Research predicts global mobility and patient handling market to be worth £9.6bn by 2024
According to a new market research report, the mobility and patient handling equipment market is projected to reach $12.6bn (£9.6bn) in four years’ time, increasing substantially from $8.9bn (£6.8) in 2019.
Published by MarketsandMarkets, the comprehensive “Patient Handling Equipment Market by Type (Wheelchairs, Mobility Scooters, Medical Beds (Electric Beds), Patient Transfer Device (Lift (Ceiling Lifts), Slings, Slide Sheets), Stretchers), End User (Hospitals, Home Care settings) – Global Forecast to 2024” report forecasts a compound annual growth rate of 7.2 percent over the five year period.
The market analysis suggests the rapid growth is “largely driven by the rising geriatric population, high risk of injuries to caregivers during the manual handling of patients, and the implementation of regulations ensuring the safety of healthcare personnel during manual lifting processes.”
The research comes following a busy 2019 in the industry which saw a substantial amount of M&A activity, particularly in the patient handling segment, with multinational players such as Savaria, Arjo, Etac, Winncare and others expanding their global operations.
Segmenting the patient handling customer base into hospitals, home care settings, and other end-users (elderly care facilities, emergency medical services, long-term acute care centres, trauma centres, and nursing homes), the new report says that hospitals are expected to account for the largest share of the patient handling market.
Interestingly, the market research also predicts that Europe will continue to dominate the patient handling equipment market over the next five years, followed by North America.
According to the report, the projection is attributed to the “growing number of government and non-government initiatives regarding the adoption of safe patient handling equipment, wide acceptance of a “no-lift” approach in European countries, and the presence of a large number of equipment manufacturers in Europe.”
Highlighting that wheelchairs and mobility scooters are expected to account for the largest share of the mobility devices market, the research points out that the “increasing geriatric, obese, and disabled population is the key factor contributing to the growth of this market.”
The growth prospects for the mobility and patient handling sectors may continue to see more private equity and venture capitalist investment enter the market over the period as investors aim to capitalise on the attractive forecasts.https://thiis.co.uk/research-predicts-global-mobility-and-patient-handling-market-to-be-worth-9-6bn-by-2024/https://i0.wp.com/thiis.co.uk/wp-content/uploads/2020/01/market-research-mobility-patient-handling.jpg?fit=900%2C538&ssl=1https://i0.wp.com/thiis.co.uk/wp-content/uploads/2020/01/market-research-mobility-patient-handling.jpg?resize=150%2C150&ssl=1NewsroomReports & ResearchSector NewsArjo,Etac,Europe,market analysis,Market Research,marketsandmarkets,Mobility,Mobility scooters,North America,patient handling,report,Savaria,wheelchairs,WinncareAccording to a new market research report, the mobility and patient handling equipment market is projected to reach $12.6bn (£9.6bn) in four years’ time, increasing substantially from $8.9bn (£6.8) in 2019. Published by MarketsandMarkets, the comprehensive 'Patient Handling Equipment Market by Type (Wheelchairs, Mobility Scooters, Medical Beds (Electric Beds), Patient Transfer Device (Lift (Ceiling...Calvin BarnettCalvin Barnettcalvin@thiis.co.ukAdministratorTHIIS Magazine