Global hospital stretchers market was worth USD 2,319.0 millions in 2020. It is projected to grow at a compound annual rate (CAGR of 5.7%) between 2021 and 2028. This market is driven by the rising prevalence of chronic diseases, the growing geriatric population and technological advances. The forecast period will also see a rise in medical and surgical procedures. Market growth is driven by the rising incidence of chronic diseases such as diabetes, heart disease, cancer, respiratory illness, and other autoimmune disorders around the world.
Chronic diseases are a result of many factors, including unhealthy and sedentary lifestyles and rising obesity rates. One of the leading causes of death is heart disease. According to the WHO, CVDs are responsible for approximately 17.9 million deaths each year. According to the CDC, each year around 805,000 Americans suffer a heart attack, and 655,000 Americans are killed by heart disease.
Hospital stretchers are also in high demand due to the increasing incidence of cancer. According to IARC estimates (published GLOBOCAN 2020), there have been an additional 9.3 million cancer cases and 10,000,000 cancer deaths since 2000. The market's growth is being driven by a rise in chronic diseases.
The U.S. market will be driven by the high geriatric population. This group has lower immunity levels and is more vulnerable to chronic diseases. The WHO estimates that the world's population of 60-year-olds and older will reach 2 billion by 2050. In addition, by 2050, around 80% of the world's elderly population will be living in low- and middle-income countries. Globally, 727 million people over 65 years were living in 2020. The World Bank estimates that this number will increase by a third by 2050.
According to the CDC, people 65 and older are more likely to develop heart disease, chronic obstructive pulmonary disease (COPD), cancer, neurological disorders, or other chronic conditions. These diseases can lead to both emergency and non-emergency hospitalizations. Market growth is expected to be driven by the growing geriatric population.
A rise in road accident fatalities and cases might require emergency medical attention and medical services. According to WHO (2021), traffic accidents result in the deaths of nearly 1.35 million people annually. This is more common in those younger than 29 years old, and is more prevalent in low- and mid-income countries. The countries with 60% of global vehicles and 93% of road fatalities worldwide are low- or middle-income. According to the Association for Safe International Road Travel, (ASIRT), approximately 1.35 million people are killed in road accidents each year and between 20-50 million are injured or disabled.
Road accident victims require immediate medical attention. Ambulance services are available to transport the injured to hospitals. These injured/traumatized victims are often transported in stretchers that include accessories such as floatation accessories, lifting bridles and toe clamps, head/spine immobilizer, lifting straps, shoulder harness, shoulder harness, wrist rest, wrist rest, lifting bridles, wrist rest, wrist rest, lifting bridles, wristrest, wrist rest, lifting harness, lifting harness, wrist clamp, footboard, and more. The market will grow due to the rising incidence of road accidents over the study period.
Market growth will be aided by the COVID-19 pandemic. The pandemic caused all elective surgeries to be delayed. COVID-19 patients were given priority care. The rapid transport of COVID-19 patients to hospitals is essential because the COVID-19 patient population is growing rapidly. Worldometers.info estimates that there were approximately 200,304,173 cases of coronavirus in the world as of August 20, 2021. The constant increase in COVID-19-related cases will drive product demand.
Stretchers are a reliable and cost-effective option in many countries where there is limited supply of patient bedding due to the COVID-19 pandemic. By attaching attachments such as ventilators, operating table extensions, ventilators, patient harnesses and remote patient monitoring accessories to stretchers, they could be used temporarily in place of hospital beds. This will support market growth.
The market can be divided into four segments based on product type: fixed height, adjustable height and bariatric. The bariatric segment had a 37.6% revenue share in 2020. For safe transportation, bariatric stretchers have larger frames, bigger wheels, winch attachments and pull & push handle. These stretchers are often used for obese patients. Obesity can lead to a variety of chronic diseases and complications such as diabetes, heart disease, and cancer. The demand for bariatric stretchers is growing due to the rising prevalence of obesity that leads to hospitalization. According to WHO, around 1.9 billion adults were overweight in 2016. Of these, approximately 650 million were obese. Bariatric stretchers are capable of supporting weights up to 700 lbs. To facilitate patient transfer and positioning, powered hi/low stretchers may be an option. The rising obesity rate creates an environment that is favorable for segment growth.
Due to increased demand for automated and innovative hospital stretchers from multi-specialty and supra-specialty hospitals, the market for adjustable stretchers will also grow. Motorized and technologically advanced, adjustable stretchers can be used in a variety of situations. These stretchers are also easy to use for healthcare professionals. These stretchers are equipped with a crank mechanism as well as a sturdy and adjustable backrest. Fixed-height stretchers tend to be simpler and lighter than adjustable-height ones. Adjustable stretchers can be adjusted to match other surfaces, making it safer and easier for patients to transfer.
On the basis of application, the market has been segmented into daycare/inpatient, surgery, emergency/trauma, and ambulatory/transport. In 2020, the 32.9% revenue share held by the emergency/trauma segment was the highest. Segment growth can be attributed to an increase in road traffic accidents or emergency trauma cases. According to Eurostat, the number of people killed in road accidents in Europe in 2019 was 51.2 per million. According to Highway Loss Data Institute and Insurance Institute for Highway Safety in the USA, 33,244 motor vehicle accidents resulting in death occurred in the United States in 2019. 36,096 people died.
