Newly-released Hospital Stretchers market analysis report by Future Market Insights shows that global sales of the Hospital Stretchers market in 2021 were held at USD 2.6 Billion. With 5.7%, the projected market growth from 2022 to 2032 is expected to be significantly higher than the historical growth. The absolute dollar opportunity for the Hospital Stretchers market will be witnessing USD 2.1 Billion overall growth due to the surge rising of chronic diseases, a growing geriatric population, and rising hospitalization, which are all major driving factors for the market's expansion.
| Attribute | Details |
|---|---|
| Global Hospital Stretchers Market (2022) | USD 2.8 Billion |
| Global Hospital Stretchers Market (2032) | USD 4.8 Billion |
| Global Hospital Stretchers Market CAGR (2022 to 2032) | 5.7% |
| USA Hospital Stretchers Market (2022) | USD 975.5 Million |
| Key Companies Profiled | Hill-Rom Holdings; Stryker; Mac Medical; TransMotion Medical Inc.; Fu Shun Hsing Technology; Narang Medical Limited; ROYAX; Advanced Instrumentations |
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As per the Hospital Stretchers market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the market increased at around 4.8% CAGR, wherein, the region North America held a significant share in the global market.
The overall increases in chronic ailments such as diabetes, cardiovascular disease, cancer, respiratory disease, and autoimmune diseases are driving industry growth. A growing number of surgical and medical procedure demands will boost product sales during the forecast.
Apart from this, the WHO (World Health Organization) estimated that the global population of people aged sixty or above would reach 1.4 billion by 2030. The growing elderly population also plays an important role in driving the market. Thus, the Hospital Stretchers market is expected to witness a CAGR of 5.7% over the next ten years.
The prevalence, the sedentary lifestyles, and the prevalence of alcohol and smoking consumption are all linked to the probability of people suffering from chronic diseases. One of the chief causes of death globally is cardiovascular disease. According to the WHO, CVD takes the lives of approximately 17.9 million people every year. According to the Centers for Disease Control and Prevention, 0.8 million Americans have a heart attack per year, and approximately 0.6 million die because of this.
The rising incidence of cancer is leading to the demand for stretchers in hospital settings. The International Agency for Research on Cancer (IARC) projects the growth of the cancer burden will reach 19.3 million cases by 2020, with 10 million deaths. Consequently, the demand for chronic diseases is among the key factors driving growth.
More fatalities and traffic accidents have motivated increased funding for emergency medical services. The WHO estimates that each year, close to 1.35 million traffic-related deaths occur worldwide (2021). By age group, fatalities occur most commonly among people under 29 and are particularly common in low- and middle-income countries.
Countries with relatively low and average amounts of social welfare tend to have the largest number of traffic fatalities, which account for around two-thirds of the worldwide toll. Furthermore, the International Association for Safe Travel estimates that 1.35 million individuals die each year in traffic accidents, with as many as 20 million becoming disabled.
Victims of traffic accidents require emergency medical care and transportation to hospitals. In addition, these injured patients are commonly transported in stretchers which are outfitted with accessories such as a head spine immobilizer, lifting bridles, toe clamp, wrist rest, lifting harness, shoulder harness, footboard, and also flotation devices. As a result, rising traffic accidents are expected to drive market growth over the projected study period.
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The USA dominated the North American Hospital Stretchers market, which is expected to reach USD 1.78 billion by 2032. Growing numbers of elderly Americans are a primary driver of the economic climate in this field. According to data from the Census Bureau, the number of Americans aged 65 and up in 2018 is expected to increase from 52 million to nearly 95 million in 2060. Similarly, the share of people aged 65 and up is expected to increase from 16% to 23% over the same period.
Rising healthcare spending and the increased use of advanced healthcare facilities are driving the growth of the medical tourism business. According to CMS data, 4.6% more federal spending was reported by the USA government in 2019 than in the previous year, which grew from USD 3.8 trillion to USD 3.9 trillion.
Additional advantages for services and procedures covered by the Part A and Part B Medicare programs in the United States are to encourage market growth. In the Part B section of Medicare, for example, the range of medical services subsidized is 80% of the Medicare-authorized amount for medically necessary emergency ambulance services and non-emergency ambulance services.
The hospital stretchers market in the United Kingdom grew from USD 110 Million in 2021 to reach a valuation of USD 236 Million by 2032, growing at a CAGR of USD 7.5% from 2022 to 2032. The market during the forecast period is expected to witness an absolute dollar opportunity of USD 120 Million.
The market in Japan is likely to reach a valuation of USD 152 Million by 2032, growing at a CAGR of 7.4% during the forecast period. The market from 2022 to 2032 is expected to witness an absolute dollar opportunity of USD 77 Million.
The hospital stretchers market in South Korea is expected to reach USD 88 Million by 2032, growing at a CAGR of 6.1%. The market from 2022 to 2032 is expected to witness an absolute dollar opportunity of USD 39 Million.
