAGR from 2018 to 2024. Over the recent years, patient handling equipment market has accrued quite some momentum, inherently influenced by the unprecedented advancements in the medical devices business space. A transformational change has been observed in the healthcare fraternity with regards to value chain, from volume to an outcome-based, patient centric approach. The advent of new technologies, presence of strong regulatory framework, and subsequent emergence of an intense competitive arena has brought forth a slew of complexities for patient handling equipment industry players.  Amidst the fierce share battle, product innovation is claimed to be one of the major growth strategies defining the sustainability quotient of the industry.

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Citing a recent instance, HoverTech International, a leading giant in patient handling equipment market has recently extended its product line of highly breathable HoverMatt Single-Patient Use, specifically designed for pressure injury prevention. Reportedly, this advanced fabric technology infused air transfer mattresses protect patient skin by minimizing moisture buildup and heat transfer. Allegedly, with HoverMatt SPU, the caregivers can very smoothly turn, transfer, and position patients without much straining or lifting, given the fact there is a cushion of air beneath the inflated device which claims to reduce the pressure required to move the patient by almost 80% -90%. Experts have been already raving about the new product claiming that it to disrupt the conventional patient handling equipment industry.

Speaking along the similar lines, mobility assistance, unquestionably, is one of the lucrative application arenas of patient handling equipment market. The growing percentage of the geriatric and disabled population, who are constantly in need of walking assistance such as wheelchairs, crutches, is bound to considerably boost the market demand in the coming years. As per a report put forth by Center for Disease Control and Prevention, in U.S., almost one out of five adults are challenged with a physical disability. The study further depicted that the most common type of functional disability is mobility limitation- which is reported to be found in almost one in eight adults. The shocking prevalence of mobility disorders has prompted manufacturers to come up with advanced systems, which by extension is creating lucrative growth avenues for patient handling equipment industry. As per estimates, patient handling equipment market share from mobility assistance was valued at USD 3,123.8 million in 2017. In tandem with the technological advancements, favorable reimbursement policies for these equipment would complement the business growth in coming years.

 

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One of the major reasons for U.S. to become the favorite spot for patient handling equipment market investors is the rising mobility disability in the region. Add to this, the nation has been rigorously participating in patient handling programs that constitutes minimal lift policy. The University of Iowa Hospitals and Clinics, for instance, has implemented a safe patient handling program, resulting in reducing the workers’ compensation cost as well as recovering the initial investment on equipment.  Considering the efforts that are being continuously undertaken by the U.S. government to reduce the equipment cost, U.S. patient handling equipment market is expected to witness a healthy growth over 2018-2024.

 

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