Patient treatment equipment market to be worth $ 22.4 billion by end of 2024 – The Courier
The Global patient handling equipment market was expected in a Transparency Market Research (TMR) report to support a highly competitive landscape for the next few years. The analysts behind the report feature some of the major market players such as Etac AB, Hill-Rom Holdings, Inc., V. Guldmann A / S, DJO Global and ArjoHuntleigh. It is expected that significant market players will focus on a variety of strategies, including technology development, acquisition, new product launches, and tactical collaboration.
One of the best examples to follow might be the new specialty pediatric bed launched by Sidhil Ltd. in 2016. The launch was carried out in the hope of further improving the company’s sales and as an extension of its current offerings.
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TMR has predicted that the global patient handling equipment market will grow at a CAGR of 10.4% during the end of the planned term 2017-2024. By the end of 2024, the market could reach revenues worth $ 22.4 billion. In terms of segmentation by product, it was expected to witness the domination of medical beds which have taken a colossal role in the recent past. By region, Europe has remained the market leader in recent years. However, even until the end of the forecast period, the region is expected to take the lead in the market.
Rental arrangements emerge as a market trend to create new perspectives
Rental arrangements for patients requiring lifts and temporary slings have been seen as one of the main reasons for the increased demand for patient handling equipment in health centers. The need to avoid the risk of developing musculoskeletal injuries to patients and caregivers during manual patient lifting could be another factor increasing the demand in the global patient handling equipment market.
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Health centers in developed countries could encourage adoption of patient treatment equipment due to the high benefit / cost ratio of investment. Patient handling equipment minimizes the role of caregivers in assisting patients. In addition, the labor expenditure could be spent on purchasing patient handling equipment, such as medical beds with assistive technology and patient lifts.
Concerns about the return on investment in adopting an expensive equipment limit
With end users worried about sky-high returns on investment in technologically advanced equipment and low awareness of the general public, the international patient treatment equipment market may experience lower growth during the forecast period. Furthermore, the lack of regulatory and legal protocols for the treatment of patients in emerging countries such as Sri Lanka and India is expected to hamper the growth of the market in the coming years.
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Nevertheless, there could be a rollout of new policies in favor of a patient-centered health system due to increasing pressure from international authorities. In addition, the focus on implementing a decent work culture and improving the quality of patient care is expected to create promising opportunities in the international patient treatment equipment market.
Key points to remember:
- Opportunities in Global Patient Treatment Equipment Market to Exceed $ 22.0 Billion Valuation by 2024
- Improving healthcare infrastructure in emerging economies holds promise for the future of the market
- The cost of the equipment moderately hinders the market from excelling
More Trend Reports Through Transparency Market Research –
Value Based Healthcare Services Market: https://www.biospace.com/article/value-based-health-care-services-market-driven-by-need-for-better-healthcare/
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