The emergence of COVID-19 all over the world has impacted the global patient handling equipment market in a positive way. This is mainly due to the growing demand for patient handling equipment from various healthcare institutions for COVID-19 affected patients. Moreover, the rising geriatric population and growing incidents of physical disabilities are expected to be the major factors to drive the market growth after COVID-19 pandemic.
The global patient handling equipment industry is likely to witness an increase in growth rate due to the outbreak of COVID-19. As per a new Research Dive published report, the global patient handling equipment market accounted for $8.8 billion in 2019 and is projected to surpass $17.1 billion by 2027. Comprehensive analysis on drivers, challenges, restraints, lucrative opportunities, and strategies implemented by market players and governments across the globe to sustain in the COVID-19 crisis are further offered in the report.
• Pre Market Forecast and the Current Market Scenario
The global patient handling equipment industry was likely to rise at a CAGR of 7.8% by 2026 prior to COVID-19 crisis. While due to the COVID-19 pandemic, now the market is predicted to rise at a CAGR of 8.5% in the forecast period. This is mainly due to the growing need for patient handling equipment to healthcare institutions for COVID-19 affected patients.
The projected pre COVID-19 market size for patient handling equipment market was $9.4 billion in 2020 and is expected to witness an impressive growth and reach up to $9.7 billion due to COVID-19 pandemic. A number of organizations and companies are focused on increasing the production of beds with advanced technology owing to high demand for beds during COVID-19 crisis. For instance, the Indian Defense Institute of advanced technology, in July 2020 developed medical bed isolation system namely, ‘Aashray’ to combat COVID-19.
• Prominent layers of the Industry
The key players functioning in the global patient handling equipment market are Antano Group, ORTHOS XXI, Drive Medical, Prism Medical, Ossenberg, Handicare, Joerns Healthcare, HoverTech International, Guldmann, and Stiegelmeyer. The report summarizes various aspects of all these key players including product portfolio, financial performance, SWOT analysis, and recent strategic moves & developments.
As per the report, the global patient handling equipment market is predicted to sustain its progressive growth even after the pandemic. The increasing geriatric population worldwide and the growing incidences of physical disabilities are expected to be the significant factors boosting the global market growth in the forecast period. For instance, according to the World Health Organization (WHO), about 15% of the global population lives with some form of disability, out of which 2% to 4% experience significant difficulties in functioning. Besides, a surge in private nursing care and technological advancements in patient handling equipment is anticipated to propel the market growth after COVID-19 pandemic.