Patient handling equipment market has been impacted positively due to the pandemic in the year 2019. As manual handling is not the best decision in this time of social distancing, the demand for Patient Handling Equipment has been growing exponentially. Moreover, there is a risk of injury to the patient at the time of manual handling of beds while shifting patients from one place to another. Majority of the companies are focusing on developing new products for transferring patients. In March 2019, Invacare Corporation introduced a new brand of power wheelchairs. The launch of Invacare® AVIVA™ FX power wheelchair is predicted to strengthen the product portfolio of the company. During this unpredicted situation, we are helping our clients in understanding the impact of COVID19 on the global market.
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According to a study conducted by Research Dive, the global patient handling equipment market is expected to register a revenue of $17.1 billion till 2026, growing at a rate of 8.5% CAGR during, 2019-2026. The global market is classified on the basis of product, application and end use. The report provides detailed information about drivers, opportunities, restraints, segmental analysis and competitive players of the market
Factors Affecting the Market Growth
As per our analyst, rise in the geriatric population and increasing cases of physical disability across the globe is predicted to be the major driving factor for the patient handling equipment market in the estimated timeframe. On the other hand lack of skilled labor is predicted to hinder the market in the estimated period.
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Wheelchairs and Scooters Segment is Predicted to Have Highest Market Share
Depending on product, the patient handling equipment market is further classified as wheelchairs scooters, mechanical lifting transfer equipment, medical beds, bathroom safety supplies, ambulatory aid devices, and others. Wheelchairs and Scooters segment is predicted to grow with a CAGR of 9.4% by generating a revenue of $3.7 billion by 2026. Increase in the large number of physical disabilities among the population is predicted to boost the segment in the estimated timeframe.
Acute Critical Care segment is predicted to Grow Enormously
Depending on application, the patient handling equipment market is further classified as long-term care, acute critical care, fall prevention, mobility assistance and others. Acute Critical Care segment is predicted to grow with a CAGR of 8.3% by generating a revenue of $5.9 billion by 2026. Increasing cases of chronic diseases among the population is predicted to drive the market in the forecast period.
Hospital Segment is predicted to have Highest Growth Rate
Depending on end use, the patient handling equipment market is further classified as hospitals, elderly care facilities, home care and settings and others. Hospitals segment is predicted to grow with a CAGR of 9.1% by generating a revenue of $5.7 billion by 2026. Hospital provides all the advanced features to the patients due to which it is predicted to drive the segment in the estimated timeframe.
Regional Breakdown of the Market
Depending on region, the patient handling equipment market is further classified as North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific region market is predicted to grow with a CAGR of 9.2% by generating a revenue of $4.9 billion by 2026. Presence of large geriatric population, increasing healthcare infrastructures and rise in the chronic diseases is predicted to boost the region market in the forecast period.
Top Companies Leading the Market
Top 10 Prominent players operating in the Global Patient Handling Equipment Market include:
- ORTHOS XXI
- Antano Group
- Drive Medical
- Prism Medical
- HoverTech International
- Joerns Healthcare
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and a strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, and decades of trade data, and technical white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting their major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major Market aficionado that further offers its research an edge.
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