Selbyville, DE -- (SBWIRE) -- 02/18/2019 -- The global patient handling equipment market size is estimated to witness substantial growth in the upcoming years attributed to the increasing geriatric population around the world coupled with the implementation of safe patient handling initiatives. According to the 2018 Ageing Report, the fiscal costs associated with pensions and healthcare are expected to increase globally, especially across in Europe as the region's geriatric population continues to grow significantly.

EU's total population is apparently estimated to increase from 511 million in 2016 to 520 million in 2070. The old-age dependency ratio in the EU is anticipated to surge by 21.6 % points, from 29.6 percent in 2016 to 51.2 percent in 2070, the report claims. The rapid increase in geriatric population worldwide will aid age related medical expenditure thereby fueling the growth rate of patient handling equipment market in the ensuing years.

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Presently, 11 states in the U.S. are practicing safe patient handling and mobility (SPHM) laws or regulations namely Ohio, Rhode Island, Texas, Maryland, New Jersey, Illinois, Missouri, Maryland, Washington, California, and New York. Implementation of SPHM laws in these states will soon prompt all 50 states to make patient care safer. The benefits experienced by hospitals in these states include reduced worker compensation, high patient satisfaction scores, and happier staff & patients. It is believed that the same could be experienced by homecare agencies and companies that implement SPHM programs. The implementation of SPHM laws is thus set to drive patient handling equipment market in the forthcoming years.

Medical beds segment accounted for largest revenue of USD 2,961.1 million in 2017. Availability of wide range of medical beds for different application such as labor management, treating patients suffering from dementia are major factors for its growth. Improved design to provide maximum comfort to patients will favor segmental growth in the future.

Mobility assistance segment contributed to largest revenue of USD 3,123.8 million in 2017 owing to rising prevalence of obesity. According to World Health Organization (WHO), about 1.9 billion adults were overweight in 2016. Increasing burden of obesity will escalate demand for patient handling equipment that assist in mobility of patients in healthcare centers, thus propelling segmental growth.

Hospitals segment accounted for largest revenue of USD 5,119.7 million in 2017. High growth rate is attributable to presence of technologically advanced patient handling equipment. Availability of well-trained and skilled healthcare personnel offering care to geriatric and disabled patients will support segmental growth during the projected timeframe.

Germany dominated European region with market share of 22.2% during 2017. High growth rate is attributable to rising number of disabled people. According to German Federal Statistical Office, in 2017, around 7.8 million German people were living with severe disabilities. Growing burden of disabled people across the projected timeframe will favor regional growth in the future.

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Japan dominated Asia Pacific region with market share of 38.5% in 2017, owing to increasing burden of geriatric population. As per Internal Affairs Ministry survey, about 2.06 million people in Japan aged above 90 years and approximately 11.9% people aged above 60 years. Large number of geriatric populaces will lead to increased demand for patient handling equipment, favoring regional growth in the forecast timeline.

Prominent industries involved in patient handling equipment market are Besco Medical Co., Ltd, Getinge AB, Hill-Rom Holdings, Inc., Invacare Corporation, Malvestio S.P.A., Medline Industries, Inc., Paramount Bed Co., Ltd., Span-America Medical Systems, Inc. and Stryker. These prominent business players focus on strategies such as mergers, new product launch and acquisitions to strengthen market position. For instance, in July 2015, Stryker announced acquisition of Muka Metal, A.S., a developer of medical beds, stretcher and other equipment. This acquisition will enable the company to expand its geographic outreach and broaden its product portfolio for long-term growth in future.

Complete report for 2018-2024 on Patient Handling Equipment market is now available at https://www.marketstudyreport.com/reports/patient-handling-equipment-market

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