According to the U.S. Bureau of Labor Statistics in 2019, 5,333 workers died as a result of work-related injuries. In emergency services, work-related injuries are common. Hospital stretchers are expected to increase in demand as more patients arrive. Patient transfer through trauma/emergency stretchers is smooth, even when there are many people. These stretchers can be used by anyone, and they are often very affordable. These factors contribute to the market's growth.
CAGRs in the transport/ambulatory segment are expected to be the fastest during the forecast period. Ambulatory stretchers have been growing in popularity and are used primarily at emergency service centres. The segment will grow because of its cost-effectiveness, ease-of-use ambulance stretchers and patient-centered care. The use of new hybrid devices that combine the functionality of a stretcher and a recliner chair with the treatment table is also common. Stryker's hybrid systems such as Power-PRO XT Cot and Performance-LOAD Fastener System are able to offer enhanced mobility and features.
The market is also witnessing a new trend in renting stretchers out for short periods of time. This allows hospitals to receive funding throughout the year. To increase market share, key players have introduced new products that combine innovative designs with patient safety and efficient workflows with ambulance stretchers in emerging countries. The traditional manufacturing guidelines are more closely followed by new ambulance/transport stretchers.
The market can be divided into two types based on technology type: motorized and un-motorized. The largest revenue share was held by the motorized segment, which had more than 65% in 2020. It is expected to grow at a faster CAGR during the forecast period. This segment's growth can be attributed to the increasing investment of key players in innovative and cutting-edge products. The demand for hydraulic- and pneumatic-based stretchers in the developed world is increasing due to new technology.
Hospitals and emergency service providers are increasingly using hydraulic and electric stretchers. The Prime Series stretchers from Stryker offer innovative mobility options, including a zoom motorized drive, big wheel system, electric base & lift, chaperone stretcher alarm system and scale. Motorized stretchers are also easier to transport in remote areas than non-motorized ones.
North America accounted for 41.4% of global market revenue in 2020. This region's market growth is due to a rise in the number of geriatrics. According to U.S. Census Bureau population projections, nearly 95 million Americans will be 65 years old by 2060, up from 52 million in 2018. The total age group 65-plus is expected to increase from 16% to 23%.
The market is also driven by rising healthcare spending and increased adoption of advanced healthcare facilities. According to CMS.gov statistics, U.S. healthcare spending rose by 4.6% in 2019 and reached USD 3.8 trillion per capita. This accounted for 17.7% of the country's GDP. The market growth is likely to be aided by the U.S.'s and Canada's favorable reimbursement policies for non-emergency and emergency medical services. Part B of Medicare, for example, covers 80% of Medicare's sanctioned amount for medically important emergency ambulance services, and in some cases, non-emergency services.
Australia, India, Japan, South Korea and China are the major drivers of the Asia Pacific region market. This region is experiencing significant market growth due to an increase in hospitals and an increase in emergency care admissions. Another key driver of market growth is the rising number of road traffic accidents, which results in an increasing patient population. According to the World Bank Report India is responsible for 11% of all deaths from road accidents worldwide. India is responsible for approximately 4.5 lakh deaths each year from road accidents.
Road accident victims require immediate medical attention and hospital services. The market is expected to grow due to the increasing incidence of road accidents. The market for Asia Pacific is expected to grow significantly due to the evolving healthcare infrastructure, government support, and increased awareness about early diagnosis and treatment.
To strengthen their market position, key players are focusing on a variety of business strategies such as mergers and acquisitions, partnerships, new product launches, and other strategic options. ProCuity, Stryker's wireless hospital bed, was launched in October 2020. The smart bed will reduce hospital patient falls, improve nurse workflow efficiency and safety, as well as help hospitals cut costs. The following are some of the major players in the global market for hospital stretchers:
TransMotion Medical Inc.
Fu Shun Hsing Technology
Narang Medical Limited
Up Market Research published a new report titled “Hospital Stretchers Market research report which is segmented by Technology Type (Motorized, Non-motorized), by Product Type (Adjustable Height, Bariatric), By Players/Companies Hill-Rom Holdings, Stryker, Mac Medical, TransMotion Medical Inc, Narang Medical Limited, Advanced Instrumentations, Fu Shun Hsing Technology, ROYAX”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||Hospital Stretchers Market Research Report|
|By Technology Type||Motorized, Non-motorized|
|By Product Type||Adjustable Height, Bariatric|
|By Companies||Hill-Rom Holdings, Stryker, Mac Medical, TransMotion Medical Inc, Narang Medical Limited, Advanced Instrumentations, Fu Shun Hsing Technology, ROYAX|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||209|
|Number of Tables & Figures||147|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Technology Type (Motorized, Non-motorized), by Product Type (Adjustable Height, Bariatric).
Some of the companies that are profiled in this report are:
Hospital Stretchers Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Hospital Stretchers Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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