Hospital Stretchers market revenue is expected to grow at the fastest rate in APAC (Asia Pacific), between 2022 and 2032, with over 7.5% and 7.4% projected growth rates in China and Japan, respectively. Some of the key businesses that manufacture medical devices in several Asian-Pacific locations have announced that they will expedite the distribution of their products to these regions to expand their market share. This will mean a decrease in diversification in global locations, and this shift could present an opportunity for the market.
Public funding for technological advancement, rising investment, improved reimbursement amounts, and increasing medical tourism are anticipated to generate considerable demand for health tourism in the upcoming years. Furthermore, the medical tourism industry growth in Asia Pacific is predicted to be encouraged by a rising population of citizens in older age levels and a growing middle class.
According to an evaluation by the United Nations Population Fund, the traditional population in the Asia Pacific region is growing at a record pace, and by the year 2050, over 200 million people in the region will be over 60, upping the total population to roughly 1.3 billion.
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The bariatric segment produced the highest rate of revenue and is anticipated to witness a 5.4% CAGR over the projected timeframe. Larger stretcher frames, large wheels, winch attachments, and pull and push handles are all features of bariatric stretchers that facilitate safe transport.
Patients who are obese are oftentimes carried by stretchers of this kind. Obesity is one of the most critical public health matters that can lead to a range of health complications, such as diabetes, heart disease, and cancer.
Obesity is increasing the need for bariatric stretchers, which leads to hospitalization. According to the World Health Organization, approximately 1.9 billion adults were overweight in 2016, with over 650 million suffering from obesity. Bariatric stretchers can hold weights of up to 700 pounds. Furthermore, powered high-low stretchers for patient transfer and positioning can be beneficial. As a result, the ever-increasing number of obese patients makes an ideal environment for optimal growth.
Motorized hospital stretchers have a market share of over 65% in 2020 and are projected to witness the highest CAGR during the forecast period. This is due to the increased investment of major players in developing state-of-the-art and advanced products. Demand for hydraulic and pneumatic stretchers is increasing in developed regions as new technology is evaluated.
The demand for adjustable stretchers is also expected to grow significantly in the coming years as multi-specialty and super-specialty hospitals demand more innovative and automated hospital stretchers. Stretchers that are motorized and technologically advanced are available. These stretchers are also useful for medical professionals. They have an arm mechanism and a curved backrest that can be adjusted for elevation. The height of an adjustable stretcher can be greater than a fixed-height stretcher.
Product commercialization and partnership tactics are expected to be profitable for the hospital stretchers market in the forthcoming years. Market players are concentrating on various business strategies such as mergers and acquisitions, partnerships, and new product launches to strengthen their market position
The key vendors in the global Hospital Stretchers market are Hill-Rom Holdings, Stryker, Mac Medical, TransMotion Medical Inc., Fu Shun Hsing Technology, Narang Medical Limited, ROYAX, and Advanced Instrumentations.
The recent developments in hospital stretchers markets are:
The global Hospital Stretchers market is worth more than USD 2.8 Billion at present.
The value of the Hospital Stretchers market is projected to increase at a CAGR of around 5.7% from 2022 to 2032.
The value of the Hospital Stretchers market increased at a CAGR of around 4.8% from 2017 to 2021.
The top 5 countries driving demand for the Hospital Stretchers market are the USA, China, the United Kingdom, Japan, and South Korea.
The key technology that is used and has high demand is Motorized hospital stretchers which will be accounted for 6% CAGR from 2022 to 2032.
The USA market for Hospital Stretchers is projected to expand at a CAGR of around 5.8% from 2022 to 2032.
The major companies are Hill-Rom Holdings, Stryker, Mac Medical, TransMotion Medical Inc., and Fu Shun Hsing Technology.
1. Executive Summary 2. Market Overview 3. Market Risks and Trends Assessment 4. Market Background 5. Key Success Factors 5.1. Manufacturers’ Focus on Low Penetration High Growth Markets 5.2. Banking on Segments with High Incremental Opportunity 5.3. Peer Benchmarking 6. Global Market Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032 7. Global Market Value Analysis 2017 to 2021 and Forecast, 2022 to 2032 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product Type 8.1. Adjustable Height 8.2. Fixed Height 8.3. Bariatric 8.4. Radiographic 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Technology 9.1. Motorized 9.2. Non-Motorized 10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 10.1. Ambulatory/Transport 10.2. Daycare/Inpatient 10.3. Surgery 10.4. Emergency/Trauma 11. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. Asia Pacific 11.5. Middle East and Africa (MEA) 12. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 13. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 14. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032 15. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032 16. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032 17. Key Countries Market Analysis 2017 to 2021 and Forecast 2022 to 2032 18. Market Structure Analysis 19. Competition Analysis 19.1. HILL-ROM HOLDINGS 19.2. STRYKER 19.3. MAC MEDICAL 19.4. TRANSMOTION MEDICAL INC. 19.5. FU SHUN HSING TECHNOLOGY 19.6. NARANG MEDICAL LIMITED 19.7. ROYAX 19.8. ADVANCED INSTRUMENTATIONS 20. Assumptions and Acronyms Used 21. Research Methodology
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Hospital Stretchers Market
